DOCUMENT AND ENTITY INFORMATION - USD ($)	3 Months Ended
DOCUMENT AND ENTITY INFORMATION - USD ($)	Apr. 01, 2018	Apr. 20, 2018	Jun. 30, 2017
Document Information [Line Items]
Entity registrant name	HERSHEY CO
Entity central index key	0000047111
Current fiscal year end date	--12-31
Entity filer category	Large Accelerated Filer
Document type	10-Q
Document period end date	Apr. 01, 2018
Document fiscal year focus	2018
Document fiscal period focus	Q1
Amendment flag	false
Entity well-known seasoned issuer	Yes
Entity voluntary filers	No
Entity current reporting status	Yes
Entity public float			$ 14,885,931,198
Common stock
Document Information [Line Items]
Entity common stock, shares outstanding (shares)		148,647,172
Class B common stock
Document Information [Line Items]
Entity common stock, shares outstanding (shares)		60,619,777

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Apr. 01, 2018	Apr. 02, 2017
Net sales	$ 1,971,959	$ 1,879,678
Cost of sales	997,899	970,326
Gross profit	974,060	909,352
Selling, marketing and administrative expense	485,324	459,386
Long-lived asset impairment charges	0	208,712
Business realignment costs	8,224	44,017
Operating profit	480,512	197,237
Interest expense, net	29,339	23,741
Other (income) expense, net	1,942	5,135
Income before income taxes	449,231	168,361
Provision for income taxes	98,512	70,113
Net income including noncontrolling interest	350,719	98,248
Net income (loss) attributable to noncontrolling interests	516	(26,796)
Net income attributable to The Hershey Company	$ 350,203	$ 125,044
Common stock
Net income per share—basic:
Net income per share - basic (USD per share)	$ 1.71	$ 0.60
Net income per share—diluted:
Net income per share - diluted (USD per share)	1.65	0.58
Dividends paid per share:
Dividends paid per share (USD per share)	0.656	0.618
Class B common stock
Net income per share—basic:
Net income per share - basic (USD per share)	1.55	0.55
Net income per share—diluted:
Net income per share - diluted (USD per share)	1.55	0.55
Dividends paid per share:
Dividends paid per share (USD per share)	$ 0.596	$ 0.562

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2018	Apr. 02, 2017
Net income including noncontrolling interest	$ 350,719	$ 98,248
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, pre-tax amount	(1,267)	13,951
Foreign currency translation adjustments, tax (expense) benefit	0	0
Foreign currency translation adjustments, after-tax amount	(1,267)	13,951
Pension and post-retirement benefit plans:
Net actuarial gain (loss) and prior service cost, pre-tax amount	0	(196)
Net actuarial gain (loss) and prior service cost, tax (expense) benefit	0	74
Net actuarial gain (loss) and prior service cost, after-tax amount	0	(122)
Tax cuts and jobs act, reclassification from aoci to retained earnings, tax effect	0
Reclassification to earnings, pre-tax amount	5,097	7,153
Reclassification to earnings, tax (expense) benefit	(1,025)	(2,711)
Reclassification to earnings, after-tax amount	4,072	4,442
Cash flow hedges:
Gains (losses) on cash flow hedging derivatives, pre-tax amount	4,245	(1,499)
Gains (losses) on cash flow hedging derivatives, tax (expense) benefit	(990)	179
Gains (losses) on cash flow hedging derivatives, after-tax amount	3,255	(1,320)
Reclassification to earnings, pre-tax amount	2,260	3,033
Reclassification to earnings, tax (expense) benefit	(609)	(1,166)
Reclassification to earnings, after-tax amount	1,651	1,867
Total other comprehensive income (loss), pre-tax amount	10,335	22,442
Total other comprehensive income (loss), tax (expense) benefit	(50,280)	(3,624)
Total other comprehensive income (loss), after-tax amount	(39,945)	18,818
Total comprehensive income including noncontrolling interest	310,774	117,066
Comprehensive loss attributable to noncontrolling interest	1,300	(26,456)
Comprehensive income attributable to The Hershey Company	309,474	143,522
Pension and post-retirement benefit plans
Pension and post-retirement benefit plans:
Tax cuts and jobs act, reclassification from aoci to retained earnings, pre tax effect	0	0
Tax cuts and jobs act, reclassification from aoci to retained earnings, tax effect	(36,535)	0
Tax cuts and jobs act, reclassification from aoci to retained earnings, after tax	(36,535)	0
Cash flow hedges
Pension and post-retirement benefit plans:
Tax cuts and jobs act, reclassification from aoci to retained earnings, pre tax effect	0	0
Tax cuts and jobs act, reclassification from aoci to retained earnings, tax effect	(11,121)	0
Tax cuts and jobs act, reclassification from aoci to retained earnings, after tax	$ (11,121)	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 01, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 476,434	$ 380,179
Accounts receivable—trade, net	614,295	588,262
Inventories	782,460	752,836
Prepaid expenses and other	397,307	280,633
Total current assets	2,270,496	2,001,910
Property, plant and equipment, net	2,119,016	2,106,697
Goodwill	1,645,274	821,061
Other intangibles	1,032,848	369,156
Other assets	262,095	251,879
Deferred income taxes	3,069	3,023
Total assets	7,332,798	5,553,726
Current liabilities:
Accounts payable	519,988	523,229
Accrued liabilities	623,709	676,134
Accrued income taxes	12,263	17,723
Short-term debt	2,246,485	559,359
Current portion of long-term debt	303,062	300,098
Total current liabilities	3,705,507	2,076,543
Long-term debt	2,059,934	2,061,023
Other long-term liabilities	435,186	438,939
Deferred income taxes	142,516	45,656
Total liabilities	6,343,143	4,622,161
Stockholders’ equity:
Preferred stock, shares issued: none at April 1, 2018 and December 31, 2017	0	0
Additional paid-in capital	925,965	924,978
Retained earnings	6,634,316	6,371,082
Treasury—common stock shares, at cost: 150,559,192 at April 1, 2018 and 149,040,927 at December 31, 2017	(6,593,579)	(6,426,877)
Accumulated other comprehensive loss	(354,475)	(313,746)
Total—The Hershey Company stockholders’ equity	972,128	915,338
Noncontrolling interest in subsidiary	17,527	16,227
Total stockholders’ equity	989,655	931,565
Total liabilities and stockholders’ equity	7,332,798	5,553,726
Common stock
Stockholders’ equity:
Common stock	299,281	299,281
Class B common stock
Stockholders’ equity:
Common stock	$ 60,620	$ 60,620

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Apr. 01, 2018	Dec. 31, 2017
Preferred stock, shares issued (shares)	0	0
Treasury stock, shares (shares)	150,559,192	149,040,927
Common stock
Common stock, shares issued (shares)	299,281,967	299,281,967
Class B common stock
Common stock, shares issued (shares)	60,619,777	60,619,777

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2018	Apr. 02, 2017
Statement of Cash Flows [Abstract]
Net income including noncontrolling interest	$ 350,719	$ 98,248
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	74,416	64,952
Stock-based compensation expense	10,458	12,122
Deferred income taxes	2,521	(14,780)
Impairment of long-lived assets (see Notes 8)	0	208,712
Write-down of equity investments	434	0
Other	9,055	11,512
Changes in assets and liabilities, net of business acquisitions and divestitures:
Accounts receivable—trade, net	(9,882)	(14,398)
Inventories	(11,266)	(49,726)
Prepaid expenses and other current assets	7,309	(31,232)
Accounts payable and accrued liabilities	(146,623)	(124,664)
Accrued income taxes	82,231	76,779
Contributions to pension and other benefit plans	(7,449)	(11,576)
Other assets and liabilities	(9,866)	8,513
Net cash provided by operating activities	352,057	234,462
Investing Activities
Capital additions (including software)	(60,133)	(33,297)
Proceeds from sales of property, plant and equipment	112	561
Equity investments in tax credit qualifying partnerships	(6,281)	(7,948)
Business acquisition, net of cash and cash equivalents acquired	(915,457)	0
Net cash used in investing activities	(981,759)	(40,684)
Financing Activities
Net increase (decrease) in short-term debt	1,686,816	(146,604)
Repayment of long-term debt	(607,922)	(94)
Repayment of tax receivable obligation	(42,500)	0
Cash dividends paid	(134,300)	(128,017)
Repurchase of common stock	(178,073)	0
Exercise of stock options	1,884	17,841
Net cash provided by (used in) financing activities	725,905	(256,874)
Effect of exchange rate changes on cash and cash equivalents	52	1,160
Increase (decrease) in cash and cash equivalents	96,255	(61,936)
Cash and cash equivalents, beginning of period	380,179	296,967
Cash and cash equivalents, end of period	476,434	235,031
Supplemental Disclosure
Interest paid	38,323	33,732
Income taxes paid	$ 12,817	$ 7,532

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - 3 months ended Apr. 01, 2018 - USD ($) $ in Thousands	Total	Common stock	Class B common stock	Preferred Stock	Common Stock Common stock	Common Stock Class B common stock	Additional Paid-in Capital	Retained Earnings	Retained Earnings Common stock	Retained Earnings Class B common stock	Treasury Common Stock	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests in Subsidiaries
Beginning balance, stockholders' equity at Dec. 31, 2017	$ 931,565			$ 0	$ 299,281	$ 60,620	$ 924,978	$ 6,371,082			$ (6,426,877)	$ (313,746)	$ 16,227
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to The Hershey Company	350,203							350,203
Net income (loss) attributable to noncontrolling interests	516												516
Net income including noncontrolling interest	350,719
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	7,711											6,927	784
Dividends (including dividend equivalents):
Common Stock		$ (98,495)	$ (36,130)						$ (98,495)	$ (36,130)
Stock-based compensation	10,474						10,474
Exercise of stock options and incentive-based transactions	1,884						(9,487)				11,371
Repurchase of common stock	(178,073)										(178,073)
Reclassification of tax effects relating to U.S. tax reform	0							47,656				(47,656)
Ending balance, stockholders' equity at Apr. 01, 2018	$ 989,655			$ 0	$ 299,281	$ 60,620	$ 925,965	$ 6,634,316			$ (6,593,579)	$ (354,475)	$ 17,527

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Apr. 01, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The unaudited consolidated financial statements provided in this report include the accounts of The Hershey Company (the “Company,” “Hershey,” “we” or “us”) and our majority-owned subsidiaries and entities in which we have a controlling financial interest after the elimination of intercompany accounts and transactions. We have a controlling financial interest if we own a majority of the outstanding voting common stock and the noncontrolling shareholders do not have substantive participating rights, or we have significant control over an entity through contractual or economic interests in which we are the primary beneficiary.

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not contain certain information and disclosures required by GAAP for comprehensive financial statements. The financial statements reflect all adjustments which are, in our opinion, necessary for a fair presentation of the results of operations, financial position, and cash flows for the indicated periods.

Operating results for the quarter ended April 1, 2018 may not be indicative of the results that may be expected for the year ending December 31, 2018 because of seasonal effects on our business. These financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2017 (our “2017 Annual Report on Form 10-K”), which provides a more complete understanding of our accounting policies, financial position, operating results and other matters.

Revenue Recognition

The majority of our revenue is derived by fulfilling customer orders for the purchase of our products, including chocolate, sweets, mints and other grocery and snack offerings. We recognize revenue at the point in time that control of the ordered product(s) is transferred to the customer, which is typically upon delivery to the customer or other customer-designated delivery point. Shipping and handling costs incurred to deliver product to the customer are recorded within cost of sales. Amounts billed and due from our customers are classified as accounts receivables on the balance sheet and require payment on a short-term basis.

Revenue is measured as the amount of consideration we expect to receive in exchange for fulfilling product orders. Sales, value add, and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. Incidental items that are immaterial in the context of the contract are recognized as expense. The amount of consideration we expect to receive and revenue we recognize includes estimates of variable consideration, including costs for trade promotional programs, consumer incentives, and allowances and discounts associated with aged or potentially unsaleable products. These estimates are based upon our analysis of the programs offered, historical trends, expectations regarding customer and consumer participation, sales and payment trends and our experience with payment patterns associated with similar programs offered in the past. We review and update these estimates regularly and the impact of any adjustments are recognized in the period the adjustments are identified. The adjustments recognized in first quarter of 2018 and 2017 resulting from updated estimates of revenue for prior year product sales were not significant.

We also recognize a minor amount of royalty income (less than 1% of our consolidated net sales) from sales-based licensing arrangements, pursuant to which revenue is recognized as the third-party licensee sales occur.

The majority of our products are confectionery and confectionery-based and, therefore, exhibit similar economic characteristics, such that they are based on similar ingredients and are marketed and sold through the same channels to the same customers. See Note 12 for revenues reported by geographic segment, which is consistent with how we organize and manage our operations.

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (ASC Topic 606), which replaces numerous requirements in U.S. GAAP, including industry-specific requirements, and provides companies with a single revenue recognition model for recognizing revenue from contracts with customers. On January 1, 2018, we adopted the requirements of ASC Topic 606 and all the related amendments to all of our contracts using the modified retrospective method. Upon completing our implementation assessment of Topic ASC 606, we concluded that no adjustment was required to the opening balance of retained earnings at the date of initial application. The comparative information has also not been restated and continues to be reported under the accounting standards in effect for those periods. Additional disclosures required by ASC Topic 606 are presented within the aforementioned Revenue Recognition policy disclosure.

In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. This ASU requires the income tax consequences of intra-entity transfers of assets other than inventory to be recognized when the intra-entity transfer occurs rather than deferring recognition of income tax consequences until the transfer was made with an outside party. We adopted the provisions of this ASU in the first quarter of 2018. Adoption of the new standard did not have a material impact on our Consolidated Financial Statements.

In March 2017, the FASB issued ASU No. 2017-07, Compensation-Retirement Benefits (Topic 715). This ASU requires an employer to report the service cost component of net benefit cost in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if presented, or disclosed separately. In addition, only the service cost component may be eligible for capitalization where applicable. The amendments should be applied on a retrospective basis. We adopted the provisions of this ASU in the first quarter of 2018, with retrospective adjustment to the comparative period determined using the previously disclosed service cost and other costs from our prior year pension and other post-retirement benefit plan footnote. As a result, the following amounts were reclassified in the first quarter of 2017 to correspond to the current year presentation:



	Three Months Ended
	April 2, 2017
Reclassified from:
Cost of sales	$	2,792
Selling, marketing and administrative expense	2,514
Reclassified to Other (income) expense, net	$	5,306

The adoption of this ASU had no impact on our consolidated balance sheets or statements of cash flows.

