DOCUMENT AND ENTITY INFORMATION Document - shares	9 Months Ended
DOCUMENT AND ENTITY INFORMATION Document - shares	Sep. 29, 2019	Oct. 18, 2019
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 29, 2019
Document Transition Report	false
Entity File Number	1-183
Entity Registrant Name	HERSHEY CO
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	23-0691590
Entity Address, Address Line One	19 East Chocolate Avenue
Entity Address, City or Town	Hershey
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	17033
City Area Code	717
Local Phone Number	534-4200
Title of 12(b) Security	Common Stock, one dollar par value
Trading Symbol	HSY
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000047111
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		148,307,602
Class B common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		60,613,777

CONSOLIDATED STATEMENTS OF INCOME - USD ($)	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($)	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Net sales	$ 2,134,422,000	$ 2,079,593,000	$ 5,918,127,000	$ 5,803,167,000
Cost of sales	1,191,104,000	1,216,100,000	3,207,561,000	3,172,194,000
Gross profit	943,318,000	863,493,000	2,710,566,000	2,630,973,000
Selling, marketing and administrative expense	481,363,000	453,921,000	1,388,729,000	1,388,793,000
Long-lived asset impairment charges	0	1,649,000	4,741,000	28,817,000
Business realignment costs	1,140,000	1,660,000	7,342,000	10,864,000
Operating profit	460,815,000	406,263,000	1,309,754,000	1,202,499,000
Interest expense, net	35,456,000	36,916,000	106,690,000	101,207,000
Other (income) expense, net	17,999,000	12,493,000	36,601,000	35,201,000
Income before income taxes	407,360,000	356,854,000	1,166,463,000	1,066,091,000
Provision for income taxes	82,178,000	91,441,000	224,129,000	226,640,000
Net income including noncontrolling interest	325,182,000	265,413,000	942,334,000	839,451,000
Net (loss) income attributable to noncontrolling interest	(125,000)	1,700,000	(171,000)	(1,320,000)
Net income attributable to The Hershey Company	$ 325,307,000	$ 263,713,000	$ 942,505,000	$ 840,771,000
Common Stock
Net income per share—basic:
Net income per share - basic (USD per share)	$ 1.59	$ 1.29	$ 4.62	$ 4.11
Net income per share—diluted:
Net income per share - diluted (USD per share)	1.54	1.25	4.47	3.99
Dividends paid per share:
Dividends paid per share (USD per share)	0.773	0.722	2.217	2.034
Class B common stock
Net income per share—basic:
Net income per share - basic (USD per share)	1.45	1.17	4.19	3.74
Net income per share—diluted:
Net income per share - diluted (USD per share)	1.44	1.17	4.18	3.73
Dividends paid per share:
Dividends paid per share (USD per share)	$ 0.702	$ 0.656	$ 2.014	$ 1.848

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Net income including noncontrolling interest	$ 325,182	$ 265,413	$ 942,334	$ 839,451
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, pre-tax amount	(7,604)	5,365	3,475	(18,314)
Foreign currency translation adjustments, tax (expense) benefit	0	0	0	0
Foreign currency translation adjustments, after-tax amount	(7,604)	5,365	3,475	(18,314)
Reclassification to earnings due to the sale of businesses, pre-tax amount	0	25,131	0	25,131
Reclassification to earnings due to the sale of businesses, tax (expense) benefit	0	0	0	0
Reclassification to earnings due to the sale of businesses, after-tax amount	0	25,131	0	25,131
Pension and post-retirement benefit plans:
Net actuarial gain (loss) and prior service cost, pre-tax amount	10,020	(7,574)	10,020	(7,574)
Net actuarial gain (loss) and prior service cost, tax (expense) benefit	(2,465)	1,871	(2,465)	1,871
Net actuarial gain (loss) and prior service cost, after-tax amount	7,555	(5,703)	7,555	(5,703)
Tax cuts and jobs act, reclassification from aoci to retained earnings, pre tax effect, pension and post-retirement benefit plans	0	0	0	0
Tax cuts and jobs act, reclassification from aoci to retained earnings, tax effect, pension and post-retirement benefit plans	0	0	0	(36,535)
Tax cuts and jobs act, reclassification from aoci to retained earnings, after tax pension and post-retirement benefit plans	0	0	0	(36,535)
Reclassification to earnings, pre-tax amount	11,537	12,082	24,975	22,273
Reclassification to earnings, tax (expense) benefit	(2,755)	(3,170)	(6,335)	(5,302)
Reclassification to earnings, after-tax amount	8,782	8,912	18,640	16,971
Cash flow hedges:
Gains (losses) on cash flow hedging derivatives, pre-tax amount	1,045	(1,484)	(2,291)	6,320
Gains (losses) on cash flow hedging derivatives, tax (expense) benefit	(521)	1,207	1,327	(256)
Gains (losses) on cash flow hedging derivatives, after-tax amount	524	(277)	(964)	6,064
Tax Cuts and Jobs Act, Reclassification From AOCI To Retained Earnings, Pre Tax Effect, Cash Flow Hedges	0	0	0	0
Tax Cuts and Jobs Act, Reclassification From AOCI To Retained Earnings, Tax Effect, Cash Flow Hedges	0	0	0	(11,121)
Tax Cuts and Jobs Act, Reclassification From AOCI To Retained Earnings, After Tax, Cash Flow Hedges	0	0	0	(11,121)
Reclassification to earnings, pre-tax amount	3,331	(2,261)	6,164	2,462
Reclassification to earnings, tax (expense) benefit	(400)	(479)	(2,176)	(1,674)
Reclassification to earnings, after-tax amount	2,931	(2,740)	3,988	788
Total other comprehensive income (loss), pre-tax amount	18,329	31,259	42,343	30,298
Total other comprehensive income (loss), tax (expense) benefit	(6,141)	(571)	(9,649)	(53,017)
Total other comprehensive income (loss), after-tax amount	12,188	30,688	32,694	(22,719)
Total comprehensive income including noncontrolling interest	337,370	296,101	975,028	816,732
Comprehensive income attributable to noncontrolling interest	(532)	497	(116)	(1,857)
Comprehensive income attributable to The Hershey Company	$ 337,902	$ 295,604	$ 975,144	$ 818,589

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 29, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 302,636	$ 587,998
Accounts receivable—trade, net	849,218	594,145
Inventories	969,071	784,879
Prepaid expenses and other	254,130	272,159
Total current assets	2,375,055	2,239,181
Property, plant and equipment, net	2,099,985	2,130,294
Goodwill	1,982,362	1,801,103
Other intangibles	1,452,726	1,278,292
Other assets	524,323	252,984
Deferred income taxes	29,809	1,166
Total assets	8,464,260	7,703,020
Current liabilities:
Accounts payable	553,561	502,314
Accrued liabilities	726,344	679,163
Accrued income taxes	74,085	33,773
Short-term debt	1,275,430	1,197,929
Current portion of long-term debt	352,954	5,387
Total current liabilities	2,982,374	2,418,566
Long-term debt	2,892,296	3,254,280
Other long-term liabilities	627,842	446,048
Deferred income taxes	200,157	176,860
Total liabilities	6,702,669	6,295,754
Stockholders’ equity:
Preferred stock, shares issued: none in 2019 and 2018	0	0
Additional paid-in capital	1,130,493	982,205
Retained earnings	7,525,653	7,032,020
Treasury—common stock shares, at cost: 150,681,543 at September 29, 2019 and 150,172,840 at December 31, 2018	(6,938,744)	(6,618,625)
Accumulated other comprehensive loss	(324,141)	(356,780)
Total—The Hershey Company stockholders’ equity	1,753,162	1,398,721
Noncontrolling interest in subsidiary	8,429	8,545
Total stockholders’ equity	1,761,591	1,407,266
Total liabilities and stockholders’ equity	8,464,260	7,703,020
Common Stock
Stockholders’ equity:
Common stock	299,287	299,287
Class B common stock
Stockholders’ equity:
Common stock	$ 60,614	$ 60,614