In February 2018, the FASB issued ASU No. 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This ASU permits a company to reclassify the income tax effects of the 2017 Tax Cuts and Jobs Act (“U.S. tax reform”) on items within accumulated other comprehensive income (“AOCI”) to retained earnings. We adopted the provisions of this ASU in the first quarter of 2018. We elected to reclassify the income tax effects of the 2017 U.S. tax reform from items in AOCI as of January 1, 2018 so that the tax effects of items within AOCI are reflected at the appropriate tax rate. The impact of the adoption resulted in a $47,656 decrease to AOCI and a corresponding increase to retained earnings. This amount is considered “provisional” based on reasonable estimates as the Company continues to collect and analyze detailed information about the associated impact of items under U.S. tax reform.

Recently Issued Accounting Pronouncements Not Yet Adopted

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). This ASU will require lessees to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses will depend on classification as a finance or operating lease. This ASU also requires certain quantitative and qualitative disclosures. Accounting guidance for lessors is largely unchanged. The guidance originally required entities to apply ASU 2016-02 on a modified retrospective basis; however, the FASB has recently proposed guidance that would allow adoption of the standard as of the effective date without restating prior periods. ASU 2016-02 is effective for us beginning January 1, 2019. We are in the process of completing an inventory of our lease arrangements and analyzing contracts for potential accounting implications in order to determine the impact that the adoption of ASU 2016-02 will have on our consolidated financial statements and related disclosures. Based on our assessment to date, we expect adoption of this standard to result in a material increase in lease-related assets and liabilities on our Consolidated Balance Sheets; however, we do not expect it to have a significant impact on our Consolidated Statements of Income or Cash Flows.

In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which amends ASC 815. The purpose of this ASU is to better align accounting rules with a company’s risk management activities and financial reporting for hedging relationships, better reflect economic results of hedging in financial statements, simplify hedge accounting requirements and improve the disclosures of hedging arrangements. The amendment should be applied using the modified retrospective transition method. ASU 2017-12 is effective for annual periods beginning after December 15, 2018 and interim periods within those annual periods, with early adoption permitted. We will adopt the provisions of this ASU in the first quarter of 2019. Adoption of the new standard is not expected to have a material impact on our Consolidated Financial Statements.

No other new accounting pronouncement issued or effective during the fiscal year had or is expected to have a material impact on our consolidated financial statements or disclosures.

BUSINESS ACQUISITION

3 Months Ended

Apr. 01, 2018

Business Combinations [Abstract]

Business Acquisition

BUSINESS ACQUISITION

On January 31, 2018, we completed the acquisition of all of the outstanding shares of Amplify Snack Brands, Inc. (“Amplify”), a publicly traded company based in Austin, Texas that owns several popular better-for-you snack brands such as SkinnyPop, Oatmega, Paqui and Tyrrells. Amplify's anchor brand, SkinnyPop, is a market-leading ready-to-eat popcorn brand and is available in a wide range of food distribution channels in the United States. Total consideration of $968,781 included payment of $12.00 per share for Amplify's outstanding common stock (for a total of $907,766), as well as payment of Amplify's transaction related expenses, including accelerated equity compensation, consultant fees and other deal costs. The business enables us to capture more consumer snacking occasions by contributing a new portfolio of brands.

The acquisition has been accounted for as a purchase and, accordingly, Amplify's results of operations have been included within the North America segment results in our consolidated financial statements since the date of acquisition. The purchase consideration, net of cash acquired totaling $53,324, was allocated to assets acquired and liabilities assumed based on their respective fair values as follows:



Accounts receivable	$	41,152
Other current assets	35,509
Plant, property and equipment, net	71,093
Goodwill	939,388
Other intangible assets	682,000
Other non-current assets	1,049
Accounts payable	(32,394		)
Accrued liabilities	(109,565		)
Current debt	(610,836		)
Other current liabilities	(2,931		)
Non-current deferred income taxes	(93,859		)
Non-current liabilities	(5,149		)
Net assets acquired	$	915,457

The purchase price allocation presented above is preliminary. We are in the process of refining the valuation of acquired assets and liabilities, including goodwill, and expect to finalize the purchase price allocation by the end of 2018. In connection with the acquisition, the Company agreed to pay in full all outstanding debt owed by Amplify under its existing credit agreement as of January 31, 2018, as well as the amount due under Amplify's existing tax receivable agreement. The Company funded the acquisition and repayment of the acquired debt utilizing the proceeds from the issuance of commercial paper.

Goodwill is being determined as the excess of the purchase price over the fair value of the net assets acquired (including the identifiable intangible assets) and is not expected to be deductible for tax purposes. The goodwill that will result from the acquisition is attributable primarily to cost-reduction synergies as Amplify leverages Hershey's resources, expertise and capability-building.

Other intangible assets includes trademarks of $648,000 and customer relationships of $34,000. Trademarks were assigned estimated useful lives ranging from 28 to 38 years and customer relationships were assigned estimated useful lives ranging from 14 to 18 years.

We used various valuation techniques to determine fair value, with the primary techniques being discounted cash flow analysis, relief-from-royalty, and a form of the multi-period excess earnings valuation approaches, which use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy. Under these valuation approaches, we are required to make estimates and assumptions about sales, operating margins, growth rates, royalty rates and discount rates based on budgets, business plans, economic projections, anticipated future cash flows and marketplace data.

The Company incurred acquisition-related costs of $20,577 related to the acquisition of Amplify, the majority of which were incurred during the three months ended April 1, 2018. Acquisition-related costs consisted primarily of legal fees, consultant fees, valuation fees and other deal costs and are recorded in the selling, marketing and administrative expense caption within the Consolidated Statements of Operations.

GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Apr. 01, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

GOODWILL AND INTANGIBLE ASSETS

The changes in the carrying value of goodwill by reportable segment for the three months ended April 1, 2018 are as follows:



	North America			International and Other			Total
Balance at December 31, 2017	$	799,929		$	21,132		$	821,061
Acquired during the period (see Note 2)	939,388			—			939,388
Reclassified to assets held for sale (see Note 7)	(109,064		)	—			(109,064		)
Foreign currency translation and other	(4,399		)	(1,712		)	(6,111		)
Balance at April 1, 2018	$	1,625,854		$	19,420		$	1,645,274

The following table provides the gross carrying amount and accumulated amortization for each major class of intangible asset:



	April 1, 2018					December 31, 2017
	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
Intangible assets subject to amortization:
Trademarks	$	915,672	$	(41,556	)	$	277,473	$	(37,510	)
Customer-related	157,052		(34,199		)	128,182		(34,659		)
Patents	16,771		(15,942		)	17,009		(15,975		)
Total	1,089,495		(91,697		)	422,664		(88,144		)

Intangible assets not subject to amortization:
Trademarks	35,050					34,636
Total other intangible assets	$	1,032,848				$	369,156

Total amortization expense for the three months ended April 1, 2018 and April 2, 2017 was $8,451 and $7,151, respectively.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

SHORT AND LONG-TERM DEBT

3 Months Ended

Apr. 01, 2018

Debt Disclosure [Abstract]

Short and Long-Term Debt

SHORT AND LONG-TERM DEBT

Short-term Debt

As a source of short-term financing, we utilize cash on hand and commercial paper or bank loans with an original maturity of three months or less. We maintain a $1.0 billion unsecured revolving credit facility, which currently expires in November 2020. This agreement also includes an option to increase borrowings by an additional $400 million with the consent of the lenders. On January 8, 2018, we entered into an additional unsecured revolving credit facility that provides for borrowings up to $1.5 billion. This facility is scheduled to expire on January 7, 2019.

The credit agreement contains certain financial and other covenants, customary representations, warranties and events of default. As of April 1, 2018, we were in compliance with all covenants pertaining to the credit agreement, and we had no significant compensating balance agreements that legally restricted these funds. For more information, refer to the Consolidated Financial Statements included in our 2017 Annual Report on Form 10-K.

In addition to the revolving credit facility, we maintain lines of credit with domestic and international commercial banks. We had short-term foreign bank loans against these lines of credit for $100,347 at April 1, 2018 and $110,684 at December 31, 2017. Commitment fees relating to our revolving credit facility and lines of credit are not material.

At April 1, 2018, we had outstanding commercial paper totaling $2,146,138, at a weighted average interest rate of 1.8%. At December 31, 2017, we had outstanding commercial paper totaling $448,675, at a weighted average interest rate of 1.4%.

Long-term Debt

Long-term debt consisted of the following:



	April 1, 2018			December 31, 2017
1.60% Notes due 2018	$	300,000		$	300,000
4.125% Notes due 2020	350,000			350,000
8.8% Debentures due 2021	84,715			84,715
2.625% Notes due 2023	250,000			250,000
3.20% Notes due 2025	300,000			300,000
2.30% Notes due 2026	500,000			500,000
7.2% Debentures due 2027	193,639			193,639
3.375% Notes due 2046	300,000			300,000
Capital lease obligations	98,282			99,194
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts	(13,640		)	(16,427		)
Total long-term debt	2,362,996			2,361,121
Less—current portion	303,062			300,098
Long-term portion	$	2,059,934		$	2,061,023

Interest Expense

Net interest expense consists of the following:



	Three Months Ended
	April 1, 2018			April 2, 2017
Interest expense	$	32,853		$	24,954
Capitalized interest	(1,299		)	(984		)
Interest expense	31,554			23,970
Interest income	(2,215		)	(229		)
Interest expense, net	$	29,339		$	23,741

DERIVATIVE INSTRUMENTS

3 Months Ended

Apr. 01, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

DERIVATIVE INSTRUMENTS

We are exposed to market risks arising principally from changes in foreign currency exchange rates, interest rates and commodity prices. We use certain derivative instruments to manage these risks. These include interest rate swaps to manage interest rate risk, foreign currency forward exchange contracts to manage foreign currency exchange rate risk, and commodities futures and options contracts to manage commodity market price risk exposures.

In entering into these contracts, we have assumed the risk that might arise from the possible inability of counterparties to meet the terms of their contracts. We mitigate this risk by entering into exchanged-traded contracts with collateral posting requirements and/or by performing financial assessments prior to contract execution, conducting periodic evaluations of counterparty performance and maintaining a diverse portfolio of qualified counterparties. We do not expect any significant losses from counterparty defaults.

Commodity Price Risk

We enter into commodities futures and options contracts and other commodity derivative instruments to reduce the effect of future price fluctuations associated with the purchase of raw materials, energy requirements and transportation services. We generally hedge commodity price risks for 3- to 24-month periods. Our open commodity derivative contracts had a notional value of $397,674 as of April 1, 2018 and $405,288 as of December 31, 2017.

Derivatives used to manage commodity price risk are not designated for hedge accounting treatment. Therefore, the changes in fair value of these derivatives are recorded as incurred within cost of sales. As discussed in Note 12, we define our segment income to exclude gains and losses on commodity derivatives until the related inventory is sold, at which time the related gains and losses are reflected within segment income. This enables us to continue to align the derivative gains and losses with the underlying economic exposure being hedged and thereby eliminate the mark-to-market volatility within our reported segment income.

Foreign Exchange Price Risk

We are exposed to foreign currency exchange rate risk related to our international operations, including non-functional currency intercompany debt and other non-functional currency transactions of certain subsidiaries. Principal currencies hedged include the euro, Canadian dollar, Japanese yen, and Brazilian real. We typically utilize foreign currency forward exchange contracts to hedge these exposures for periods ranging from 3 to 12 months. The contracts are either designated as cash flow hedges or are undesignated. The net notional amount of foreign exchange contracts accounted for as cash flow hedges was $114,884 at April 1, 2018 and $135,962 at December 31, 2017. The effective portion of the changes in fair value on these contracts is recorded in other comprehensive income and reclassified into earnings in the same period in which the hedged transactions affect earnings. The net notional amount of foreign exchange contracts that are not designated as accounting hedges was $2,791 at April 1, 2018 and December 31, 2017, respectively. The change in fair value on these instruments is recorded directly in cost of sales or selling, marketing and administrative expense, depending on the nature of the underlying exposure.

Interest Rate Risk

We manage our targeted mix of fixed and floating rate debt with debt issuances and by entering into fixed-to-floating interest rate swaps in order to mitigate fluctuations in earnings and cash flows that may result from interest rate volatility. These swaps are designated as fair value hedges, for which the gain or loss on the derivative and the offsetting loss or gain on the hedged item are recognized in current earnings as interest expense (income), net. We had one interest rate derivative instrument in a fair value hedging relationship with a notional amount of $350,000 at April 1, 2018 and December 31, 2017.

In order to manage interest rate exposure, in previous years we utilized interest rate swap agreements to protect against unfavorable interest rate changes relating to forecasted debt transactions. These swaps, which were settled upon issuance of the related debt, were designated as cash flow hedges and the gains and losses that were deferred in other comprehensive income are being recognized as an adjustment to interest expense over the same period that the hedged interest payments affect earnings.

Equity Price Risk

We are exposed to market price changes in certain broad market indices related to our deferred compensation obligations to our employees. To mitigate this risk, we use equity swap contracts to hedge the portion of the exposure that is linked to market-level equity returns. These contracts are not designated as hedges for accounting purposes and are entered into for periods of 3 to 12 months. The change in fair value of these derivatives is recorded in selling, marketing and administrative expense, together with the change in the related liabilities. The notional amount of the contracts outstanding at April 1, 2018 and December 31, 2017 was $29,999 and $25,246, respectively.

The following table presents the classification of derivative assets and liabilities within the Consolidated Balance Sheets as of April 1, 2018 and December 31, 2017:



	April 1, 2018				December 31, 2017
	Assets (1)		Liabilities (1)		Assets (1)		Liabilities (1)
Derivatives designated as cash flow hedging instruments:
Foreign exchange contracts	$	3,013	$	—	$	423	$	1,427

Derivatives designated as fair value hedging instruments:
Interest rate swap agreements	—		2,499		—		1,897

Derivatives not designated as hedging instruments:
Commodities futures and options (2)	194		6,424		390		3,054
Deferred compensation derivatives	—		393		1,581		—
Foreign exchange contracts	—		74		31		—
	194		6,891		2,002		3,054
Total	$	3,207	$	9,390	$	2,425	$	6,378


(1)	Derivatives assets are classified on our balance sheet within prepaid expenses and other as well as other assets. Derivative liabilities are classified on our balance sheet within accrued liabilities and other long-term liabilities.

(2)

As of April 1, 2018, amounts reflected on a net basis in liabilities were assets of $59,650 and liabilities of $65,152, which are associated with cash transfers receivable or payable on commodities futures contracts reflecting the change in quoted market prices on the last trading day for the period. The comparable amounts reflected on a net basis in liabilities at December 31, 2017 were assets of $48,505 and liabilities of $50,179. At April 1, 2018 and December 31, 2017, the remaining amount reflected in assets and liabilities related to the fair value of other non-exchange traded derivative instruments, respectively.