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Sep. 29, 2019	Dec. 31, 2018
Preferred stock, shares issued (shares)	0	0
Treasury stock, shares (shares)	150,681,543	150,172,840
Common Stock
Common stock, shares issued (shares)	299,287,967	299,287,967
Class B common stock
Common stock, shares issued (shares)	60,613,777	60,613,777

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018
Statement of Cash Flows [Abstract]
Net income including noncontrolling interest	$ 942,334	$ 839,451
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	218,841	225,803
Stock-based compensation expense	39,579	35,668
Deferred income taxes	6,451	1,343
Impairment of long-lived assets	4,741	28,817
Write-down of equity investments	18,564	23,067
Other	34,386	22,433
Changes in assets and liabilities, net of business acquisitions and divestitures:
Accounts receivable—trade, net	(240,457)	(212,193)
Inventories	(174,514)	(111,901)
Prepaid expenses and other current assets	(3,545)	(59,182)
Accounts payable and accrued liabilities	108,169	(1,665)
Accrued income taxes	39,871	125,698
Contributions to pension and other benefit plans	(13,859)	(26,705)
Other assets and liabilities	12,826	2,227
Net cash provided by operating activities	993,387	892,861
Investing Activities
Capital additions (including software)	(236,599)	(241,214)
Proceeds from sales of property, plant and equipment and other long-lived assets	228	46,652
Proceeds from sales of businesses, net of cash and cash equivalents divested	0	171,950
Equity investments in tax credit qualifying partnerships	(52,658)	(34,170)
Business acquisitions, net of cash and cash equivalents acquired	(401,461)	(915,457)
Other investing activities	(7,151)	0
Net cash used in investing activities	(697,641)	(972,239)
Financing Activities
Increase in short-term debt	80,707	893,365
Long-term borrowings	5,116	1,199,891
Repayment of long-term debt and finance leases	(4,895)	(910,851)
Repayment of tax receivable obligation	0	(72,000)
Cash dividends paid	(453,210)	(415,178)
Repurchase of common stock	(445,870)	(199,665)
Exercise of stock options	235,328	33,454
Net cash (used in) provided by financing activities	(582,824)	529,016
Effect of exchange rate changes on cash and cash equivalents	1,716	(6,030)
(Decrease) Increase in cash and cash equivalents	(285,362)	443,608
Cash and cash equivalents, beginning of period	587,998	380,179
Cash and cash equivalents, end of period	302,636	823,787
Supplemental Disclosure
Interest paid	105,164	99,886
Income taxes paid	$ 162,757	$ 94,969

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - 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	840,771							840,771
Net (loss) income attributable to noncontrolling interest	(1,320)												(1,320)
Net income including noncontrolling interest	839,451
Other comprehensive income (loss)	24,911											25,448	(537)
Dividends (including dividend equivalents):
Common Stock		$ (304,426)	$ (112,026)						$ (304,426)	$ (112,026)
Stock-based compensation	36,008						36,008
Exercise of stock options and incentive-based transactions	33,454						(3,227)				36,681
Repurchase of common stock	(199,665)										(199,665)
Tax Cuts and Jobs Act, Reclassification From AOCI To Retained Earnings, Tax Effect								47,656				(47,656)
Ending balance, stockholders' equity at Sep. 30, 2018	1,249,272			0	299,281	60,620	957,759	6,843,057			(6,589,861)	(335,954)	14,370
Beginning balance, stockholders' equity at Jul. 01, 2018	1,063,817			0	299,281	60,620	940,046	6,727,127			(6,609,312)	(367,818)	13,873
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to The Hershey Company	263,713							263,713
Net (loss) income attributable to noncontrolling interest	1,700												1,700
Net income including noncontrolling interest	265,413
Other comprehensive income (loss)	30,661											31,864	(1,203)
Dividends (including dividend equivalents):
Common Stock		(108,016)	(39,767)						(108,016)	(39,767)
Stock-based compensation	11,932						11,932
Exercise of stock options and incentive-based transactions	25,232						5,781				19,451
Ending balance, stockholders' equity at Sep. 30, 2018	1,249,272			0	299,281	60,620	957,759	6,843,057			(6,589,861)	(335,954)	14,370
Beginning balance, stockholders' equity at Dec. 31, 2018	1,407,266			0	299,287	60,614	982,205	7,032,020			(6,618,625)	(356,780)	8,545
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to The Hershey Company	942,505							942,505
Net (loss) income attributable to noncontrolling interest	(171)												(171)
Net income including noncontrolling interest	942,334
Other comprehensive income (loss)	32,694											32,639	55
Dividends (including dividend equivalents):
Common Stock		(330,709)	(122,076)						(330,709)	(122,076)
Stock-based compensation	38,711						38,711
Exercise of stock options and incentive-based transactions	235,328						109,577				125,751
Repurchase of common stock	(445,870)										(445,870)
Ending balance, stockholders' equity at Sep. 29, 2019	1,761,591			0	299,287	60,614	1,130,493	7,525,653			(6,938,744)	(324,141)	8,429
Beginning balance, stockholders' equity at Jun. 30, 2019	1,684,081			0	299,287	60,614	1,075,187	7,358,277			(6,781,509)	(336,736)	8,961
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to The Hershey Company	325,307							325,307
Net (loss) income attributable to noncontrolling interest	(125)												(125)
Net income including noncontrolling interest	325,182
Other comprehensive income (loss)	12,188											12,595	(407)
Dividends (including dividend equivalents):
Common Stock		$ (115,380)	$ (42,551)						$ (115,380)	$ (42,551)
Stock-based compensation	15,583						15,583
Exercise of stock options and incentive-based transactions	73,929						39,723				34,206
Repurchase of common stock	(191,441)										(191,441)
Ending balance, stockholders' equity at Sep. 29, 2019	1,761,591			$ 0	$ 299,287	$ 60,614	$ 1,130,493	7,525,653			$ (6,938,744)	$ (324,141)	$ 8,429
Dividends (including dividend equivalents):
Cumulative effect of new accounting principle in period of adoption \| Accounting Standards Update 2016-02	$ 3,913							$ 3,913

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 29, 2019
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 (consisting of normal recurring 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 September 29, 2019 may not be indicative of the results that may be expected for the year ending December 31, 2019 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, 2018 (our “2018 Annual Report on Form 10-K”), which provides a more complete understanding of our accounting policies, financial position, operating results and other matters. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842). This ASU requires lessees to recognize most leases on their balance sheets as lease liabilities with corresponding right-of-use ("ROU") assets. The Company adopted the standard as of January 1, 2019, using a modified retrospective approach and applying the standard’s transition provisions at January 1, 2019, the effective date. We elected the package of practical expedients permitted under the transition guidance, which among other things, allows us to carryforward the historical lease classification. In addition, we made accounting policy elections to combine the lease and non-lease components for asset categories that support selling, marketing and general administrative activities. These asset categories comprise the majority of our leases. Finally, we made elections to exclude from balance sheet reporting those leases with initial terms of 12 months or less. Adoption of the new standard resulted in the recording of operating lease ROU assets and lease liabilities of $227,258 and $216,966, respectively, with the difference largely due to prepaid and deferred rent that were reclassified to the ROU asset value. In addition, we derecognized a build-to-suit arrangement in accordance with the transition requirements, which resulted in an adjustment to retained earnings of $3,913. The standard did not materially affect our consolidated net income or cash flows. See Note 7 for further details. 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 – Derivatives and Hedging. 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. We adopted the provisions of this ASU in the first quarter of 2019 using a modified retrospective approach. Adoption of the new standard did not have a material impact on our consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting. This ASU is intended to simplify aspects of share-based compensation issued to non-employees by making the guidance consistent with accounting for employee share-based compensation. We adopted the provisions of this ASU in the first quarter of 2019. Adoption of the new standard did not have a material impact on our consolidated financial statements. 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 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 reclassification resulted in a $47,656 decrease to AOCI and a corresponding increase to retained earnings. Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU modifies the measurement of expected credit losses of certain financial instruments. ASU 2016-13 is effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods. The amendments in this ASU should be applied on a modified retrospective basis to all periods presented. We will adopt the provisions of this ASU in the first quarter of 2020. Based on our assessment, adoption of the new standard is not expected to have a material impact on our consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. This ASU modifies the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. ASU 2018-13 is effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods, with early adoption permitted. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. We will adopt the provisions of this ASU in the first quarter of 2020. Based on our assessment, adoption of the new standard is not expected to have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Topic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans, which modifies the disclosure requirements for defined benefit pension plans and other post-retirement plans. ASU 2018-14 is effective for annual periods beginning after December 15, 2020, with early adoption permitted. The amendments in this ASU should be applied on a retrospective basis to all periods presented. We intend to early adopt the provisions of this ASU in the fourth quarter of 2019. Based on our assessment, adoption of the new standard is not expected to have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. This ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). ASU 2018-15 is effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods, with early adoption permitted. The amendments in this ASU should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We will adopt the provisions of this ASU in the first quarter of 2020 on a prospective basis. Based on our assessment, adoption of the new standard is not expected to have a material impact on our consolidated financial statements and related disclosures. 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 ACQUISITIONS

9 Months Ended

Sep. 29, 2019

Business Combinations [Abstract]

Business Acquisitions

BUSINESS ACQUISITIONS

2019 Activity

ONE Brands, LLC

On September 23, 2019, we completed the acquisition of ONE Brands, LLC ("ONE Brands"), previously a privately held company that sells proprietary nutritional supplement products to retailers and distributors in the United States, with the ONE Bar as its primary product. The purchase consideration for ONE Brands totaled $401,461 and consisted of cash on hand and short-term borrowings. Acquisition-related costs for the ONE Brands acquisition were immaterial.

The acquisition has been accounted for as a purchase and, accordingly, ONE Brands has been included within the North America segment. The purchase consideration was allocated to assets acquired and liabilities assumed based on their respective fair values as follows:



Goodwill	$	178,179
Other intangible assets	206,800
Other assets acquired, primarily current assets	25,760
Other liabilities assumed, primarily current liabilities	(9,278		)
Net assets acquired	$	401,461

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 in the fourth quarter of 2019.

Goodwill was determined as the excess of the purchase price over the fair value of the net assets acquired (including the identifiable intangible assets). The goodwill derived from this acquisition is expected to be deductible for tax purposes and reflects the value of leveraging our brand building expertise, supply chain capabilities and retail relationships to accelerate growth and access to the portfolio of ONE Brands products.

Other intangible assets include trademarks valued at $144,900, customer relationships valued at $58,800 and covenants not to compete valued at $3,100. Trademarks were assigned an estimated useful life of 33 years, customer relationships were assigned estimated useful lives ranging from 17 to 19 years and covenants not to compete were assigned an estimated useful life of 4 years.

2018 Activity

Pirate Brands

On October 17, 2018, we completed the acquisition of Pirate Brands, which includes the Pirate's Booty, Smart Puffs and Original Tings brands, from B&G Foods, Inc. Pirate Brands offers baked, trans fat free and gluten free snacks and is available in a wide range of food distribution channels in the United States. The purchase consideration for Pirate Brands totaled $423,002 and consisted of short-term borrowings and cash on hand. Acquisition-related costs for the Pirate Brands acquisition were immaterial.

The acquisition has been accounted for as a purchase and, accordingly, Pirate Brands' results of operations have been included within the North America segment results in our consolidated financial statements since the date of acquisition. The purchase price allocation presented below has been finalized as of the end of the fourth quarter of 2018. The purchase consideration was allocated to assets acquired and liabilities assumed based on their respective fair values as follows:



Inventories	$	4,663
Property, plant and equipment, net	48
Goodwill	129,991
Other intangible assets	289,300
Accrued liabilities	(1,000		)
Net assets acquired	$	423,002

Goodwill was determined as the excess of the purchase price over the fair value of the net assets acquired (including the identifiable intangible assets). The goodwill derived from this acquisition is expected to be deductible for tax purposes and reflects the value of leveraging the Company's resources to expand the distribution locations and customer base for the Pirate Brands' products.

Other intangible assets includes trademarks valued at $272,000 and customer relationships valued at $17,300. Trademarks were assigned estimated useful lives of 45 years and customer relationships were assigned estimated useful lives ranging from 16 to 18 years.

Amplify Snack Brands, Inc.

On January 31, 2018, we completed the acquisition of all of the outstanding shares of Amplify Snack Brands, Inc. (“Amplify”), previously a publicly traded company based in Austin, Texas that owns several popular better-for-you snack brands such as SkinnyPop, Oatmega and Paqui. 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 price allocation presented below has been finalized as of the end of the fourth quarter of 2018. 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	$	40,763
Other current assets	34,593
Property, plant and equipment, net	67,989
Goodwill	966,389
Other intangible assets	682,000
Other non-current assets	1,049
Accounts payable	(32,394		)
Accrued liabilities	(132,519		)
Current debt	(610,844		)
Other current liabilities	(2,931		)
Non-current deferred income taxes	(93,489		)
Other long-term liabilities	(5,149		)
Net assets acquired	$	915,457

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 obligation. The Company funded the acquisition and repayment of the acquired debt utilizing proceeds from the issuance of commercial paper.

Goodwill was 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 resulted 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 valued at $648,000 and customer relationships valued at $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.

The Company incurred acquisition-related costs of $20,577 related to the acquisition of Amplify, the majority of which were incurred during the first quarter of 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.

SHORT AND LONG-TERM DEBT

9 Months Ended

Sep. 29, 2019

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. As of September 29, 2019, we maintained a $1.5 billion unsecured revolving credit facility with the option to increase borrowings by an additional $500 million with the consent of the lenders. This facility is scheduled to expire on July 2, 2024, however, we may extend the termination date for up to two additional one-year periods upon notice to the administrative agent under the facility.

The credit agreement contains certain financial and other covenants, customary representations, warranties and events of default. As of September 29, 2019, 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 2018 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 $71,792 at September 29, 2019 and $113,189 at December 31, 2018. Commitment fees relating to our revolving credit facility and lines of credit are not material.

At September 29, 2019, we had outstanding commercial paper totaling $1,203,638, at a weighted average interest rate of 2.1%. At December 31, 2018, we had outstanding commercial paper totaling $1,084,740, at a weighted average interest rate of 2.4%.