Income Statement Impact of Derivative Instruments

The effect of derivative instruments on the Consolidated Statements of Income for the three months ended April 1, 2018 and April 2, 2017 was as follows:



	Non-designated Hedges						Cash Flow Hedges
	Non-designated Hedges						Cash Flow Hedges
	Gains (losses) recognized in income (a)						Gains (losses) recognized in other comprehensive income (“OCI”) (effective portion)					Gains (losses) reclassified from accumulated OCI into income (effective portion) (b)

	2018			2017			2018		2017			2018			2017
Commodities futures and options	$	66,590		$	(5,536	)	$	—	$	—		$	—		$	(438	)
Foreign exchange contracts	(152		)	(95		)	4,245		(1,499		)	136			(172		)
Interest rate swap agreements	—			—			—		—			(2,396		)	(2,423		)
Deferred compensation derivatives	(393		)	1,277			—		—			—			—
Total	$	66,045		$	(4,354	)	$	4,245	$	(1,499	)	$	(2,260	)	$	(3,033	)


(a)	Gains (losses) recognized in income for non-designated commodities futures and options contracts were included in cost of sales. Gains (losses) recognized in income for non-designated foreign currency forward exchange contracts and deferred compensation derivatives were included in selling, marketing and administrative expenses.

(b)

Gains (losses) reclassified from AOCI into income were included in cost of sales for commodities futures and options contracts and for foreign currency forward exchange contracts designated as hedges of purchases of inventory or other productive assets. Other gains (losses) for foreign currency forward exchange contracts were included in selling, marketing and administrative expenses. Losses reclassified from AOCI into income for interest rate swap agreements were included in interest expense.

The amount of pretax net losses on derivative instruments, including interest rate swap agreements and foreign currency forward exchange contracts expected to be reclassified from accumulated OCI into earnings in the next 12 months was approximately $6,572 as of April 1, 2018. This amount was primarily associated with interest rate swap agreements.

Fair Value Hedges

For the three months ended April 1, 2018 and 2017, we recognized a net pretax benefit to interest expense of $278 and $898 relating to our fixed-to-floating interest swap arrangements.

FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS

3 Months Ended

Apr. 01, 2018

FAIR VALUE MEASUREMENTS [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

Accounting guidance on fair value measurements requires that financial assets and liabilities be classified and disclosed in one of the following categories of the fair value hierarchy:

Level 1 – Based on unadjusted quoted prices for identical assets or liabilities in an active market.

Level 2 – Based on observable market-based inputs or unobservable inputs that are corroborated by market data.

Level 3 – Based on unobservable inputs that reflect the entity's own assumptions about the assumptions that a market participant would use in pricing the asset or liability.

We did not have any level 3 financial assets or liabilities, nor were there any transfers between levels during the periods presented.

The following table presents assets and liabilities that were measured at fair value in the Consolidated Balance Sheet on a recurring basis as of April 1, 2018 and December 31, 2017:



	Assets (Liabilities)
	Level 1		Level 2		Level 3		Total
April 1, 2018:
Derivative Instruments:
Assets:
Foreign exchange contracts (1)	$	—	$	3,013	$	—	$	3,013
Commodities futures and options (4)	194		—		—		194
Liabilities:
Foreign exchange contracts (1)	—		74		—		74
Interest rate swap agreements (2)	—		2,499		—		2,499
Deferred compensation derivatives (3)	—		393		—		393
Commodities futures and options (4)	6,424		—		—		6,424
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.

Other Financial Instruments

The carrying amounts of cash and cash equivalents, short-term investments, accounts receivable, accounts payable and short-term debt approximated fair values as of April 1, 2018 and December 31, 2017 because of the relatively short maturity of these instruments.

The estimated fair value of our long-term debt is based on quoted market prices for similar debt issues and is, therefore, classified as Level 2 within the valuation hierarchy. The fair values and carrying values of long-term debt, including the current portion, were as follows:



	Fair Value				Carrying Value
	April 1, 2018		December 31, 2017		April 1, 2018		December 31, 2017
Current portion of long-term debt	$	302,418	$	299,430	$	303,062	$	300,098
Long-term debt	2,063,730		2,113,296		2,059,934		2,061,023
Total	$	2,366,148	$	2,412,726	$	2,362,996	$	2,361,121

Other Fair Value Measurements

In addition to assets and liabilities that are recorded at fair value on a recurring basis, GAAP requires that, under certain circumstances, we also record assets and liabilities at fair value on a nonrecurring basis. In connection with the Amplify acquisition, during the first quarter of 2018, as discussed in Note 2, we used various valuation techniques to determine fair value, with the primary techniques being discounted cash flow analysis, relief-from-royalty, and a form of the multi-period excess earnings valuation approaches, which use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy. During the first quarter of 2017, as discussed in Note 8, we recorded impairment charges totaling $105,992 to write-down distributor relationship and trademark intangible assets that had been recognized in connection with the 2014 SGM acquisition and wrote-down property, plant and equipment by $102,720. These charges were determined by comparing the fair value of the assets to their carrying value. The fair value of the assets were derived using a combination of an estimated market liquidation approach and discounted cash flow analyses based on Level 3 inputs.

ASSETS AND LIABILITIES HELD FOR SALE ASSETS AND LIABILITIES HELD FOR SALE (Notes)

3 Months Ended

Apr. 01, 2018

Discontinued Operations and Disposal Groups [Abstract]

Assets and Liabilities Held for Sale

ASSETS AND LIABILITIES HELD FOR SALE

As of April 1, 2018, assets and liabilities relating to the following three disposal groups have been classified as held for sale, in each case stated at the lower of net book value or estimated sales value less costs to sell:


•	Select China facilities that were taken out of operation and classified as assets held for sale during the first quarter of 2017 in connection with the 2016 Operational Optimization Program.


•	Licensing rights for a non-core trademark relating to a brand marketed outside of the U.S. that met the held for sale criteria in the first quarter of 2018. The sale of these licensing rights was completed in April of 2018.


•	Assets and liabilities comprising a portion of the recently acquired Amplify business that met the held for sale criteria in the first quarter 2018.

The sale of each of these disposal groups is expected to be completed before the end of 2018.

The amounts classified as assets and liabilities held for sale at April 1, 2018 include the following:



Assets held for sale, included in prepaid expenses and other assets
Accounts receivable	$	25,001
Inventories	8,804
Prepaid expenses and other	2,827
Long-lived assets	182,354
Non-current assets	13,008
	$	231,994

Liabilities held for sale, included in accrued liabilities
Accounts payable and accrued liabilities	$	26,804
Other long-term liabilities	2,114
	$	28,918

BUSINESS REALIGNMENT ACTIVITIES

3 Months Ended

Apr. 01, 2018

Restructuring and Related Activities [Abstract]

Business Realignment Activities

BUSINESS REALIGNMENT ACTIVITIES

We are currently executing upon several business realignment initiatives designed to increase our efficiency and focus our business in support of our key growth strategies. Costs recorded during the three months ended April 1, 2018 and April 2, 2017 related to these activities are as follows:



	Three Months Ended
	April 1, 2018		April 2, 2017
Margin for Growth Program:
Severance	$	4,048	$	29,567
Accelerated depreciation	717		—
Other program costs	10,088		4,822
Operational Optimization Program:
Severance	—		13,828
Other program costs	1,098		(1,229		)
Total	$	15,951	$	46,988

Margin for Growth Program

In the first quarter 2017, the Company's Board of Directors unanimously approved several initiatives under a single program designed to drive continued net sales, operating income and earnings per-share diluted growth over the next several years. This program is focused on improving global efficiency and effectiveness, optimizing the Company’s supply chain, streamlining the Company’s operating model and reducing administrative expenses to generate long-term savings.

The Company estimates that the “Margin for Growth” program will result in total pre-tax charges of $375,000 to $425,000 from 2017 to 2019. This estimate includes plant and office closure expenses of $100,000 to $115,000, net intangible asset impairment charges of $100,000 to $110,000, employee separation costs of $80,000 to $100,000, contract termination costs of approximately $25,000, and other business realignment costs of $70,000 to $75,000. The cash portion of the total charge is estimated to be $150,000 to $175,000. The Company expects that implementation of the program will reduce its global workforce by approximately 15%, with a majority of the reductions coming from hourly headcount positions outside of the United States.

For the three months ended April 1, 2018 and April 2, 2017, we recognized estimated employee severance totaling $4,048 and $29,567, respectively. These charges relate largely to our initiative to improve the cost structure of our China business, as well as our initiative to further streamline our corporate operating model. We also recognized non-cash, asset-related incremental depreciation expense totaling $717 as part of optimizing the global supply chain. In addition, for the three months ended April 1, 2018 and April 2, 2017, we also incurred other program costs totaling $10,088 and $4,822, respectively, which relate primarily to third-party charges in support of our initiative to improve global efficiency and effectiveness.

The program included an initiative to optimize the manufacturing operations supporting our China business. When the program was approved in 2017, we deemed this to be a triggering event requiring us to test our China long-lived asset group for impairment by first determining whether the carrying value of the asset group was recovered by our current estimates of future cash flows associated with the asset group. Because this assessment indicated that the carrying value was not recoverable, we calculated an impairment loss as the excess of the asset group's carrying value over its fair value. The resulting impairment loss was allocated to the asset group's long-lived assets. Therefore, as a result of this testing, during the first quarter of 2017, we recorded impairment charges totaling $208,712, with $105,992 representing the portion of the impairment loss that was allocated to the distributor relationship and trademark intangible assets that had been recognized in connection with the 2014 SGM acquisition and $102,720 representing the portion of the impairment loss that was allocated to property, plant and equipment. These impairment charges are recorded in the long-lived asset impairment charges caption within the Consolidated Statements of Operations.

2016 Operational Optimization Program

In the second quarter of 2016, we commenced a program (the “Operational Optimization Program”) to optimize our production and supply chain network, which includes select facility consolidations. The program encompassed the transition of our China chocolate and SGM operations into a united Golden Hershey platform, including the integration of the China sales force, as well as workforce planning efforts and the consolidation of production within certain facilities in China and North America.

For the three months ended April 1, 2018, we incurred pre-tax costs totaling $1,098, relating primarily to third-party charges in support of our initiative to optimize our production and supply chain network. For the three months ended April 2, 2017, we incurred pre-tax costs totaling $12,599, primarily related to employee severance associated with the workforce planning efforts within North America. We currently expect to incur additional cash costs of approximately $7,700 over the next nine months to complete the remaining facility consolidation efforts relating to this program.

Costs associated with business realignment activities are classified in our Consolidated Statements of Income for the three months ended April 1, 2018 and April 2, 2017 as follows:



	Three Months Ended
	April 1, 2018		April 2, 2017
Cost of sales	$	2,214	$	490
Selling, marketing and administrative expense	5,513		2,481
Business realignment costs	8,224		44,017
Costs associated with business realignment activities	$	15,951	$	46,988

On a cumulative program to date basis, the costs and related benefits of the Margin for Growth Program are approximately 50% to the North America segment and 50% to the International and Other segment. In addition, the costs and related benefits of the Operational Optimization Program relate approximately 35% to the North America segment and 65% to the International and Other segment. However, segment operating results do not include these business realignment expenses because we evaluate segment performance excluding such costs.

The following table presents the liability activity for costs qualifying as exit and disposal costs for the three months ended April 1, 2018:



	Total
Liability balance at December 31, 2017	$	38,992
2018 business realignment charges (1)	13,215
Cash payments	(22,353		)
Other, net	669
Liability balance at April 1, 2018 (reported within accrued and other long-term liabilities)	$	30,523

(1)

The costs reflected in the liability roll-forward represent employee-related and certain third-party service provider charges. These costs do not include items charged directly to expense, such as accelerated depreciation and amortization and certain of the third-party charges associated with various programs, as those items are not reflected in the business realignment liability in our Consolidated Balance Sheets.

INCOME TAXES	3 Months Ended
INCOME TAXES	Apr. 01, 2018
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The majority of our taxable income is generated in the U.S. and taxed at the U.S. statutory rate of 21%. The effective tax rates for the three months ended April 1, 2018 and April 2, 2017 were 21.9% and 41.6%, respectively. Relative to the statutory rate, the 2018 effective tax rate was impacted by state and local taxes, partially offset by a favorable rate differential relating to foreign operations. The 2017 effective rate, relative to the previous U.S. statutory rate of 35%, was impacted by non-benefited costs resulting from the Margin for Growth Program, partially offset by a favorable foreign rate differential relating to foreign operations. Hershey and its subsidiaries file tax returns in the U.S., including various state and local returns, and in foreign jurisdictions. We believe adequate provision has been made for all income tax uncertainties. We are routinely audited by taxing authorities in our filing jurisdictions, and a number of these audits are currently underway. We reasonably expect reductions in the liability for unrecognized tax benefits of approximately $10,053 within the next 12 months because of the expiration of statutes of limitations and settlements of tax audits. U.S. Tax Cuts and Jobs Act of 2017 The U.S. Tax Cuts and Jobs Act, enacted in December 2017, (“U.S. tax reform”) significantly changed U.S. corporate income tax laws by, among other things, reducing the U.S. corporate income tax rate to 21% starting in 2018 and creating a territorial tax system with a one-time mandatory tax on previously deferred foreign earnings of U.S. subsidiaries. Under GAAP (specifically, ASC Topic 740), the effects of changes in tax rates and laws on deferred tax balances are recognized in the period in which the new legislation is enacted. During the fourth quarter of 2017, we recorded a net provisional charge of $32,500, which included the estimated impact of the one-time mandatory tax on previously deferred earnings of non-U.S. subsidiaries offset in part by the benefit from revaluation of net deferred tax liabilities based on the new lower corporate income tax rate. The impact of the U.S. tax reform may differ from this estimate, possibly materially, due to, among other things, changes in interpretations and assumptions made, additional guidance that may be issued and actions taken by Hershey as a result of the U.S. tax reform. During the three months ended April 1, 2018, there were no adjustments to the recorded provisional amount.

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS

3 Months Ended

Apr. 01, 2018

Retirement Benefits [Abstract]

Pension and Other Post-Retirement Benefit Plans

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS

The components of net periodic benefit cost for the three months ended April 1, 2018 and April 2, 2017 were as follows:



	Pension Benefits						Other Benefits
	Three Months Ended						Three Months Ended
	April 1, 2018			April 2, 2017			April 1, 2018		April 2, 2017
Service cost	$	5,335		$	5,174		$	58	$	65
Interest cost	7,839			10,299			1,732		2,208
Expected return on plan assets	(14,766		)	(14,354		)	—		—
Amortization of prior service (credit) cost	(1,799		)	(1,456		)	209		187
Amortization of net loss	6,687			8,422			—		—
Total net periodic benefit cost	$	3,296		$	8,085		$	1,999	$	2,460

We made contributions of $1,005 and $6,444 to the pension plans and other benefits plans, respectively, during the first quarter of 2018. In the first quarter of 2017, we made contributions of $4,692 and $6,884 to our pension plans and other benefit plans, respectively. The contributions in 2018 and 2017 also included benefit payments from our non-qualified pension plans and post-retirement benefit plans.