Long-term Debt

Long-term debt consisted of the following:



	September 29, 2019			December 31, 2018
2.90% Notes due 2020	$	350,000		$	350,000
4.125% Notes due 2020	350,000			350,000
3.10% Notes due 2021	350,000			350,000
8.8% Debentures due 2021	84,715			84,715
3.375% Notes due 2023	500,000			500,000
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
Finance lease liabilities	78,253			101,980
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts	(11,357		)	(20,667		)
Total long-term debt	3,245,250			3,259,667
Less—current portion	352,954			5,387
Long-term portion	$	2,892,296		$	3,254,280

Interest Expense

Net interest expense consists of the following:



	Three Months Ended						Nine Months Ended
	September 29, 2019			September 30, 2018			September 29, 2019			September 30, 2018
Interest expense	$	37,845		$	39,978		$	117,700		$	110,929
Capitalized interest	(1,510		)	(1,243		)	(4,158		)	(3,876		)
Interest expense	36,335			38,735			113,542			107,053
Interest income	(879		)	(1,819		)	(6,852		)	(5,846		)
Interest expense, net	$	35,456		$	36,916		$	106,690		$	101,207

DERIVATIVE INSTRUMENTS

9 Months Ended

Sep. 29, 2019

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 $871,219 as of September 29, 2019 and $693,463 as of December 31, 2018.

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 13, 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, British pound, Brazilian real, Malaysian ringgit and Mexican Peso. 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 $34,397 at September 29, 2019 and $29,458 at December 31, 2018. 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 $32,077 at September 29, 2019 and $11,072 at December 31, 2018. 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 September 29, 2019 and December 31, 2018.

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 September 29, 2019 and December 31, 2018 was $27,857 and $33,168, respectively.

The following table presents the classification of derivative assets and liabilities within the Consolidated Balance Sheets as of September 29, 2019 and December 31, 2018:



	September 29, 2019				December 31, 2018
	Assets (1)		Liabilities (1)		Assets (1)		Liabilities (1)
Derivatives designated as cash flow hedging instruments:
Foreign exchange contracts	$	700	$	1,001	$	3,394	$	485

Derivatives designated as fair value hedging instruments:
Interest rate swap agreements	4,243		—		—		4,832

Derivatives not designated as hedging instruments:
Commodities futures and options (2)	—		4,220		7,230		262
Deferred compensation derivatives	165		—		—		4,736
Foreign exchange contracts	11		928		70		484
	176		5,148		7,300		5,482
Total	$	5,119	$	6,149	$	10,694	$	10,799


(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 September 29, 2019, amounts reflected on a net basis in liabilities were assets of $63,855 and liabilities of $67,745, 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 assets at December 31, 2018 were assets of $63,978 and liabilities of $57,351. At September 29, 2019 and December 31, 2018, 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 September 29, 2019 and September 30, 2018 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”)					Gains (losses) reclassified from accumulated OCI into income (b)

	2019			2018			2019		2018			2019			2018
Commodities futures and options	$	(9,043	)	$	(71,088	)	$	—	$	—		$	—		$	—
Foreign exchange contracts	(1,224		)	1,595			1,045		(1,484		)	(987		)	4,605
Interest rate swap agreements	—			—			—		—			(2,344		)	(2,344		)
Deferred compensation derivatives	165			1,345			—		—			—			—
Total	$	(10,102	)	$	(68,148	)	$	1,045	$	(1,484	)	$	(3,331	)	$	2,261

The effect of derivative instruments on the Consolidated Statements of Income for the nine months ended September 29, 2019 and September 30, 2018 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”)					Gains (losses) reclassified from accumulated OCI into income (b)

	2019			2018			2019			2018		2019			2018
Commodities futures and options	$	19,847		$	(4,315	)	$	—		$	—	$	—		$	—
Foreign exchange contracts	(1,535		)	1,580			(2,291		)	6,320		919			4,648
Interest rate swap agreements	—			—			—			—		(7,083		)	(7,110		)
Deferred compensation derivatives	4,181			2,151			—			—		—			—
Total	$	22,493		$	(584	)	$	(2,291	)	$	6,320	$	(6,164	)	$	(2,462	)


(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 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 into earnings in the next 12 months was approximately $9,745 as of September 29, 2019. This amount is primarily associated with interest rate swap agreements.

Fair Value Hedging Relationships

The following table presents amounts that were recorded on the balance sheet related to cumulative basis adjustments for interest rate swap derivatives designated as fair value accounting hedges as of September 29, 2019 and December 31, 2018.



Line Item in the Consolidated Balance Sheet in Which the Hedged Item is Included	Carrying Amount of the Hedged Asset/(Liability)						Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount Assets/(Liabilities)
	September 29, 2019			December 31, 2018			September 29, 2019		December 31, 2018
Long-term debt	$	(345,757	)	$	(354,832	)	$	4,243	$	(4,832	)

For the three months ended September 29, 2019 and September 30, 2018, we recognized net incremental interest expense of $458 and $370, respectively, relating to our fixed-to-floating interest swap arrangements. For the nine months ended September 29, 2019 and September 30, 2018, we recognized net incremental interest expense of $1,672 and a net benefit to interest expense of $245 relating to our fixed-to-floating interest swap arrangements.

FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 29, 2019

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 September 29, 2019 and December 31, 2018:



	Assets (Liabilities)
	Level 1		Level 2		Level 3		Total
September 29, 2019:
Derivative Instruments:
Assets:
Foreign exchange contracts (1)	$	—	$	711	$	—	$	711
Interest rate swap agreements (2)	—		4,243		—		4,243
Deferred compensation derivatives (3)	—		165		—		165
Commodities futures and options (4)	—		—		—		—
Liabilities:
Foreign exchange contracts (1)	—		1,929		—		1,929
Commodities futures and options (4)	4,220		—		—		4,220
December 31, 2018:
Assets:
Foreign exchange contracts (1)	$	—	$	3,464	$	—	$	3,464
Commodities futures and options (4)	7,230		—		—		7,230
Liabilities:
Foreign exchange contracts (1)	—		969		—		969
Interest rate swap agreements (2)	—		4,832		—		4,832
Deferred compensation derivatives (3)	—		4,736		—		4,736
Commodities futures and options (4)	262		—		—		262

(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, accounts receivable, accounts payable and short-term debt approximated fair values as of September 29, 2019 and December 31, 2018 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
	September 29, 2019		December 31, 2018		September 29, 2019		December 31, 2018
Current portion of long-term debt	$	354,661	$	5,387	$	352,954	$	5,387
Long-term debt	3,041,644		3,228,877		2,892,296		3,254,280
Total	$	3,396,305	$	3,234,264	$	3,245,250	$	3,259,667

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.

2019 Activity

In connection with the acquisition of ONE Brands in the third quarter of 2019, 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, a form of the multi-period excess earnings and the with-and-without valuation approaches, which use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy. Additionally, during 2019, we recorded impairment charges totaling $4,741. These charges were predominantly comprised of select land that had not yet met the held for sale criteria. The fair value of the land was supported by potential sales prices with third-party buyers.

2018 Activity

In connection with the acquisitions of Amplify in the first quarter of 2018 and Pirate Brands in the fourth 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. In connection with disposal groups previously classified as held for sale, during 2018, we recorded impairment charges totaling $28,817 to adjust the long-lived asset values within the Shanghai Golden Monkey ("SGM") and Tyrrells disposal groups. These charges represented the excess of the disposal groups' carrying values, including the related currency translation adjustment amounts to be realized upon completion of the sales, over the estimated fair values less costs to sell for the respective businesses. The fair values of the disposal groups were supported by the sales prices agreed with the third-party buyers. In July 2018, we sold the SGM and Tyrrells businesses.

LEASES

9 Months Ended

Sep. 29, 2019

Leases [Abstract]

Lessee, Operating Leases [Text Block]

LEASES

We lease office and retail space, warehouse and distribution facilities, land, vehicles, and equipment. We determine if an agreement is or contains a lease at inception. Leases with an initial term of 12 months or less are not recorded on the balance sheet.

Right-of-use ("ROU") assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and liabilities are based on the estimated present value of lease payments over the lease term and are recognized at the lease commencement date.

As most of our leases do not provide an implicit rate, we use our estimated incremental borrowing rate in determining the present value of lease payments. The estimated incremental borrowing rate is derived from information available at the lease commencement date.

Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. A limited number of our lease agreements include rental payments adjusted periodically for inflation. Our lease agreements generally do not contain residual value guarantees or material restrictive covenants.

For real estate, equipment and vehicles that support selling, marketing and general administrative activities the Company accounts for the lease and non-lease components as a single lease component. These asset categories comprise the majority of our leases. The lease and non-lease components of real estate and equipment leases supporting production activities are not accounted for as a single lease component. Consideration for such contracts are allocated to the lease component and non-lease components based upon relative standalone prices either observable or estimated if observable prices are not readily available.

The components of lease expense were as follows:



		Three Months Ended		Nine Months Ended
Lease expense	Classification	September 29, 2019		September 29, 2019
Operating lease cost	Cost of sales or SM&A (1)	$	10,623	$	31,110
Finance lease cost:
Amortization of ROU assets	Depreciation and amortization (1)	1,799		5,617
Interest on lease liabilities	Interest expense, net	1,106		3,319
Net lease cost (2)		$	13,528	$	40,046


(1)	Supply chain-related amounts were included in cost of sales.


(2)	Net lease cost does not include short-term leases, variable lease costs or sublease income, all of which are immaterial.

Information regarding our lease terms and discount rates were as follows:



	September 29, 2019
Weighted-average remaining lease term (years)
Operating leases	13.9
Finance leases	31.7

Weighted-average discount rate
Operating leases	3.9	%
Finance leases	6.0	%

Supplemental balance sheet information related to leases were as follows:



Leases	Classification	September 29, 2019
Assets
Operating lease ROU assets	Other assets (non-current)	$	225,959

Finance lease ROU assets, at cost	Property, plant and equipment, gross	99,614
Accumulated amortization	Accumulated depreciation	(5,188		)
Finance lease ROU assets, net	Property, plant and equipment, net	$	94,426

Total leased assets		$	320,385

Liabilities
Current
Operating	Accrued liabilities	$	28,967
Finance	Current portion of long-term debt	3,566
Non-current
Operating	Other long-term liabilities	188,961
Finance	Long-term debt	74,687
Total lease liabilities		$	296,181

The maturity of our lease liabilities as of September 29, 2019 were as follows:



	Operating leases		Finance leases		Total
2019 (rest of year)	$	9,939	$	1,943	$	11,882
2020	34,895		6,970		41,865
2021	29,143		5,741		34,884
2022	15,758		4,632		20,390
2023	13,789		4,602		18,391
Thereafter	185,805		170,041		355,846
Total lease payments	289,329		193,929		483,258
Less: Imputed interest	71,401		115,676		187,077
Total lease liabilities	$	217,928	$	78,253	$	296,181

Supplemental cash flow and other information related to leases were as follows:



	Nine Months Ended
	September 29, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	29,054
Operating cash flows from finance leases	3,319
Financing cash flows from finance leases	2,761

ROU assets obtained in exchange for lease liabilities:
Operating leases	21,998
Finance leases	3,498

ASSETS AND LIABILITIES HELD FOR SALE

9 Months Ended

Sep. 29, 2019

Discontinued Operations and Disposal Groups [Abstract]

Assets and Liabilities Held for Sale

ASSETS AND LIABILITIES HELD FOR SALE

As of September 29, 2019, the following 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:


•	The Lotte Shanghai Foods Co., Ltd. joint venture, which was taken out of operation and classified as held for sale during the second quarter of 2018. We sold a portion of the joint venture's equipment in the third and fourth quarters of 2018, as well as the second quarter of 2019, and expect the sale of the remaining business to be completed by the end of 2019.


•	Other assets, which are predominantly comprised of select Pennsylvania facilities and land that met the held for sale criteria in the third quarter of 2018. We expect these long-lived assets to be sold by the end of 2019.

The amounts classified as assets and liabilities held for sale at September 29, 2019 include the following:



Assets held for sale, included in prepaid expenses and other assets
Property, plant and equipment, net	$	20,905
Other assets	2,434
	$	23,339

Liabilities held for sale, included in accrued liabilities
Accounts payable and accrued liabilities	$	376
	$	376

During the nine months ended September 30, 2018, we completed the sale of other disposal groups that had been previously classified as assets and liabilities held for sale, as follows:


•	In April 2018, we sold the licensing rights for a non-core trademark relating to a brand marketed outside of the United States for sale proceeds of approximately $13,000, realizing a gain on the sale of $2,658, which is recorded in the selling, marketing and administrative expense caption within the Consolidated Statements of Operations.

•

During the second and third quarters of 2018, we sold 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 Operational Optimization Program (as defined in Note 9). Proceeds from the sale of these facilities totaled $27,468, resulting in a gain on the sale of $6,562, which is recorded in the business realignment costs caption within the Consolidated Statements of Operations.

•

In July 2018, we sold the Tyrrells and SGM businesses, both of which were previously classified as held for sale. Total proceeds from the sale of Tyrrells and SGM, net of cash divested, were approximately $171,950. We recorded impairment charges of $28,817 to adjust the book values of the disposal groups to the sales value less costs to sell.

BUSINESS REALIGNMENT ACTIVITIES

9 Months Ended

Sep. 29, 2019

Restructuring and Related Activities [Abstract]

Business Realignment Activities

BUSINESS REALIGNMENT ACTIVITIES

We periodically undertake business realignment activities designed to increase our efficiency and focus our business in support of our key growth strategies. Costs associated with business realignment activities are classified in our Consolidated Statements of Income as follows:



	Three Months Ended				Nine Months Ended
	September 29, 2019		September 30, 2018		September 29, 2019		September 30, 2018
Cost of sales	$	—	$	4,565	$	—	$	14,101
Selling, marketing and administrative expense	466		5,198		1,126		17,705
Business realignment costs	1,140		1,660		7,342		10,864
Costs associated with business realignment activities	$	1,606	$	11,423	$	8,468	$	42,670

Costs recorded by program during the three and nine months ended September 29, 2019 and September 30, 2018 were as follows:



	Three Months Ended					Nine Months Ended
	September 29, 2019		September 30, 2018			September 29, 2019		September 30, 2018
Margin for Growth Program:
Severance	$	—	$	5,573		$	5,823	$	12,635
Accelerated depreciation	—		4,786			—		12,030
Other program costs	1,606		6,549			2,645		21,754
Operational Optimization Program:
Gain on sale of facilities	—		(6,562		)	—		(6,562		)
Other program costs	—		1,077			—		2,813
Total	$	1,606	$	11,423		$	8,468	$	42,670

The following table presents the liability activity for costs qualifying as exit and disposal costs for the nine months ended September 29, 2019:



	Total
Liability balance at December 31, 2018	$	14,605
2019 business realignment charges (1)	8,468
Cash payments	(12,012		)
Liability balance at September 30, 2019 (reported within accrued liabilities)	$	11,061


(1)	The costs reflected in the liability roll-forward represent employee-related and certain third-party service provider charges.

Margin for Growth Program

In the first quarter 2017, the Company's Board of Directors ("Board") 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.