STOCK COMPENSATION PLANS

3 Months Ended

Apr. 01, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Compensation Plans

STOCK COMPENSATION PLANS

We have various stock-based compensation programs under which awards, including stock options, performance stock units (“PSUs”) and performance stock, stock appreciation rights, restricted stock units (“RSUs”) and restricted stock may be granted to employees, non-employee directors and certain service providers upon whom the successful conduct of our business is dependent. These programs and the accounting treatment related thereto are described in Note 10 to the Consolidated Financial Statements included in our 2017 Annual Report on Form 10-K.

For the periods presented, compensation expense for all types of stock-based compensation programs and the related income tax benefit recognized were as follows:



	Three Months Ended
	April 1, 2018		April 2, 2017
Pre-tax compensation expense	$	10,458	$	12,122
Related income tax benefit	2,604		3,818

Compensation costs for stock compensation plans are primarily included in selling, marketing and administrative expense. As of April 1, 2018, total stock-based compensation cost related to non-vested awards not yet recognized was $90,074 and the weighted-average period over which this amount is expected to be recognized was approximately 2.4 years.

Stock Options

A summary of activity relating to grants of stock options for the period ended April 1, 2018 is as follows:



Stock Options	Shares		Weighted-Average Exercise Price (per share)	Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding as of December 31, 2017	5,921,062		$89.06	5.8 years
Granted	917,610		$99.90
Exercised	(169,356	)	$50.07
Forfeited	(68,104	)	$101.12
Outstanding as of April 1, 2018	6,601,212		$91.44	6.1 years	$	71,544
Options exercisable as of April 1, 2018	4,336,884		$86.58	4.7 years	$	67,353

The weighted-average fair value of options granted was $15.58 and $15.78 per share for the periods ended April 1, 2018 and April 2, 2017, respectively. The fair value was estimated on the date of grant using a Black-Scholes option-pricing model and the following weighted-average assumptions:



	Three Months Ended
	April 1, 2018		April 2, 2017
Dividend yields	2.3	%	2.4	%
Expected volatility	16.6	%	17.2	%
Risk-free interest rates	2.8	%	2.2	%
Expected term in years	6.6		6.8

The total intrinsic value of options exercised was $9,145 and $15,181 for the periods ended April 1, 2018 and April 2, 2017, respectively.

Performance Stock Units and Restricted Stock Units

A summary of activity relating to grants of PSUs and RSUs for the period ended April 1, 2018 is as follows:



Performance Stock Units and Restricted Stock Units	Number of units		Weighted-average grant date fair value for equity awards (per unit)
Outstanding as of December 31, 2017	923,364		$103.11
Granted	302,947		$98.27
Performance assumption change (1)	(113,461	)	$101.59
Vested	(157,152	)	$105.83
Forfeited	(31,181	)	$105.47
Outstanding as of April 1, 2018	924,517		$102.09


(1)	Reflects the net number of PSUs above and below target levels based on the performance metrics.

The following table sets forth information about the fair value of the PSUs and RSUs granted for potential future distribution to employees and non-employee directors. In addition, the table provides assumptions used to determine the fair value of the market-based total shareholder return component using the Monte Carlo simulation model on the date of grant.



	Three Months Ended
	April 1, 2018			April 2, 2017
Units granted	302,947			351,793
Weighted-average fair value at date of grant	$	98.27		$	111.28
Monte Carlo simulation assumptions:
Estimated values	$	29.17		$	46.85
Dividend yields	2.6		%	2.3		%
Expected volatility	20.4		%	20.4		%

The fair value of shares vested totaled $15,605 and $18,883 for the periods ended April 1, 2018 and April 2, 2017, respectively.

Deferred PSUs, deferred RSUs and deferred stock units representing directors’ fees totaled 358,209 units as of April 1, 2018. Each unit is equivalent to one share of the Company’s Common Stock.

SEGMENT INFORMATION

3 Months Ended

Apr. 01, 2018

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

Our organizational structure is designed to ensure continued focus on North America, coupled with an emphasis on profitable growth in our focus international markets. Our business is organized around geographic regions, which enables us to build processes for repeatable success in our global markets. As a result, we have defined our operating segments on a geographic basis, as this aligns with how our Chief Operating Decision Maker (“CODM”) manages our business, including resource allocation and performance assessment. Our North America business, which generates approximately 89% of our consolidated revenue, is our only reportable segment. None of our other operating segments meet the quantitative thresholds to qualify as reportable segments; therefore, these operating segments are combined and disclosed below as International and Other.


•	North America - This segment is responsible for our traditional chocolate and non-chocolate confectionery market position, as well as our grocery and growing snacks market positions, in the United States and Canada. This includes developing and growing our business in chocolate and non-chocolate confectionery, pantry, food service and other snacking product lines.

•

International and Other - International and Other is a combination of all other operating segments that are not individually material, including those geographic regions where we operate outside of North America. We currently have operations and manufacture product in China, Mexico, Brazil, India and Malaysia, primarily for consumers in these regions, and also distribute and sell confectionery products in export markets of Asia, Latin America, Middle East, Europe, Africa and other regions. This segment also includes our global retail operations, including Hershey's Chocolate World stores in Hershey, Pennsylvania, New York City, Las Vegas, Niagara Falls (Ontario), Dubai, and Singapore, as well as operations associated with licensing the use of certain of the Company's trademarks and products to third parties around the world.

For segment reporting purposes, we use “segment income” to evaluate segment performance and allocate resources. Segment income excludes unallocated general corporate administrative expenses, unallocated mark-to-market gains and losses on commodity derivatives, business realignment and impairment charges, acquisition-related costs and other unusual gains or losses that are not part of our measurement of segment performance. These items of our operating income are managed centrally at the corporate level and are excluded from the measure of segment income reviewed by the CODM as well the measure of segment performance used for incentive compensation purposes.

Accounting policies associated with our operating segments are generally the same as those described in Note 1 to the Consolidated Financial Statements included in our 2017 Annual Report on Form 10-K.

As discussed in Note 5, derivatives used to manage commodity price risk are not designated for hedge accounting treatment. These derivatives are recognized at fair market value with the resulting realized and unrealized losses recognized in unallocated derivative (gains) losses outside of the reporting segment results until the related inventory is sold, at which time the related gains and losses are reallocated to segment income. This enables us to align the derivative gains and losses with the underlying economic exposure being hedged and thereby eliminate the mark-to-market volatility within our reported segment income.

Certain manufacturing, warehousing, distribution and other activities supporting our global operations are integrated to maximize efficiency and productivity. As a result, assets and capital expenditures are not managed on a segment basis and are not included in the information reported to the CODM for the purpose of evaluating performance or allocating resources. We disclose depreciation and amortization that is generated by segment-specific assets, since these amounts are included within the measure of segment income reported to the CODM.

Our segment net sales and earnings were as follows:



	Three Months Ended
	April 1, 2018			April 2, 2017
Net sales:
North America	$	1,751,688		$	1,677,146
International and Other	220,271			202,532
Total	$	1,971,959		$	1,879,678

Segment income:
North America	$	534,426		$	552,759
International and Other	17,680			1,723
Total segment income (1)	552,106			554,482
Unallocated corporate expense (2)	123,967			118,333
Unallocated mark-to-market gains on commodity derivatives	(96,250		)	(17,088		)
Long-lived asset impairment charges	—			208,712
Costs associated with business realignment activities	15,951			46,988
Acquisition-related costs	27,926			300
Operating profit	480,512			197,237
Interest expense, net	29,339			23,741
Other (income) expense, net	1,942			5,135
Income before income taxes	$	449,231		$	168,361


(1)	Segment income for the three months ended April 2, 2017 has been revised to conform to the current definition of segment income, which has been updated for the exclusion of certain pension-related costs.

(2)

Includes centrally-managed (a) corporate functional costs relating to legal, treasury, finance, and human resources, (b) expenses associated with the oversight and administration of our global operations, including warehousing, distribution and manufacturing, information systems and global shared services, (c) non-cash stock-based compensation expense, and (d) other gains or losses that are not integral to segment performance.

Activity within the unallocated mark-to-market (gains) losses on commodity derivatives is as follows:



	Three Months Ended
	April 1, 2018			April 2, 2017
Net (gains) losses on mark-to-market valuation of commodity derivative positions recognized in income	$	(66,590	)	$	5,536
Net losses on commodity derivative positions reclassified from unallocated to segment income	(29,660		)	(22,624		)
Net gains on mark-to-market valuation of commodity derivative positions recognized in unallocated derivative gains	$	(96,250	)	$	(17,088	)

As of April 1, 2018, the cumulative amount of mark-to-market losses on commodity derivatives that have been recognized in our consolidated cost of sales and not yet allocated to reportable segments was $31,696. Based on our forecasts of the timing of the recognition of the underlying hedged items, we expect to reclassify net pretax losses on commodity derivatives of $77,411 to segment operating results in the next twelve months.

Depreciation and amortization expense included within segment income presented above is as follows:



	Three Months Ended
	April 1, 2018		April 2, 2017
North America	$	47,985	$	41,237
International and Other	14,288		12,966
Corporate (1)	12,143		10,749
Total	$	74,416	$	64,952


(1)	Corporate includes non-cash asset-related accelerated depreciation and amortization related to business realignment activities, as discussed in Note 8. Such amounts are not included within our measure of segment income.

TREASURY STOCK ACTIVITY TREASURY STOCK ACTIVITY

3 Months Ended

Apr. 01, 2018

Equity [Abstract]

Treasury Stock Activity

TREASURY STOCK ACTIVITY

A summary of our treasury stock activity is as follows:



	Three Months Ended April 1, 2018
	Shares		Dollars
			In thousands
Shares repurchased in the open market under pre-approved share repurchase programs	1,406,093		$	140,000
Shares repurchased to replace Treasury Stock issued for stock options and incentive compensation	385,461		38,073
Total share repurchases	1,791,554		178,073
Shares issued for stock options and incentive compensation	(273,289	)	$	(11,372	)
Net change	1,518,265		$	166,701

The $500,000 share repurchase program approved by our Board of Directors in January 2016 was completed in the first quarter of 2018. In October 2017, our Board of Directors approved an additional $100,000 share repurchase authorization, to commence after the existing 2016 authorization was completed. As of April 1, 2018, $60,000 remained available for repurchases of our Common Stock under this program. We are authorized to purchase our outstanding shares in open market and privately negotiated transactions. The program has no expiration date and acquired shares of Common Stock will be held as treasury shares. Purchases under approved share repurchase authorizations are in addition to our practice of buying back shares sufficient to offset those issued under incentive compensation plans.

NONCONTROLLING INTEREST NONCONTROLLING INTEREST (Notes)

3 Months Ended

Apr. 01, 2018

Equity [Abstract]

Noncontrolling Interest

NONCONTROLLING INTEREST

We currently own a 50% controlling interest in Lotte Shanghai Foods Co., Ltd. (“LSFC”), a joint venture established in 2007 in China for the purpose of manufacturing and selling product to the venture partners.

A roll-forward showing the 2018 activity relating to the noncontrolling interest follows:



	Noncontrolling Interest
Balance, December 31, 2017	$	16,227
Net income attributable to noncontrolling interest	516
Other comprehensive income - foreign currency translation adjustments	784
Balance, April 1, 2018	$	17,527

EARNINGS PER SHARE

3 Months Ended

Apr. 01, 2018

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

We compute basic earnings per share for Common Stock and Class B common stock using the two-class method. The Class B common stock is convertible into Common Stock on a share-for-share basis at any time. The computation of diluted earnings per share for Common Stock assumes the conversion of Class B common stock using the if-converted method, while the diluted earnings per share of Class B common stock does not assume the conversion of those shares.

We compute basic and diluted earnings per share based on the weighted-average number of shares of Common Stock and Class B common stock outstanding as follows:



	Three Months Ended
	April 1, 2018					April 2, 2017
	Common Stock		Class B Common Stock			Common Stock			Class B Common Stock
Basic earnings per share:
Numerator:
Allocation of distributed earnings (cash dividends paid)	$	98,170	$	36,130		$	93,949		$	34,068
Allocation of undistributed earnings	157,952		57,951			(2,183		)	(790		)
Total earnings—basic	$	256,122	$	94,081		$	91,766		$	33,278

Denominator (shares in thousands):
Total weighted-average shares—basic	150,114		60,620			152,313			60,620

Earnings Per Share—basic	$	1.71	$	1.55		$	0.60		$	0.55

Diluted earnings per share:
Numerator:
Allocation of total earnings used in basic computation	$	256,122	$	94,081		$	91,766		$	33,278
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	94,081		—			33,278			—
Reallocation of undistributed earnings	—		(343		)	—			(25		)
Total earnings—diluted	$	350,203	$	93,738		$	125,044		$	33,253

Denominator (shares in thousands):
Number of shares used in basic computation	150,114		60,620			152,313			60,620
Weighted-average effect of dilutive securities:
Conversion of Class B common stock to Common shares outstanding	60,620		—			60,620			—
Employee stock options	844		—			1,265			—
Performance and restricted stock units	377		—			324			—
Total weighted-average shares—diluted	211,955		60,620			214,522			60,620

Earnings Per Share—diluted	$	1.65	$	1.55		$	0.58		$	0.55

The earnings per share calculations for the three months ended April 1, 2018 and April 2, 2017 excluded 3,689 and 2,067 stock options (in thousands), respectively, that would have been antidilutive.

SUPPLEMENTAL BALANCE SHEET INFORMATION

3 Months Ended

Apr. 01, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Balance Sheet Information

SUPPLEMENTAL BALANCE SHEET INFORMATION

The components of certain Consolidated Balance Sheet accounts are as follows:



	April 1, 2018			December 31, 2017
Inventories:
Raw materials	$	257,079		$	224,940
Goods in process	125,401			93,627
Finished goods	569,767			614,945
Inventories at FIFO	952,247			933,512
Adjustment to LIFO	(169,787		)	(180,676		)
Total inventories	$	782,460		$	752,836

Prepaid expenses and other:
Prepaid expenses	$	32,158		$	128,735
Assets held for sale	231,994			21,124
Other current assets	133,155			130,774
Total prepaid expenses and other	$	397,307		$	280,633

Property, plant and equipment:
Land	$	109,147		$	108,300
Buildings	1,221,515			1,214,158
Machinery and equipment	2,972,871			2,925,353
Construction in progress	220,757			212,912
Property, plant and equipment, gross	4,524,290			4,460,723
Accumulated depreciation	(2,405,274		)	(2,354,026		)
Property, plant and equipment, net	$	2,119,016		$	2,106,697

Other assets:
Capitalized software, net	$	108,153		$	104,881
Other non-current assets	153,942			146,998
Total other assets	$	262,095		$	251,879

Accrued liabilities:
Payroll, compensation and benefits	$	126,557		$	190,863
Advertising and promotion	285,970			305,107
Liabilities held for sale	28,918			—
Other	182,264			180,164
Total accrued liabilities	$	623,709		$	676,134

Other long-term liabilities:
Post-retirement benefits liabilities	$	212,873		$	215,320
Pension benefits liabilities	38,799			39,410
Other	183,514			184,209
Total other long-term liabilities	$	435,186		$	438,939

Accumulated other comprehensive loss:
Foreign currency translation adjustments	$	(93,888	)	$	(91,837	)
Pension and post-retirement benefit plans, net of tax	(201,989		)	(169,526		)
Cash flow hedges, net of tax	(58,598		)	(52,383		)
Total accumulated other comprehensive loss	$	(354,475	)	$	(313,746	)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Apr. 01, 2018

Accounting Policies [Abstract]

Basis of Presentation

Revenue Recognition, Policy

Revenue Recognition

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements



	Three Months Ended
	April 2, 2017
Reclassified from:
Cost of sales	$	2,792
Selling, marketing and administrative expense	2,514
Reclassified to Other (income) expense, net	$	5,306

The adoption of this ASU had no impact on our consolidated balance sheets or statements of cash flows.

Recently Issued Accounting Pronouncements Not Yet Adopted

No other new accounting pronouncement issued or effective during the fiscal year had or is expected to have a material impact on our consolidated financial statements or disclosures.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Apr. 01, 2018

Accounting Policies [Abstract]

Schedule of New Accounting Pronouncements Changes

As a result, the following amounts were reclassified in the first quarter of 2017 to correspond to the current year presentation:



	Three Months Ended
	April 2, 2017
Reclassified from:
Cost of sales	$	2,792
Selling, marketing and administrative expense	2,514
Reclassified to Other (income) expense, net	$	5,306

BUSINESS ACQUISITION (Tables)

3 Months Ended

Apr. 01, 2018

Amplify Snack Brands, Inc.

Business Acquisition and Divestitures [Line Items]

Schedule of Purchase Consideration Allocation to Assets Acquired and Liabilities Assumed

The purchase consideration, net of cash acquired totaling $53,324, was allocated to assets acquired and liabilities assumed based on their respective fair values as follows:



Accounts receivable	$	41,152
Other current assets	35,509
Plant, property and equipment, net	71,093
Goodwill	939,388
Other intangible assets	682,000
Other non-current assets	1,049
Accounts payable	(32,394		)
Accrued liabilities	(109,565		)
Current debt	(610,836		)
Other current liabilities	(2,931		)
Non-current deferred income taxes	(93,859		)
Non-current liabilities	(5,149		)
Net assets acquired	$	915,457

GOODWILL AND INTANGIBLE ASSETS (Tables)

3 Months Ended

Apr. 01, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of the Changes in the Carrying Value of Goodwill by Reportable Segment

The changes in the carrying value of goodwill by reportable segment for the three months ended April 1, 2018 are as follows:



	North America			International and Other			Total
Balance at December 31, 2017	$	799,929		$	21,132		$	821,061
Acquired during the period (see Note 2)	939,388			—			939,388
Reclassified to assets held for sale (see Note 7)	(109,064		)	—			(109,064		)
Foreign currency translation and other	(4,399		)	(1,712		)	(6,111		)
Balance at April 1, 2018	$	1,625,854		$	19,420		$	1,645,274

Schedule of Gross Carrying Amount and Accumulated Amortization for Each Major Class of Intangible Asset

The following table provides the gross carrying amount and accumulated amortization for each major class of intangible asset:



	April 1, 2018					December 31, 2017
	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
Intangible assets subject to amortization:
Trademarks	$	915,672	$	(41,556	)	$	277,473	$	(37,510	)
Customer-related	157,052		(34,199		)	128,182		(34,659		)
Patents	16,771		(15,942		)	17,009		(15,975		)
Total	1,089,495		(91,697		)	422,664		(88,144		)

Intangible assets not subject to amortization:
Trademarks	35,050					34,636
Total other intangible assets	$	1,032,848				$	369,156

SHORT AND LONG-TERM DEBT (Tables)

3 Months Ended

Apr. 01, 2018

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt consisted of the following:



	April 1, 2018			December 31, 2017
1.60% Notes due 2018	$	300,000		$	300,000
4.125% Notes due 2020	350,000			350,000
8.8% Debentures due 2021	84,715			84,715
2.625% Notes due 2023	250,000			250,000
3.20% Notes due 2025	300,000			300,000
2.30% Notes due 2026	500,000			500,000
7.2% Debentures due 2027	193,639			193,639
3.375% Notes due 2046	300,000			300,000
Capital lease obligations	98,282			99,194
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts	(13,640		)	(16,427		)
Total long-term debt	2,362,996			2,361,121
Less—current portion	303,062			300,098
Long-term portion	$	2,059,934		$	2,061,023

Schedule of Net Interest Expense

Net interest expense consists of the following:



	Three Months Ended
	April 1, 2018			April 2, 2017
Interest expense	$	32,853		$	24,954
Capitalized interest	(1,299		)	(984		)
Interest expense	31,554			23,970
Interest income	(2,215		)	(229		)
Interest expense, net	$	29,339		$	23,741

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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+ Details

DERIVATIVE INSTRUMENTS (Tables)

3 Months Ended

Apr. 01, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of the Classification of Derivative Assets and Liabilities within the Consolidated Balance Sheets

The following table presents the classification of derivative assets and liabilities within the Consolidated Balance Sheets as of April 1, 2018 and December 31, 2017:



	April 1, 2018				December 31, 2017
	Assets (1)		Liabilities (1)		Assets (1)		Liabilities (1)
Derivatives designated as cash flow hedging instruments:
Foreign exchange contracts	$	3,013	$	—	$	423	$	1,427

Derivatives designated as fair value hedging instruments:
Interest rate swap agreements	—		2,499		—		1,897

Derivatives not designated as hedging instruments:
Commodities futures and options (2)	194		6,424		390		3,054
Deferred compensation derivatives	—		393		1,581		—
Foreign exchange contracts	—		74		31		—
	194		6,891		2,002		3,054
Total	$	3,207	$	9,390	$	2,425	$	6,378


(1)	Derivatives assets are classified on our balance sheet within prepaid expenses and other as well as other assets. Derivative liabilities are classified on our balance sheet within accrued liabilities and other long-term liabilities.

(2)

Schedule of the Effect of Derivative Instruments on the Consolidated Statements of Income

The effect of derivative instruments on the Consolidated Statements of Income for the three months ended April 1, 2018 and April 2, 2017 was as follows:



	Non-designated Hedges						Cash Flow Hedges
	Non-designated Hedges						Cash Flow Hedges
	Gains (losses) recognized in income (a)						Gains (losses) recognized in other comprehensive income (“OCI”) (effective portion)					Gains (losses) reclassified from accumulated OCI into income (effective portion) (b)

	2018			2017			2018		2017			2018			2017
Commodities futures and options	$	66,590		$	(5,536	)	$	—	$	—		$	—		$	(438	)
Foreign exchange contracts	(152		)	(95		)	4,245		(1,499		)	136			(172		)
Interest rate swap agreements	—			—			—		—			(2,396		)	(2,423		)
Deferred compensation derivatives	(393		)	1,277			—		—			—			—
Total	$	66,045		$	(4,354	)	$	4,245	$	(1,499	)	$	(2,260	)	$	(3,033	)


(a)	Gains (losses) recognized in income for non-designated commodities futures and options contracts were included in cost of sales. Gains (losses) recognized in income for non-designated foreign currency forward exchange contracts and deferred compensation derivatives were included in selling, marketing and administrative expenses.

(b)

FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Apr. 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 April 1, 2018 and December 31, 2017:



	Assets (Liabilities)
	Level 1		Level 2		Level 3		Total
April 1, 2018:
Derivative Instruments:
Assets:
Foreign exchange contracts (1)	$	—	$	3,013	$	—	$	3,013
Commodities futures and options (4)	194		—		—		194
Liabilities:
Foreign exchange contracts (1)	—		74		—		74
Interest rate swap agreements (2)	—		2,499		—		2,499
Deferred compensation derivatives (3)	—		393		—		393
Commodities futures and options (4)	6,424		—		—		6,424
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)


(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
	April 1, 2018		December 31, 2017		April 1, 2018		December 31, 2017
Current portion of long-term debt	$	302,418	$	299,430	$	303,062	$	300,098
Long-term debt	2,063,730		2,113,296		2,059,934		2,061,023
Total	$	2,366,148	$	2,412,726	$	2,362,996	$	2,361,121

ASSETS AND LIABILITIES HELD FOR SALE ASSETS AND LIABILITIES HELD FOR SALE (Tables)

3 Months Ended

Apr. 01, 2018

Discontinued Operations and Disposal Groups [Abstract]

Assets and Liabilities Held for Sale

The amounts classified as assets and liabilities held for sale at April 1, 2018 include the following:



Assets held for sale, included in prepaid expenses and other assets
Accounts receivable	$	25,001
Inventories	8,804
Prepaid expenses and other	2,827
Long-lived assets	182,354
Non-current assets	13,008
	$	231,994

Liabilities held for sale, included in accrued liabilities
Accounts payable and accrued liabilities	$	26,804
Other long-term liabilities	2,114
	$	28,918

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759

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-Publisher FASB
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+ Details

BUSINESS REALIGNMENT ACTIVITIES (Tables)

3 Months Ended

Apr. 01, 2018

Restructuring and Related Activities [Abstract]

Schedule of Business Realignment Activity

Costs recorded during the three months ended April 1, 2018 and April 2, 2017 related to these activities are as follows:



	Three Months Ended
	April 1, 2018		April 2, 2017
Margin for Growth Program:
Severance	$	4,048	$	29,567
Accelerated depreciation	717		—
Other program costs	10,088		4,822
Operational Optimization Program:
Severance	—		13,828
Other program costs	1,098		(1,229		)
Total	$	15,951	$	46,988

Costs associated with business realignment activities are classified in our Consolidated Statements of Income for the three months ended April 1, 2018 and April 2, 2017 as follows:



	Three Months Ended
	April 1, 2018		April 2, 2017
Cost of sales	$	2,214	$	490
Selling, marketing and administrative expense	5,513		2,481
Business realignment costs	8,224		44,017
Costs associated with business realignment activities	$	15,951	$	46,988

Schedule of Liability Activity for Costs Qualifying as Exit and Disposal Costs

The following table presents the liability activity for costs qualifying as exit and disposal costs for the three months ended April 1, 2018:



	Total
Liability balance at December 31, 2017	$	38,992
2018 business realignment charges (1)	13,215
Cash payments	(22,353		)
Other, net	669
Liability balance at April 1, 2018 (reported within accrued and other long-term liabilities)	$	30,523

(1)

STOCK COMPENSATION PLANS (Tables)

3 Months Ended

Apr. 01, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Stock Compensation Costs

For the periods presented, compensation expense for all types of stock-based compensation programs and the related income tax benefit recognized were as follows:



	Three Months Ended
	April 1, 2018		April 2, 2017
Pre-tax compensation expense	$	10,458	$	12,122
Related income tax benefit	2,604		3,818

Schedule of Activity Relating to the Grants of Stock Options

A summary of activity relating to grants of stock options for the period ended April 1, 2018 is as follows:



Stock Options	Shares		Weighted-Average Exercise Price (per share)	Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding as of December 31, 2017	5,921,062		$89.06	5.8 years
Granted	917,610		$99.90
Exercised	(169,356	)	$50.07
Forfeited	(68,104	)	$101.12
Outstanding as of April 1, 2018	6,601,212		$91.44	6.1 years	$	71,544
Options exercisable as of April 1, 2018	4,336,884		$86.58	4.7 years	$	67,353

Schedule of Fair Value Estimated on the Grant Date and the Weighted Average Assumptions

The fair value was estimated on the date of grant using a Black-Scholes option-pricing model and the following weighted-average assumptions:



	Three Months Ended
	April 1, 2018		April 2, 2017
Dividend yields	2.3	%	2.4	%
Expected volatility	16.6	%	17.2	%
Risk-free interest rates	2.8	%	2.2	%
Expected term in years	6.6		6.8

Schedule of Activity Relating to Grants of PSUs and RSUs

A summary of activity relating to grants of PSUs and RSUs for the period ended April 1, 2018 is as follows:



Performance Stock Units and Restricted Stock Units	Number of units		Weighted-average grant date fair value for equity awards (per unit)
Outstanding as of December 31, 2017	923,364		$103.11
Granted	302,947		$98.27
Performance assumption change (1)	(113,461	)	$101.59
Vested	(157,152	)	$105.83
Forfeited	(31,181	)	$105.47
Outstanding as of April 1, 2018	924,517		$102.09


(1)	Reflects the net number of PSUs above and below target levels based on the performance metrics.

Schedule of Information Pertaining to Fair Value of PSUs and RSUs Granted for Potential Future Distribution



	Three Months Ended
	April 1, 2018			April 2, 2017
Units granted	302,947			351,793
Weighted-average fair value at date of grant	$	98.27		$	111.28
Monte Carlo simulation assumptions:
Estimated values	$	29.17		$	46.85
Dividend yields	2.6		%	2.3		%
Expected volatility	20.4		%	20.4		%

SEGMENT INFORMATION (Tables)

3 Months Ended

Apr. 01, 2018

Segment Reporting [Abstract]

Schedule of Net Sales and Earnings by Segment

Our segment net sales and earnings were as follows:



	Three Months Ended
	April 1, 2018			April 2, 2017
Net sales:
North America	$	1,751,688		$	1,677,146
International and Other	220,271			202,532
Total	$	1,971,959		$	1,879,678

Segment income:
North America	$	534,426		$	552,759
International and Other	17,680			1,723
Total segment income (1)	552,106			554,482
Unallocated corporate expense (2)	123,967			118,333
Unallocated mark-to-market gains on commodity derivatives	(96,250		)	(17,088		)
Long-lived asset impairment charges	—			208,712
Costs associated with business realignment activities	15,951			46,988
Acquisition-related costs	27,926			300
Operating profit	480,512			197,237
Interest expense, net	29,339			23,741
Other (income) expense, net	1,942			5,135
Income before income taxes	$	449,231		$	168,361


(1)	Segment income for the three months ended April 2, 2017 has been revised to conform to the current definition of segment income, which has been updated for the exclusion of certain pension-related costs.