We originally estimated that the Margin for Growth Program would result in total pre-tax charges of $375,000 to $425,000, to be incurred from 2017 to 2019. The majority of the initiatives relating to the program have been executed, with the final initiatives to be completed over the next several months. To date, we have incurred pre-tax charges to execute the program totaling $344,763. This includes long-lived asset impairment charges of $208,712 related to the operations supporting our China business in 2017, as well as the $16,300 incremental impairment charge resulting from the sale of SGM. In addition to the impairment charges, we have incurred employee separation costs of $53,755 and other business realignment costs of $65,996. We expect the remaining spending on this program to be minimal in 2019. The cash portion of the total program charges is estimated to be $103,000. The Company reduced its global workforce by approximately 15% as a result of this program, with a majority of the reductions coming from hourly headcount positions outside of the United States.

For the three and nine months ended September 29, 2019, we recognized total costs associated with the Margin for Growth Program of $1,606 and $8,468, respectively. For the three and nine months ended September 30, 2018, we recognized total costs associated with the Margin for Growth Program of $16,908 and $46,419, respectively. These charges include employee severance, largely relating to initiatives to improve the cost structure of our China business and to further streamline our corporate operating model, as well as non-cash, asset-related incremental depreciation expense as part of optimizing the global supply chain. In addition, we incurred other program costs, which relate primarily to third-party charges in support of our initiative to improve global efficiency and effectiveness.

The costs and related benefits of the Margin for Growth Program relate approximately 63% to the North America segment and 37% 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.

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 included 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 and nine months ended September 30, 2018, we incurred pre-tax costs totaling $1,077 and $2,813, respectively, relating primarily to third-party charges in support of our initiative to optimize our production and supply chain network. In addition, we completed the sale of select China facilities that had been taken out of service in connection with the 2016 Operational Optimization Program. The sale resulted in a gain of $6,562 for the three and nine months ended September 30, 2018. This program was completed in 2018.

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 29, 2019
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 nine months ended September 29, 2019 and September 30, 2018 were 19.2% and 21.3%, respectively. Relative to the statutory rate, the 2019 effective tax rate was impacted by a change to foreign valuation allowances, the benefit of ASU 2016-09 for accounting of employee share-based payment, and investment tax credits, which were partially offset by state taxes. Hershey and its subsidiaries file tax returns in the U.S., including various state and local returns, and in other 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 $5,026 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 $32.5 million, 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. During 2018, we recorded net benefits totaling $19.5 million as measurement period adjustments to the net provisional charge. The accounting for income tax effects of U.S. tax reform is complete based on additional tax regulations available as of December 31, 2018.

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS

9 Months Ended

Sep. 29, 2019

Retirement Benefits [Abstract]

Pension and Other Post-Retirement Benefit Plans

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS

Net Periodic Benefit Cost

The components of net periodic benefit cost for the three months ended September 29, 2019 and September 30, 2018 were as follows:



	Pension Benefits						Other Benefits
	Three Months Ended						Three Months Ended
	September 29, 2019			September 30, 2018			September 29, 2019			September 30, 2018
Service cost	$	5,209		$	5,272		$	39		$	56
Interest cost	9,153			7,487			1,958			1,730
Expected return on plan assets	(13,494		)	(14,455		)	—			—
Amortization of prior service (credit) cost	(1,808		)	(1,804		)	203			209
Amortization of net loss (gain)	8,421			6,784			(96		)	—
Settlement loss	4,817			6,893			—			—
Total net periodic benefit cost	$	12,298		$	10,177		$	2,104		$	1,995

We made contributions of $901 and $4,039 to the pension plans and other benefits plans, respectively, during the third quarter of 2019. In the third quarter of 2018, we made contributions of $6,350 and $6,276 to our pension plans and other benefit plans, respectively. The contributions in 2019 and 2018 also included benefit payments from our non-qualified pension plans and post-retirement benefit plans.

The components of net periodic benefit cost for the nine months ended September 29, 2019 and September 30, 2018 were as follows:



	Pension Benefits						Other Benefits
	Nine Months Ended						Nine Months Ended
	September 29, 2019			September 30, 2018			September 29, 2019			September 30, 2018
Service cost	$	15,626		$	15,931		$	114		$	172
Interest cost	27,459			23,153			5,876			5,194
Expected return on plan assets	(40,483		)	(43,973		)	—			—
Amortization of prior service (credit) cost	(5,425		)	(5,402		)	609			627
Amortization of net loss (gain)	25,262			20,155			(288		)	—
Settlement loss	4,817			6,893			—			—
Total net periodic benefit cost	$	27,256		$	16,757		$	6,311		$	5,993

We made contributions of $2,071 and $11,788 to the pension plans and other benefits plans, respectively, during the first nine months of 2019. In the first nine months of 2018, we made contributions of $7,651 and $19,054 to our pension plans and other benefit plans, respectively. The contributions in 2019 and 2018 also included benefit payments from our non-qualified pension plans and post-retirement benefit plans.

During the third quarter of 2019, we recognized pension settlement charges in our hourly retirement plan due to lump sum withdrawals by employees retiring or leaving the Company as a result of the Margin for Growth Program.

During the third quarter of 2018, we recognized pension settlement charges in our hourly retirement plan due to lump

sum withdrawals by employees retiring or leaving the Company as a result of the Operational Optimization Program

and due to lump sum distributions in our supplemental executive retirement plan. In each case, the non-cash settlement charges, which represent the acceleration of a portion of the respective plan’s accumulated unrecognized actuarial loss, were triggered when the cumulative lump sum distributions exceeded the plan's anticipated annual service and interest

costs. In connection with the third quarter 2019 settlements, the related plan assets and liabilities were remeasured using a discount rate as of the remeasurement date that was 111 basis points lower than the rate as of December 31, 2018 and an expected rate of return on plan assets of 6.0%.

STOCK COMPENSATION PLANS

9 Months Ended

Sep. 29, 2019

Share-based Payment Arrangement [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 2018 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				Nine Months Ended
	September 29, 2019		September 30, 2018		September 29, 2019		September 30, 2018
Pre-tax compensation expense	$	15,867	$	12,122	$	39,579	$	35,668
Related income tax benefit	5,317		2,808		7,639		7,776

Compensation costs for stock compensation plans are primarily included in selling, marketing and administrative expense. As of September 29, 2019, total stock-based compensation cost related to non-vested awards not yet recognized was $72,334 and the weighted-average period over which this amount is expected to be recognized was approximately 2.1 years.

Stock Options

A summary of activity relating to grants of stock options for the period ended September 29, 2019 is as follows:



Stock Options	Shares		Weighted-Average Exercise Price (per share)	Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at beginning of year	5,394,382		$94.28	5.6 years
Granted	1,640		$109.74
Exercised	(2,774,973	)	$90.78
Forfeited	(67,876	)	$101.58
Outstanding as of September 29, 2019	2,553,173		$97.89	6.0 years	$	142,704
Options exercisable as of September 29, 2019	1,492,037		$95.65	4.7 years	$	86,731

The weighted-average fair value of options granted was $15.25 and $15.57 per share for the periods ended September 29, 2019 and September 30, 2018, respectively. The fair value was estimated on the date of grant using a Black-Scholes option-pricing model and the following weighted-average assumptions:



	Nine Months Ended
	September 29, 2019		September 30, 2018
Dividend yields	2.7	%	2.3	%
Expected volatility	17.0	%	16.6	%
Risk-free interest rates	2.5	%	2.8	%
Expected term in years	6.5		6.6

The total intrinsic value of options exercised was $110,304 and $26,006 for the periods ended September 29, 2019 and September 30, 2018, respectively.