(2)

Schedule of Unallocated Mark-to-Market (Gains) Losses on Commodity Derivatives

Activity within the unallocated mark-to-market (gains) losses on commodity derivatives is as follows:



	Three Months Ended
	April 1, 2018			April 2, 2017
Net (gains) losses on mark-to-market valuation of commodity derivative positions recognized in income	$	(66,590	)	$	5,536
Net losses on commodity derivative positions reclassified from unallocated to segment income	(29,660		)	(22,624		)
Net gains on mark-to-market valuation of commodity derivative positions recognized in unallocated derivative gains	$	(96,250	)	$	(17,088	)

Schedule of Depreciation and Amortization Expense Included within Segment Income

Depreciation and amortization expense included within segment income presented above is as follows:



	Three Months Ended
	April 1, 2018		April 2, 2017
North America	$	47,985	$	41,237
International and Other	14,288		12,966
Corporate (1)	12,143		10,749
Total	$	74,416	$	64,952


(1)	Corporate includes non-cash asset-related accelerated depreciation and amortization related to business realignment activities, as discussed in Note 8. Such amounts are not included within our measure of segment income.

EARNINGS PER SHARE (Tables)

3 Months Ended

Apr. 01, 2018

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share

We compute basic and diluted earnings per share based on the weighted-average number of shares of Common Stock and Class B common stock outstanding as follows:



	Three Months Ended
	April 1, 2018					April 2, 2017
	Common Stock		Class B Common Stock			Common Stock			Class B Common Stock
Basic earnings per share:
Numerator:
Allocation of distributed earnings (cash dividends paid)	$	98,170	$	36,130		$	93,949		$	34,068
Allocation of undistributed earnings	157,952		57,951			(2,183		)	(790		)
Total earnings—basic	$	256,122	$	94,081		$	91,766		$	33,278

Denominator (shares in thousands):
Total weighted-average shares—basic	150,114		60,620			152,313			60,620

Earnings Per Share—basic	$	1.71	$	1.55		$	0.60		$	0.55

Diluted earnings per share:
Numerator:
Allocation of total earnings used in basic computation	$	256,122	$	94,081		$	91,766		$	33,278
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	94,081		—			33,278			—
Reallocation of undistributed earnings	—		(343		)	—			(25		)
Total earnings—diluted	$	350,203	$	93,738		$	125,044		$	33,253

Denominator (shares in thousands):
Number of shares used in basic computation	150,114		60,620			152,313			60,620
Weighted-average effect of dilutive securities:
Conversion of Class B common stock to Common shares outstanding	60,620		—			60,620			—
Employee stock options	844		—			1,265			—
Performance and restricted stock units	377		—			324			—
Total weighted-average shares—diluted	211,955		60,620			214,522			60,620

Earnings Per Share—diluted	$	1.65	$	1.55		$	0.58		$	0.55

SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables)

3 Months Ended

Apr. 01, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Supplemental Balance Sheet Information

The components of certain Consolidated Balance Sheet accounts are as follows:



	April 1, 2018			December 31, 2017
Inventories:
Raw materials	$	257,079		$	224,940
Goods in process	125,401			93,627
Finished goods	569,767			614,945
Inventories at FIFO	952,247			933,512
Adjustment to LIFO	(169,787		)	(180,676		)
Total inventories	$	782,460		$	752,836

Prepaid expenses and other:
Prepaid expenses	$	32,158		$	128,735
Assets held for sale	231,994			21,124
Other current assets	133,155			130,774
Total prepaid expenses and other	$	397,307		$	280,633

Property, plant and equipment:
Land	$	109,147		$	108,300
Buildings	1,221,515			1,214,158
Machinery and equipment	2,972,871			2,925,353
Construction in progress	220,757			212,912
Property, plant and equipment, gross	4,524,290			4,460,723
Accumulated depreciation	(2,405,274		)	(2,354,026		)
Property, plant and equipment, net	$	2,119,016		$	2,106,697

Other assets:
Capitalized software, net	$	108,153		$	104,881
Other non-current assets	153,942			146,998
Total other assets	$	262,095		$	251,879

Accrued liabilities:
Payroll, compensation and benefits	$	126,557		$	190,863
Advertising and promotion	285,970			305,107
Liabilities held for sale	28,918			—
Other	182,264			180,164
Total accrued liabilities	$	623,709		$	676,134

Other long-term liabilities:
Post-retirement benefits liabilities	$	212,873		$	215,320
Pension benefits liabilities	38,799			39,410
Other	183,514			184,209
Total other long-term liabilities	$	435,186		$	438,939

Accumulated other comprehensive loss:
Foreign currency translation adjustments	$	(93,888	)	$	(91,837	)
Pension and post-retirement benefit plans, net of tax	(201,989		)	(169,526		)
Cash flow hedges, net of tax	(58,598		)	(52,383		)
Total accumulated other comprehensive loss	$	(354,475	)	$	(313,746	)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - RECENT ACCOUNTING PRONOUNCEMENTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2018	Apr. 02, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of Goods Sold	$ (997,899)	$ (970,326)
Selling, General and Administrative Expense	(485,324)	(459,386)
Other Nonoperating Income (Expense)	(1,942)	(5,135)
Reclassification from AOCI to Retained Earnings	$ 47,656
Accounting Standards Update 2017-07
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of Goods Sold		2,792
Selling, General and Administrative Expense		2,514
Other Nonoperating Income (Expense)		$ 5,306

BUSINESS ACQUISITION - AMPLIFY SNACK BRANDS, INC. NARRATIVE (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	Jan. 31, 2018	Apr. 26, 2016	Apr. 01, 2018
Business Acquisition [Line Items]
Equity interests received, common stock, value	$ 907,766
Amplify Snack Brands, Inc.
Business Acquisition [Line Items]
Payments to acquire businesses, gross	$ 968,781
Consideration transferred, per share of common stock	$ 12.00
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	$ 53,324
Finite-lived trademarks, gross	648,000
Finite-lived customer relationships, gross	$ 34,000
Acquisition related costs			$ 20,577
Minimum \| Trademarks \| Amplify Snack Brands, Inc.
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life		28 years
Minimum \| Customer Relationships \| Amplify Snack Brands, Inc.
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life		14 years
Maximum \| Trademarks \| Amplify Snack Brands, Inc.
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life		38 years
Maximum \| Customer Relationships \| Amplify Snack Brands, Inc.
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life		18 years

BUSINESS ACQUISITION - AMPLIFY SNACK BRANDS, INC. ASSETS ACQUIRED AND LIABILITIES ASSUMED ALLOCATION (Details) - USD ($) $ in Thousands	Apr. 01, 2018	Jan. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Goodwill	$ 1,645,274		$ 821,061
Amplify Snack Brands, Inc.
Business Acquisition [Line Items]
Accounts receivable		$ 41,152
Other current assets		35,509
Plant, property and equipment, net		71,093
Goodwill		939,388
Other intangible assets		682,000
Other non-current assets		1,049
Accounts payable		32,394
Accrued liabilities		109,565
Current debt		610,836
Other current liabilities		(2,931)
Non-current deferred income taxes		(93,859)
Non-current liabilities		(5,149)
Net assets acquired		$ 915,457

GOODWILL AND INTANGIBLE ASSETS - SCHEDULE OF CHANGES IN CARRYING VALUE OF GOODWILL BY REPORTABLE SEGMENT (Details) $ in Thousands	3 Months Ended
	Apr. 01, 2018 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 821,061
Acquired during the period (see Note 2)	939,388
Reclassified to assets held for sale (see Note 7)	(109,064)
Foreign currency translation and other	(6,111)
Goodwill, ending balance	1,645,274
Operating Segments \| North America
Goodwill [Roll Forward]
Goodwill, beginning balance	799,929
Acquired during the period (see Note 2)	939,388
Reclassified to assets held for sale (see Note 7)	(109,064)
Foreign currency translation and other	(4,399)
Goodwill, ending balance	1,625,854
Operating Segments \| International and Other
Goodwill [Roll Forward]
Goodwill, beginning balance	21,132
Acquired during the period (see Note 2)	0
Reclassified to assets held for sale (see Note 7)	0
Foreign currency translation and other	(1,712)
Goodwill, ending balance	$ 19,420

GOODWILL AND INTANGIBLE ASSETS - SCHEDULE OF GROSS CARRYING AMOUNT AND ACCUMULATED AMORTIZATION FOR EACH MAJOR CLASS OF INTANGIBLE ASSET (Details) - USD ($) $ in Thousands	Apr. 01, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 1,089,495	$ 422,664
Finite-lived intangible assets, accumulated amortization	(91,697)	(88,144)
Total other intangible assets	1,032,848	369,156
Trademarks
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, excluding goodwill	35,050	34,636
Trademarks
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	915,672	277,473
Finite-lived intangible assets, accumulated amortization	(41,556)	(37,510)
Customer-related
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	157,052	128,182
Finite-lived intangible assets, accumulated amortization	(34,199)	(34,659)
Patents
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	16,771	17,009
Finite-lived intangible assets, accumulated amortization	$ (15,942)	$ (15,975)

GOODWILL AND INTANGIBLE ASSETS - GOODWILL AND INTANGIBLE ASSETS NARRATIVE (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2018	Apr. 02, 2017
Goodwill [Line Items]
Amortization of Intangible Assets	$ 8,451	$ 7,151

SHORT AND LONG-TERM DEBT - SHORT-TERM DEBT NARRATIVE (Details) - USD ($)	Apr. 01, 2018	Jan. 08, 2018	Dec. 31, 2017
Line of Credit Facility [Line Items]
Short-term debt	$ 2,246,485,000		$ 559,359,000
Commercial Paper
Line of Credit Facility [Line Items]
Short-term debt	$ 2,146,138,000		$ 448,675,000
Short-term debt, weighted average interest rate	1.80%		1.40%
Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, accordion feature increase limit	$ 400,000,000
Revolving Credit Facility \| Foreign Line of Credit
Line of Credit Facility [Line Items]
Short-term foreign bank loans against the lines of credit	100,347,000		$ 110,684,000
Line of Credit \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 1,500,000,000
Line of Credit \| Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,000,000,000

SHORT AND LONG-TERM DEBT - SCHEDULE OF LONG-TERM DEBT INSTRUMENTS (Details) - USD ($) $ in Thousands	Apr. 01, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Total long-term debt	$ 2,362,996	$ 2,361,121
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts	(13,640)	(16,427)
Less—current portion	303,062	300,098
Long-term portion	2,059,934	2,061,023
Corporate Debt Securities \| 1.60% Notes due 2018
Debt Instrument [Line Items]
Total long-term debt	300,000	300,000
Corporate Debt Securities \| 4.125% Notes due 2020
Debt Instrument [Line Items]
Total long-term debt	350,000	350,000
Corporate Debt Securities \| 8.8% Debentures due 2021
Debt Instrument [Line Items]
Total long-term debt	84,715	84,715
Corporate Debt Securities \| 2.625% Notes due 2023
Debt Instrument [Line Items]
Total long-term debt	250,000	250,000
Corporate Debt Securities \| 3.20% Notes due 2025
Debt Instrument [Line Items]
Total long-term debt	300,000	300,000
Corporate Debt Securities \| 2.30% Notes due 2026
Debt Instrument [Line Items]
Total long-term debt	500,000	500,000
Corporate Debt Securities \| 7.2% Debentures due 2027
Debt Instrument [Line Items]
Total long-term debt	193,639	193,639
Corporate Debt Securities \| 3.375% Notes due 2046
Debt Instrument [Line Items]
Total long-term debt	300,000	300,000
Lease Obligations
Debt Instrument [Line Items]
Total long-term debt	$ 98,282	$ 99,194

SHORT AND LONG-TERM DEBT - LONG TERM DEBT INTEREST RATES (Details) - Corporate Debt Securities	Apr. 01, 2018	Dec. 31, 2017
1.60% Notes due 2018
Debt Instrument [Line Items]
Interest rate, stated percentage	1.60%	1.60%
4.125% Notes due 2020
Debt Instrument [Line Items]
Interest rate, stated percentage	4.125%	4.125%
8.8% Debentures due 2021
Debt Instrument [Line Items]
Interest rate, stated percentage	8.80%	8.80%
2.625% Notes due 2023
Debt Instrument [Line Items]
Interest rate, stated percentage	2.625%	2.625%
3.20% Notes due 2025
Debt Instrument [Line Items]
Interest rate, stated percentage	3.20%	3.20%
2.30% Notes due 2026
Debt Instrument [Line Items]
Interest rate, stated percentage	2.30%	2.30%
7.2% Debentures due 2027
Debt Instrument [Line Items]
Interest rate, stated percentage	7.20%	7.20%
3.375% Notes due 2046
Debt Instrument [Line Items]
Interest rate, stated percentage	3.375%	3.375%

SHORT AND LONG-TERM DEBT - SCHEDULE OF NET INTEREST EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2018	Apr. 02, 2017
Debt Disclosure [Abstract]
Interest expense	$ 32,853	$ 24,954
Capitalized interest	1,299	984
Interest expense	31,554	23,970
Interest income	(2,215)	(229)
Interest expense, net	$ 29,339	$ 23,741

DERIVATIVE INSTRUMENTS - DERIVATIVE INSTRUMENTS NARRATIVE (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2018	Apr. 02, 2017	Dec. 31, 2017
Derivative [Line Items]
Cash flow hedge gain (loss) to be reclassified within twelve months	$ 6,572
Commodities futures and options \| Non-designated Hedges
Derivative [Line Items]
Derivative, notional amount	$ 397,674		$ 405,288
Commodities futures and options \| Non-designated Hedges \| Minimum
Derivative [Line Items]
Derivative, term of contract	3 months
Commodities futures and options \| Non-designated Hedges \| Maximum
Derivative [Line Items]
Derivative, term of contract	24 months
Foreign exchange contracts
Derivative [Line Items]
Minimum length of time, hedged in cash flow hedge	3 months
Maximum length of time, hedged in cash flow hedge	12 months
Foreign exchange contracts \| Designated as Hedging Instrument \| Cash Flow Hedges
Derivative [Line Items]
Derivative, notional amount	$ 114,884		135,962
Foreign exchange contracts \| Non-designated Hedges
Derivative [Line Items]
Derivative, notional amount	2,791		2,791
Interest rate swap agreements \| Designated as Hedging Instrument \| Fair Value Hedging
Derivative [Line Items]
Derivative, notional amount	350,000		350,000
Deferred compensation derivatives
Derivative [Line Items]
Derivative, notional amount	$ 29,999		$ 25,246
Deferred compensation derivatives \| Non-designated Hedges \| Minimum
Derivative [Line Items]
Derivative, term of contract	3 months
Deferred compensation derivatives \| Non-designated Hedges \| Maximum
Derivative [Line Items]
Derivative, term of contract	12 months
Interest Rate Swap [Member] \| Designated as Hedging Instrument \| Fair Value Hedging \| Interest Expense
Derivative [Line Items]
Fair value hedges, pre-tax benefit	$ 278	$ 898

DERIVATIVE INSTRUMENTS - SCHEDULE OF THE CLASSIFICATION OF DERIVATIVE ASSETS AND LIABILITIES WITHIN THE CONSOLIDATED BALANCE SHEETS (Details) - USD ($) $ in Thousands	Apr. 01, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Derivative asset	$ 3,207	$ 2,425
Derivative liability	9,390	6,378
Non-designated Hedges
Derivatives, Fair Value [Line Items]
Derivative asset	194	2,002
Derivative liability	6,891	3,054
Non-designated Hedges \| Commodities futures and options
Derivatives, Fair Value [Line Items]
Derivative Asset, Cash Transfers Receivable (Payable), Change In Quoted Market Prices On The Last Day Of Trading	59,650	48,505
Derivative Liability, Cash Transfers Receivable (Payable), Change In Quoted Market Prices On The Last Day Of Trading	65,152	50,179
Derivative asset	194	390
Derivative liability	6,424	3,054
Non-designated Hedges \| Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Derivative asset	0	31
Derivative liability	74	0
Non-designated Hedges \| Deferred compensation derivatives
Derivatives, Fair Value [Line Items]
Derivative asset	0	1,581
Derivative liability	393	0
Cash Flow Hedges \| Designated as Hedging Instrument \| Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Derivative asset	3,013	423
Derivative liability	0	1,427
Fair Value Hedging \| Designated as Hedging Instrument \| Interest rate swap agreements
Derivatives, Fair Value [Line Items]
Derivative asset	0	0
Derivative liability	$ 2,499	$ 1,897

DERIVATIVE INSTRUMENTS - SCHEDULE OF THE EFFECT OF DERIVATIVE INSTRUMENTS ON THE CONSOLIDATED STATEMENTS OF INCOME (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2018	Apr. 02, 2017
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 66,045	$ (4,354)
Commodities futures and options
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	66,590	(5,536)
Foreign exchange contracts
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(152)	(95)
Interest rate swap agreements
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	0	0
Deferred compensation derivatives
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(393)	1,277
Designated as Hedging Instrument \| Cash Flow Hedges
Derivative [Line Items]
Gains (losses) recognized in other comprehensive income (“OCI”) (effective portion)	4,245	(1,499)
Gains (losses) reclassified from accumulated OCI into income (effective portion)	(2,260)	(3,033)
Designated as Hedging Instrument \| Cash Flow Hedges \| Commodities futures and options
Derivative [Line Items]
Gains (losses) recognized in other comprehensive income (“OCI”) (effective portion)	0	0
Gains (losses) reclassified from accumulated OCI into income (effective portion)	0	(438)
Designated as Hedging Instrument \| Cash Flow Hedges \| Foreign exchange contracts
Derivative [Line Items]
Gains (losses) recognized in other comprehensive income (“OCI”) (effective portion)	4,245	(1,499)
Gains (losses) reclassified from accumulated OCI into income (effective portion)	136	(172)
Designated as Hedging Instrument \| Cash Flow Hedges \| Interest rate swap agreements
Derivative [Line Items]
Gains (losses) recognized in other comprehensive income (“OCI”) (effective portion)	0	0
Gains (losses) reclassified from accumulated OCI into income (effective portion)	(2,396)	(2,423)
Designated as Hedging Instrument \| Cash Flow Hedges \| Deferred compensation derivatives
Derivative [Line Items]
Gains (losses) recognized in other comprehensive income (“OCI”) (effective portion)	0	0
Gains (losses) reclassified from accumulated OCI into income (effective portion)	$ 0	$ 0

FAIR VALUE MEASUREMENTS - SCHEDULE OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE (Details) - USD ($) $ in Thousands	Apr. 01, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	$ 3,207	$ 2,425
Derivative liability	9,390	6,378
Fair Value, Measurements, Recurring \| Foreign exchange contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	3,013	454
Derivative liability	74	1,427
Fair Value, Measurements, Recurring \| Foreign exchange contracts \| Quoted prices in active markets of identical assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	0	0
Derivative liability	0	0
Fair Value, Measurements, Recurring \| Foreign exchange contracts \| Significant other observable inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	3,013	454
Derivative liability	74	1,427
Fair Value, Measurements, Recurring \| Foreign exchange contracts \| Significant other unobservable inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	0	0
Derivative liability	0	0
Fair Value, Measurements, Recurring \| Interest rate swap agreements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability	2,499	1,897
Fair Value, Measurements, Recurring \| Interest rate swap agreements \| Quoted prices in active markets of identical assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability	0	0
Fair Value, Measurements, Recurring \| Interest rate swap agreements \| Significant other observable inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability	2,499	1,897
Fair Value, Measurements, Recurring \| Interest rate swap agreements \| Significant other unobservable inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability	0	0
Fair Value, Measurements, Recurring \| Deferred compensation derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset		1,581
Derivative liability	393
Fair Value, Measurements, Recurring \| Deferred compensation derivatives \| Quoted prices in active markets of identical assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset		0
Derivative liability	0
Fair Value, Measurements, Recurring \| Deferred compensation derivatives \| Significant other observable inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset		1,581
Derivative liability	393
Fair Value, Measurements, Recurring \| Deferred compensation derivatives \| Significant other unobservable inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset		0
Derivative liability	0
Fair Value, Measurements, Recurring \| Commodities futures and options
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	194	390
Derivative liability	6,424	3,054
Fair Value, Measurements, Recurring \| Commodities futures and options \| Quoted prices in active markets of identical assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	194	390
Derivative liability	6,424	3,054
Fair Value, Measurements, Recurring \| Commodities futures and options \| Significant other observable inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	0	0
Derivative liability	0	0
Fair Value, Measurements, Recurring \| Commodities futures and options \| Significant other unobservable inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	0	0
Derivative liability	$ 0	$ 0

FAIR VALUE MEASUREMENTS - SCHEDULE OF FAIR VALUES AND CARRYING VALUES OF LONG-TERM DEBT (Details) - USD ($) $ in Thousands	Apr. 01, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current portion of long-term debt	$ 303,062	$ 300,098
Long-term portion	2,059,934	2,061,023
Long-term Debt	2,362,996	2,361,121
Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Current Maturities, Fair Value	302,418	299,430
Current portion of long-term debt	303,062	300,098
Long-term Debt, Excluding Current Maturities, Fair Value	2,063,730	2,113,296
Long-term portion	2,059,934	2,061,023
Long-term Debt, Fair Value	2,366,148	2,412,726
Long-term Debt	$ 2,362,996	$ 2,361,121

FAIR VALUE MEASUREMENTS - FAIR VALUE MEASUREMENTS NARRATIVE (Details) - USD ($)	3 Months Ended
	Apr. 02, 2017	Apr. 01, 2018	Dec. 31, 2017
Margin for Growth Program
Derivative [Line Items]
Impairment of Intangible Assets (Excluding Goodwill)	$ 105,992,000
Impairment of Long-Lived Assets Held-for-use	$ 102,720,000
Significant other unobservable inputs (Level 3)
Derivative [Line Items]
Fair Value, Net Asset (Liability)		$ 0	$ 0

ASSETS AND LIABILITIES HELD FOR SALE ASSETS AND LIABILITIES HELD FOR SALE (Details) - USD ($) $ in Thousands	Apr. 01, 2018	Dec. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Accounts receivable	$ 25,001
Inventories	8,804
Prepaid expenses and other	2,827
Long-lived assets	182,354
Non-current assets	13,008
Assets	231,994	$ 21,124
Accounts payable and accrued liabilities	26,804
Other long-term liabilities	2,114
Liabilities	$ 28,918	$ 0

BUSINESS REALIGNMENT ACTIVITIES - SCHEDULE OF BUSINESS REALIGNMENT ACTIVITY (Details) - USD ($)	3 Months Ended
	Apr. 01, 2018	Apr. 02, 2017
Restructuring Cost and Reserve [Line Items]
Business realignment costs	$ 15,951,000	$ 46,988,000
Cost of Sales
Restructuring Cost and Reserve [Line Items]
Business realignment costs	2,214,000	490,000
Selling, marketing and administrative
Restructuring Cost and Reserve [Line Items]
Business realignment costs	5,513,000	2,481,000
Business realignment charges
Restructuring Cost and Reserve [Line Items]
Business realignment costs	8,224,000	44,017,000
Operation optimization program
Restructuring Cost and Reserve [Line Items]
Business realignment costs	1,098,000	12,599,000
Severance \| Margin for Growth Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs	4,048,000	29,567,000
Severance \| Operation optimization program
Restructuring Cost and Reserve [Line Items]
Business realignment costs	0	13,828,000
Accelerated depreciation and amortization \| Margin for Growth Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs	717,000	0
Other program costs \| Margin for Growth Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs	10,088,000	4,822,000
Other program costs \| Operation optimization program
Restructuring Cost and Reserve [Line Items]
Business realignment costs	$ 1,098,000	$ (1,229,000)

BUSINESS REALIGNMENT ACTIVITIES - BUSINESS REALIGNMENT ACTIVITIES NARRATIVE (Details) - USD ($)	1 Months Ended	3 Months Ended
	Feb. 28, 2017	Apr. 01, 2018	Apr. 02, 2017
Restructuring Cost and Reserve [Line Items]
Long-lived asset impairment charges		$ 0	$ 208,712,000
Business realignment costs		15,951,000	46,988,000
Margin for Growth Program
Restructuring Cost and Reserve [Line Items]
Impairment of Intangible Assets (Excluding Goodwill)			105,992,000
Restructuring and Related Cost, Expected Number of Positions Eliminated, Percent	15.00%
Long-lived asset impairment charges			208,712,000
Impairment of Long-Lived Assets Held-for-use			102,720,000
Margin for Growth Program \| Severance
Restructuring Cost and Reserve [Line Items]
Business realignment costs		4,048,000	29,567,000
Margin for Growth Program \| Accelerated depreciation and amortization
Restructuring Cost and Reserve [Line Items]
Business realignment costs		717,000	0
Margin for Growth Program \| Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	$ 25,000,000
Margin for Growth Program \| Other program costs
Restructuring Cost and Reserve [Line Items]
Business realignment costs		10,088,000	4,822,000
Operation optimization program
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost		7,700,000
Business realignment costs		$ 1,098,000	12,599,000
Restructuring and Related Cost, Period of Incurred Restructuring Costs		9 months
Operation optimization program \| Severance
Restructuring Cost and Reserve [Line Items]
Business realignment costs		$ 0	13,828,000
Operation optimization program \| Other program costs
Restructuring Cost and Reserve [Line Items]
Business realignment costs		$ 1,098,000	$ (1,229,000)
Business realignment charges \| Geographic Concentration Risk \| North America \| Margin for Growth Program
Restructuring Cost and Reserve [Line Items]
Concentration Risk, Percentage		50.00%
Business realignment charges \| Geographic Concentration Risk \| North America \| Operation optimization program
Restructuring Cost and Reserve [Line Items]
Concentration Risk, Percentage		35.00%
Business realignment charges \| Geographic Concentration Risk \| International and Other \| Margin for Growth Program
Restructuring Cost and Reserve [Line Items]
Concentration Risk, Percentage		50.00%
Business realignment charges \| Geographic Concentration Risk \| International and Other \| Operation optimization program
Restructuring Cost and Reserve [Line Items]
Concentration Risk, Percentage		65.00%
Minimum \| Margin for Growth Program
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	375,000,000
Impairment of Intangible Assets (Excluding Goodwill)	100,000,000
Effect on Future Cash Flows, Amount	150,000,000
Minimum \| Margin for Growth Program \| Facility Closing
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	100,000,000
Minimum \| Margin for Growth Program \| Severance
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	80,000,000
Minimum \| Margin for Growth Program \| Other program costs
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	70,000,000
Maximum \| Margin for Growth Program
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	425,000,000
Impairment of Intangible Assets (Excluding Goodwill)	110,000,000
Effect on Future Cash Flows, Amount	175,000,000
Maximum \| Margin for Growth Program \| Facility Closing
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	115,000,000
Maximum \| Margin for Growth Program \| Severance
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	100,000,000
Maximum \| Margin for Growth Program \| Other program costs
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	$ 75,000,000

BUSINESS REALIGNMENT ACTIVITIES - SCHEDULE OF LIABILITY ACTIVITY FOR COSTS QUALIFYING AS EXIT AND DISPOSAL COSTS (Details) $ in Thousands	3 Months Ended
	Apr. 01, 2018 USD ($)
Restructuring Reserve [Roll Forward]
Liability balance at December 31, 2017	$ 38,992
2018 business realignment charges	13,215
Cash payments	(22,353)
Other, net	669
Liability balance at April 1, 2018	$ 30,523

INCOME TAXES - INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2018	Dec. 31, 2017	Apr. 02, 2017	Dec. 31, 2018
Income Tax Contingency [Line Items]
Effective income tax rate reconciliation, at federal statutory income tax rate, percent	21.00%
Effective income tax rate reconciliation, percent	21.90%		41.60%
Tax Cuts and Jobs Act of 2017, Net Impact Change in Tax Rate and Mandatory Tax on Unremitted Foreign Earnings, Income Tax Expense (Benefit)		$ 32,500
Scenario, Forecast
Income Tax Contingency [Line Items]
Significant change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit				$ 10,053

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS - SCHEDULE OF COMPONENTS OF NET PERIODIC BENEFIT COST (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2018	Apr. 02, 2017
Pension Benefits
Amounts recognized in net periodic benefit cost
Service cost	$ 5,335	$ 5,174
Interest cost	7,839	10,299
Expected return on plan assets	(14,766)	(14,354)
Amortization of prior service (credit) cost	(1,799)	(1,456)
Amortization of net loss	6,687	8,422
Total net periodic benefit cost	3,296	8,085
Other Benefits
Amounts recognized in net periodic benefit cost
Service cost	58	65
Interest cost	1,732	2,208
Expected return on plan assets	0	0
Amortization of prior service (credit) cost	209	187
Amortization of net loss	0	0
Total net periodic benefit cost	$ 1,999	$ 2,460