Performance Stock Units and Restricted Stock Units

A summary of activity relating to grants of PSUs and RSUs for the period ended September 29, 2019 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 at beginning of year	999,018		$101.57
Granted	478,145		$115.29
Performance assumption change (1)	182,774		$125.20
Vested	(428,229	)	$98.85
Forfeited	(74,453	)	$107.98
Outstanding as of September 29, 2019	1,157,255		$112.06


(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.



	Nine Months Ended
	September 29, 2019			September 30, 2018
Units granted	478,145			435,096
Weighted-average fair value at date of grant	$	115.29		$	97.74
Monte Carlo simulation assumptions:
Estimated values	$	48.40		$	29.17
Dividend yields	2.6		%	2.6		%
Expected volatility	20.3		%	20.4		%

The fair value of shares vested totaled $48,355 and $22,093 for the periods ended September 29, 2019 and September 30, 2018, respectively.

Deferred PSUs, deferred RSUs and deferred stock units representing directors’ fees totaled 337,224 units as of September 29, 2019. Each unit is equivalent to one share of the Company’s Common Stock.

SEGMENT INFORMATION

9 Months Ended

Sep. 29, 2019

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) 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.

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 (gains) 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				Nine Months Ended
	September 29, 2019		September 30, 2018		September 29, 2019			September 30, 2018
Net sales:
North America	$	1,894,033	$	1,843,511	$	5,269,031		$	5,155,151
International and Other	240,389		236,082		649,096			648,016
Total	$	2,134,422	$	2,079,593	$	5,918,127		$	5,803,167

Segment income:
North America	$	570,388	$	556,060	$	1,606,047		$	1,534,345
International and Other	39,444		31,072		81,631			65,379
Total segment income	609,832		587,132		1,687,678			1,599,724
Unallocated corporate expense (1)	132,828		116,474		370,211			361,447
Unallocated mark-to-market losses (gains) on commodity derivatives	12,138		47,617		(13,447		)	(69,464		)
Long-lived asset impairment charges (see Note 6)	—		1,649		4,741			28,817
Costs associated with business realignment activities (see Note 9)	1,606		11,423		8,468			42,670
Acquisition-related costs	2,445		3,706		7,951			36,413
Gain on sale of licensing rights	—		—		—			(2,658		)
Operating profit	460,815		406,263		1,309,754			1,202,499
Interest expense, net	35,456		36,916		106,690			101,207
Other (income) expense, net	17,999		12,493		36,601			35,201
Income before income taxes	$	407,360	$	356,854	$	1,166,463		$	1,066,091

(1)

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 losses (gains) on commodity derivatives is as follows:



	Three Months Ended					Nine Months Ended
	September 29, 2019		September 30, 2018			September 29, 2019			September 30, 2018
Net losses (gains) on mark-to-market valuation of commodity derivative positions recognized in income	$	9,043	$	71,088		$	(19,847	)	$	4,315
Net gains (losses) on commodity derivative positions reclassified from unallocated to segment income	3,095		(23,471		)	6,400			(73,779		)
Net losses (gains) on mark-to-market valuation of commodity derivative positions recognized in unallocated derivative (gains) losses	$	12,138	$	47,617		$	(13,447	)	$	(69,464	)

As of September 29, 2019, the cumulative amount of mark-to-market gains on commodity derivatives that have been recognized in our consolidated cost of sales and not yet allocated to reportable segments was $53,765. Based on our forecasts of the timing of the recognition of the underlying hedged items, we expect to reclassify net pretax gains on commodity derivatives of $25,283 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				Nine Months Ended
	September 29, 2019		September 30, 2018		September 29, 2019		September 30, 2018
North America	$	56,895	$	52,066	$	165,977	$	152,237
International and Other	7,202		7,260		21,866		28,090
Corporate (1)	10,398		15,481		30,998		45,476
Total	$	74,495	$	74,807	$	218,841	$	225,803

(1)

Corporate includes non-cash asset-related accelerated depreciation and amortization related to business realignment activities, as discussed in Note 9. Such amounts are not included within our measure of segment income.

EARNINGS PER SHARE

9 Months Ended

Sep. 29, 2019

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
	September 29, 2019					September 30, 2018
	Common Stock		Class B Common Stock			Common Stock		Class B Common Stock
Basic earnings per share:
Numerator:
Allocation of distributed earnings (cash dividends paid)	$	115,176	$	42,551		$	107,532	$	39,767
Allocation of undistributed earnings	122,424		45,156			85,019		31,395
Total earnings—basic	$	237,600	$	87,707		$	192,551	$	71,162

Denominator (shares in thousands):
Total weighted-average shares—basic	149,239		60,614			149,155		60,620

Earnings Per Share—basic	$	1.59	$	1.45		$	1.29	$	1.17

Diluted earnings per share:
Numerator:
Allocation of total earnings used in basic computation	$	237,600	$	87,707		$	192,551	$	71,162
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	87,707		—			71,162		—
Reallocation of undistributed earnings	—		(320		)	—		(139		)
Total earnings—diluted	$	325,307	$	87,387		$	263,713	$	71,023

Denominator (shares in thousands):
Number of shares used in basic computation	149,239		60,614			149,155		60,620
Weighted-average effect of dilutive securities:
Conversion of Class B common stock to Common shares outstanding	60,614		—			60,620		—
Employee stock options	949		—			589		—
Performance and restricted stock units	510		—			317		—
Total weighted-average shares—diluted	211,312		60,614			210,681		60,620

Earnings Per Share—diluted	$	1.54	$	1.44		$	1.25	$	1.17

There were no antidilutive stock options for the three months ended September 29, 2019. The earnings per share calculations for the three months ended September 30, 2018 excluded 4,084 stock options (in thousands) that would have been antidilutive.

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:



	Nine Months Ended
	September 29, 2019					September 30, 2018
	Common Stock		Class B Common Stock			Common Stock		Class B Common Stock
Basic earnings per share:
Numerator:
Allocation of distributed earnings (cash dividends paid)	$	331,134	$	122,076		$	303,152	$	112,026
Allocation of undistributed earnings	357,259		132,036			310,942		114,651
Total earnings—basic	$	688,393	$	254,112		$	614,094	$	226,677

Denominator (shares in thousands):
Total weighted-average shares—basic	148,989		60,614			149,371		60,620

Earnings Per Share—basic	$	4.62	$	4.19		$	4.11	$	3.74

Diluted earnings per share:
Numerator:
Allocation of total earnings used in basic computation	$	688,393	$	254,112		$	614,094	$	226,677
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	254,112		—			226,677		—
Reallocation of undistributed earnings	—		(781		)	—		(547		)
Total earnings—diluted	$	942,505	$	253,331		$	840,771	$	226,130

Denominator (shares in thousands):
Number of shares used in basic computation	148,989		60,614			149,371		60,620
Weighted-average effect of dilutive securities:
Conversion of Class B common stock to Common shares outstanding	60,614		—			60,620		—
Employee stock options	783		—			664		—
Performance and restricted stock units	431		—			315		—
Total weighted-average shares—diluted	210,817		60,614			210,970		60,620