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS - PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS NARRATIVE (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2018	Apr. 02, 2017
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 1,005	$ 4,692
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 6,444	$ 6,884

STOCK COMPENSATION PLANS - STOCK COMPENSATION PLANS NARRATIVE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Apr. 01, 2018	Apr. 02, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized	$ 90,074
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition	2 years 5 months
Intrinsic value of share-based liabilities paid, combined with the fair value of shares vested (in millions of dollars)	$ 15,605	$ 18,883
Deferred performance stock units, deferred restricted stock units, and directors' fees and accumulated dividend amounts representing deferred stock units outstanding	358,209
Employee stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average fair value of options granted (per share)	$ 15.58	$ 15.78
Intrinsic value of options exercised (in millions of dollars)	$ 9,145	$ 15,181
Performance Stock Units and Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, conversion basis (shares)	1

STOCK COMPENSATION PLANS - SCHEDULE OF COMPENSATION EXPENSE AND INCOME TAX BENEFITS FOR STOCK-BASED COMPENSATION PROGRAMS (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2018	Apr. 02, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Pre-tax compensation expense	$ 10,458	$ 12,122
Related income tax benefit	$ 2,604	$ 3,818

STOCK COMPENSATION PLANS - SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Apr. 01, 2018	Apr. 02, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding shares at beginning of year (shares)	5,921,062
Granted (shares)	917,610
Exercised (shares)	(169,356)
Forfeited (shares)	(68,104)
Outstanding as of April 1, 2018 (shares)	6,601,212
Options exercisable as of April 1, 2018 (shares)	4,336,884
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding (USD per share)	$ 89.06
Granted (USD per share)	99.90
Exercises (USD per share)	50.07
Forfeited (USD per share)	101.12
Outstanding (USD per share)	91.44
Options exercisable (USD per share)	$ 86.58
Options outstanding, weighted-average remaining contractual term	6 years 1 month	5 years 10 months
Options exercisable, weighted aver remaining contractual term	4 years 8 months
Aggregate intrinsic value of options outstanding	$ 71,544
Aggregate intrinsic value of options exercisable	$ 67,353

STOCK COMPENSATION PLANS - SCHEDULE OF FAIR VALUE WEIGHTED-AVERAGE ASSUMPTIONS (Details)	3 Months Ended
	Apr. 01, 2018	Apr. 02, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Dividend yields	2.30%	2.40%
Expected volatility	16.60%	17.20%
Risk-free interest rates	2.80%	2.20%
Expected term in years	6 years 7 months	6 years 10 months

STOCK COMPENSATION PLANS - SCHEDULE OF PSUs AND RSUs ACTIVITY (Details) - Performance and restricted stock units - $ / shares	3 Months Ended
	Apr. 01, 2018	Apr. 02, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at beginning of year (shares)	923,364
Granted (shares)	302,947	351,793
Performance assumption change (shares)	(113,461)
Vested (shares)	(157,152)
Forfeited (shares)	(31,181)
Outstanding as of April 1, 2018 (shares)	924,517
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding at beginning of year (USD per share)	$ 103.11
Weighted-average fair value at date of grant (USD per share)	98.27	$ 111.28
Performance assumption change	101.59
Vested (USD per share)	105.83
Forfeited (USD per share)	105.47
Outstanding as of April 1, 2018 (USD per share)	$ 102.09

STOCK COMPENSATION PLANS - SCHEDULE OF PSUs AND RSUS FAIR VALUE WEIGHTED-AVERAGE ASSUMPTIONS (Details) - $ / shares	3 Months Ended
	Apr. 01, 2018	Apr. 02, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yields	2.30%	2.40%
Performance and restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (shares)	302,947	351,793
Weighted-average fair value at date of grant (USD per share)	$ 98.27	$ 111.28
Estimated values (USD per share)	$ 29.17	$ 46.85
Dividend yields	2.60%	2.30%
Expected volatility	20.40%	20.40%

- SEGMENT INFORMATION NARRATIVE (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Apr. 01, 2018	Apr. 02, 2017	Dec. 31, 2018
North America \| Geographic Concentration Risk \| Sales Revenue, Goods, Net
Revenue, Major Customer [Line Items]
Concentration Risk, Percentage	89.00%
Operating Segments \| Commodities futures and options
Revenue, Major Customer [Line Items]
Net Gain Loss On Commodity Derivative Positions Reclassified From Unallocated Derivative Gains Losses To Segment Income	$ (29,660)	$ (22,624)
Scenario, Forecast \| Operating Segments \| Commodities futures and options
Revenue, Major Customer [Line Items]
Net Gain Loss On Commodity Derivative Positions Reclassified From Unallocated Derivative Gains Losses To Segment Income			$ (77,411)
Cost of Sales \| Commodities futures and options
Revenue, Major Customer [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ (31,696)

- SCHEDULE OF NET SALES AND EARNINGS BY SEGMENT (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2018	Apr. 02, 2017
Segment Reporting Information [Line Items]
Net Sales	$ 1,971,959	$ 1,879,678
Operating Income (Loss)	480,512	197,237
Costs associated with business realignment activities	15,951	46,988
Interest expense, net	29,339	23,741
Other (income) expense, net	1,942	5,135
Income before income taxes	449,231	168,361
Operating Segments
Segment Reporting Information [Line Items]
Operating Income (Loss)	552,106	554,482
Operating Segments \| North America
Segment Reporting Information [Line Items]
Net Sales	1,751,688	1,677,146
Operating Income (Loss)	534,426	552,759
Operating Segments \| International and Other
Segment Reporting Information [Line Items]
Net Sales	220,271	202,532
Operating Income (Loss)	17,680	1,723
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Operating Income (Loss)	123,967	118,333
Segment Reconciling Items
Segment Reporting Information [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(96,250)	(17,088)
Goodwill and long-lived asset impairment charges	0	208,712
Costs associated with business realignment activities	15,951	46,988
Acquisition-related costs	$ 27,926	$ 300

SEGMENT INFORMATION - SCHEDULE OF UNALLOCATED MARK-TO-MARKET (GAINS) LOSSES ON COMMODITY DERIVATIVES (Details) - Commodities futures and options - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2018	Apr. 02, 2017
Segment Reconciling Items
Segment Reporting Information [Line Items]
Net Mark to Market Valuation of Certain Derivative Positions Recognized in Unallocated Derivative Gains Losses	$ 96,250	$ 17,088
Operating Segments
Segment Reporting Information [Line Items]
Net Gain Loss On Commodity Derivative Positions Reclassified From Unallocated Derivative Gains Losses To Segment Income	(29,660)	(22,624)
Non-designated Hedges
Segment Reporting Information [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ (66,590)	$ 5,536

- SCHEDULE OF DEPRECIATION AND AMORTIZATION EXPENSE INCLUDED WITHIN SEGMENT INCOME (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2018	Apr. 02, 2017
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 74,416	$ 64,952
Operating Segments \| North America
Segment Reporting Information [Line Items]
Depreciation and amortization	47,985	41,237
Operating Segments \| International and Other
Segment Reporting Information [Line Items]
Depreciation and amortization	14,288	12,966
Corporate, Non-Segment \| Corporate (1)
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 12,143	$ 10,749

TREASURY STOCK ACTIVITY - SCHEDULE OF TREASURY STOCK ACTIVITY (Details)	3 Months Ended
	Apr. 01, 2018 USD ($) shares
Class of Stock [Line Items]
Total share repurchases (in shares) \| shares	1,791,554
Shares issued for stock options and incentive compensation (in shares) \| shares	(273,289)
Net change (in shares) \| shares	1,518,265
Total share repurchases \| $	$ 178,073,000
Shares issued for stock options and incentive compensation \| $	(11,372,000)
Net change \| $	$ 166,701,000
Employee stock options
Class of Stock [Line Items]
Total share repurchases (in shares) \| shares	385,461
Total share repurchases \| $	$ 38,073,000
Common stock
Class of Stock [Line Items]
Total share repurchases (in shares) \| shares	1,406,093
Total share repurchases \| $	$ 140,000,000

TREASURY STOCK ACTIVITY - NARRATIVE (Details) - USD ($) $ in Thousands	Apr. 01, 2018	Oct. 26, 2017	Jan. 31, 2016
2016 Share Repurchase Program
Class of Stock [Line Items]
Authorized stock repurchase amount			$ 500,000
2017 Share Repurchase Program
Class of Stock [Line Items]
Authorized stock repurchase amount		$ 100,000
Remaining authorized repurchase amount	$ 60,000

NONCONTROLLING INTEREST - SCHEDULE OF ACTIVITY RELATING TO THE NONCONTROLLING INTEREST (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2018	Apr. 02, 2017
Noncontrolling Interest [Line Items]
Balance, December 31, 2017	$ 16,227
Net income (loss) attributable to noncontrolling interests	516	$ (26,796)
Balance, April 1, 2018	17,527
Noncontrolling Interests in Subsidiaries
Noncontrolling Interest [Line Items]
Balance, December 31, 2017	16,227
Net income (loss) attributable to noncontrolling interests	516
Other comprehensive income - foreign currency translation adjustments	784
Balance, April 1, 2018	$ 17,527

- SCHEDULE OF BASIC AND DILUTED EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 01, 2018	Apr. 02, 2017
Common stock
Basic earnings per share:
Allocation of distributed earnings (cash dividends paid)	$ 98,170	$ 93,949
Allocation of undistributed earnings	157,952	(2,183)
Total earnings—basic	$ 256,122	$ 91,766
Total weighted-average shares—basic (shares)	150,114	152,313
Earnings Per Share—basic (USD per share)	$ 1.71	$ 0.60
Diluted earnings per share:
Allocation of total earnings used in basic computation	$ 256,122	$ 91,766
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	94,081	33,278
Reallocation of undistributed earnings	0	0
Total earnings—diluted	$ 350,203	$ 125,044
Conversion of Class B common stock to Common shares outstanding	60,620	60,620
Total weighted-average shares—diluted (shares)	211,955	214,522
Earnings Per Share—diluted (USD per share)	$ 1.65	$ 0.58
Common stock \| Employee stock options
Diluted earnings per share:
Incremental common shares attributable to dilutive effect of share-based payment arrangements	844	1,265
Common stock \| Performance and restricted stock units
Diluted earnings per share:
Incremental common shares attributable to dilutive effect of share-based payment arrangements	377	324
Class B common stock
Basic earnings per share:
Allocation of distributed earnings (cash dividends paid)	$ 36,130	$ 34,068
Allocation of undistributed earnings	57,951	(790)
Total earnings—basic	$ 94,081	$ 33,278
Total weighted-average shares—basic (shares)	60,620	60,620
Earnings Per Share—basic (USD per share)	$ 1.55	$ 0.55
Diluted earnings per share:
Allocation of total earnings used in basic computation	$ 94,081	$ 33,278
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	0	0
Reallocation of undistributed earnings	(343)	(25)
Total earnings—diluted	$ 93,738	$ 33,253
Conversion of Class B common stock to Common shares outstanding	0	0
Total weighted-average shares—diluted (shares)	60,620	60,620
Earnings Per Share—diluted (USD per share)	$ 1.55	$ 0.55
Class B common stock \| Employee stock options
Diluted earnings per share:
Incremental common shares attributable to dilutive effect of share-based payment arrangements	0	0
Class B common stock \| Performance and restricted stock units
Diluted earnings per share:
Incremental common shares attributable to dilutive effect of share-based payment arrangements	0	0

EARNINGS PER SHARE - EARNINGS PER SHARE NARRATIVE (Details) - shares shares in Thousands	3 Months Ended
	Apr. 01, 2018	Apr. 02, 2017
Employee stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (shares)	3,689	2,067

OTHER (INCOME) EXPENSE, NET - SCHEDULE OF OTHER (INCOME) AND EXPENSE, NET (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2018	Apr. 02, 2017
Other Income and Expenses [Abstract]
Write-down of equity investments in partnerships qualifying for tax credits	$ 434	$ 0
Non-service cost components of net periodic benefit cost relating to pension and other post-retirement benefit plans	(98)	5,306
Other (income) expense, net	1,606	(171)
Total	$ 1,942	$ 5,135

- SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION (Details) - USD ($) $ in Thousands	Apr. 01, 2018	Dec. 31, 2017
Inventory, Net [Abstract]
Raw materials	$ 257,079	$ 224,940
Goods in process	125,401	93,627
Finished goods	569,767	614,945
Inventories at FIFO	952,247	933,512
Adjustment to LIFO	(169,787)	(180,676)
Total inventories	782,460	752,836
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	32,158	128,735
Assets held for sale	231,994	21,124
Other current assets	133,155	130,774
Total prepaid expenses and other	397,307	280,633
Property, Plant and Equipment [Abstract]
Land	109,147	108,300
Buildings	1,221,515	1,214,158
Machinery and equipment	2,972,871	2,925,353
Construction in progress	220,757	212,912
Property, plant and equipment, gross	4,524,290	4,460,723
Accumulated depreciation	(2,405,274)	(2,354,026)
Property, plant and equipment, net	2,119,016	2,106,697
Other Assets, Noncurrent [Abstract]
Capitalized software, net	108,153	104,881
Other non-current assets	153,942	146,998
Total other assets	262,095	251,879
Accrued Liabilities, Current [Abstract]
Payroll, compensation and benefits	126,557	190,863
Advertising and promotion	285,970	305,107
Liabilities held for sale	28,918	0
Other	182,264	180,164
Total accrued liabilities	623,709	676,134
Other Liabilities, Noncurrent [Abstract]
Post-retirement benefits liabilities	212,873	215,320
Pension benefits liabilities	38,799	39,410
Other	183,514	184,209
Total other long-term liabilities	435,186	438,939
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Foreign currency translation adjustments	(93,888)	(91,837)
Pension and post-retirement benefit plans, net of tax	(201,989)	(169,526)
Cash flow hedges, net of tax	(58,598)	(52,383)
Total accumulated other comprehensive loss	$ (354,475)	$ (313,746)

CONTINGENCIES	3 Months Ended
CONTINGENCIES	Apr. 01, 2018
Commitments and Contingencies Disclosure [Abstract]
Contingencies	CONTINGENCIES We are subject to various pending or threatened legal proceedings and claims that arise in the ordinary course of our business. While it is not feasible to predict or determine the outcome of such proceedings and claims with certainty, in our opinion these matters, both individually and in the aggregate, are not expected to have a material effect on our financial condition, results of operations or cash flows.

NONCONTROLLING INTEREST - NARRATIVE (Details)	Apr. 01, 2018
Lotte Shanghai Food Company \| Noncontrolling Interests in Subsidiaries
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	50.00%