Earnings Per Share—diluted	$	4.47	$	4.18		$	3.99	$	3.73

The earnings per share calculations for the nine months ended September 29, 2019 and September 30, 2018 excluded 1,476 and 4,196 stock options (in thousands), respectively, that would have been antidilutive.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 29, 2019
Accounting Policies [Abstract]
Basis of Presentation	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 (consisting of normal recurring 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 September 29, 2019 may not be indicative of the results that may be expected for the year ending December 31, 2019 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, 2018 (our “2018 Annual Report on Form 10-K”), which provides a more complete understanding of our accounting policies, financial position, operating results and other matters.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842). This ASU requires lessees to recognize most leases on their balance sheets as lease liabilities with corresponding right-of-use ("ROU") assets. The Company adopted the standard as of January 1, 2019, using a modified retrospective approach and applying the standard’s transition provisions at January 1, 2019, the effective date. We elected the package of practical expedients permitted under the transition guidance, which among other things, allows us to carryforward the historical lease classification. In addition, we made accounting policy elections to combine the lease and non-lease components for asset categories that support selling, marketing and general administrative activities. These asset categories comprise the majority of our leases. Finally, we made elections to exclude from balance sheet reporting those leases with initial terms of 12 months or less. Adoption of the new standard resulted in the recording of operating lease ROU assets and lease liabilities of $227,258 and $216,966, respectively, with the difference largely due to prepaid and deferred rent that were reclassified to the ROU asset value. In addition, we derecognized a build-to-suit arrangement in accordance with the transition requirements, which resulted in an adjustment to retained earnings of $3,913. The standard did not materially affect our consolidated net income or cash flows. See Note 7 for further details. 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 – Derivatives and Hedging. 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. We adopted the provisions of this ASU in the first quarter of 2019 using a modified retrospective approach. Adoption of the new standard did not have a material impact on our consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting. This ASU is intended to simplify aspects of share-based compensation issued to non-employees by making the guidance consistent with accounting for employee share-based compensation. We adopted the provisions of this ASU in the first quarter of 2019. Adoption of the new standard did not have a material impact on our consolidated financial statements. 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 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 reclassification resulted in a $47,656 decrease to AOCI and a corresponding increase to retained earnings. Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU modifies the measurement of expected credit losses of certain financial instruments. ASU 2016-13 is effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods. The amendments in this ASU should be applied on a modified retrospective basis to all periods presented. We will adopt the provisions of this ASU in the first quarter of 2020. Based on our assessment, adoption of the new standard is not expected to have a material impact on our consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. This ASU modifies the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. ASU 2018-13 is effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods, with early adoption permitted. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. We will adopt the provisions of this ASU in the first quarter of 2020. Based on our assessment, adoption of the new standard is not expected to have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Topic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans, which modifies the disclosure requirements for defined benefit pension plans and other post-retirement plans. ASU 2018-14 is effective for annual periods beginning after December 15, 2020, with early adoption permitted. The amendments in this ASU should be applied on a retrospective basis to all periods presented. We intend to early adopt the provisions of this ASU in the fourth quarter of 2019. Based on our assessment, adoption of the new standard is not expected to have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. This ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). ASU 2018-15 is effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods, with early adoption permitted. The amendments in this ASU should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We will adopt the provisions of this ASU in the first quarter of 2020 on a prospective basis. Based on our assessment, adoption of the new standard is not expected to have a material impact on our consolidated financial statements and related disclosures. 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 ACQUISITIONS (Tables)

9 Months Ended

Sep. 29, 2019

ONE Brands, LLC

Business Acquisition and Divestitures [Line Items]

Schedule of Purchase Consideration Allocation to Assets Acquired and Liabilities Assumed

The purchase consideration was allocated to assets acquired and liabilities assumed based on their respective fair values as follows:



Goodwill	$	178,179
Other intangible assets	206,800
Other assets acquired, primarily current assets	25,760
Other liabilities assumed, primarily current liabilities	(9,278		)
Net assets acquired	$	401,461

Pirate Brands

Business Acquisition and Divestitures [Line Items]

Schedule of Purchase Consideration Allocation to Assets Acquired and Liabilities Assumed

The purchase consideration was allocated to assets acquired and liabilities assumed based on their respective fair values as follows:



Inventories	$	4,663
Property, plant and equipment, net	48
Goodwill	129,991
Other intangible assets	289,300
Accrued liabilities	(1,000		)
Net assets acquired	$	423,002

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	$	40,763
Other current assets	34,593
Property, plant and equipment, net	67,989
Goodwill	966,389
Other intangible assets	682,000
Other non-current assets	1,049
Accounts payable	(32,394		)
Accrued liabilities	(132,519		)
Current debt	(610,844		)
Other current liabilities	(2,931		)
Non-current deferred income taxes	(93,489		)
Other long-term liabilities	(5,149		)
Net assets acquired	$	915,457

GOODWILL AND INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 29, 2019

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 nine months ended September 29, 2019 are as follows:



	North America		International and Other			Total
Balance at December 31, 2018	$	1,782,845	$	18,258		$	1,801,103
Acquired during the period (see Note 2)	178,179		—			178,179
Foreign currency translation	3,186		(106		)	3,080
Balance at September 29, 2019	$	1,964,210	$	18,152		$	1,982,362

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:



	September 29, 2019					December 31, 2018
	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
Intangible assets subject to amortization:
Trademarks	$	1,323,225	$	(87,329	)	$	1,173,770	$	(60,995	)
Customer-related	223,610		(41,682		)	163,860		(33,516		)
Patents	16,545		(16,273		)	16,306		(15,772		)
Total	1,563,380		(145,284		)	1,353,936		(110,283		)

Intangible assets not subject to amortization:
Trademarks	34,630					34,639
Total other intangible assets	$	1,452,726				$	1,278,292

SHORT AND LONG-TERM DEBT (Tables)

9 Months Ended

Sep. 29, 2019

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

Long-term debt consisted of the following:



	September 29, 2019			December 31, 2018
2.90% Notes due 2020	$	350,000		$	350,000
4.125% Notes due 2020	350,000			350,000
3.10% Notes due 2021	350,000			350,000
8.8% Debentures due 2021	84,715			84,715
3.375% Notes due 2023	500,000			500,000
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
Finance lease liabilities	78,253			101,980
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts	(11,357		)	(20,667		)
Total long-term debt	3,245,250			3,259,667
Less—current portion	352,954			5,387
Long-term portion	$	2,892,296		$	3,254,280

Schedule of Net Interest Expense

Net interest expense consists of the following:



	Three Months Ended						Nine Months Ended
	September 29, 2019			September 30, 2018			September 29, 2019			September 30, 2018
Interest expense	$	37,845		$	39,978		$	117,700		$	110,929
Capitalized interest	(1,510		)	(1,243		)	(4,158		)	(3,876		)
Interest expense	36,335			38,735			113,542			107,053
Interest income	(879		)	(1,819		)	(6,852		)	(5,846		)
Interest expense, net	$	35,456		$	36,916		$	106,690		$	101,207

- 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

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+ Details

DERIVATIVE INSTRUMENTS (Tables)

9 Months Ended

Sep. 29, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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



Line Item in the Consolidated Balance Sheet in Which the Hedged Item is Included	Carrying Amount of the Hedged Asset/(Liability)						Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount Assets/(Liabilities)
	September 29, 2019			December 31, 2018			September 29, 2019		December 31, 2018
Long-term debt	$	(345,757	)	$	(354,832	)	$	4,243	$	(4,832	)

The following table presents the classification of derivative assets and liabilities within the Consolidated Balance Sheets as of September 29, 2019 and December 31, 2018:



	September 29, 2019				December 31, 2018
	Assets (1)		Liabilities (1)		Assets (1)		Liabilities (1)
Derivatives designated as cash flow hedging instruments:
Foreign exchange contracts	$	700	$	1,001	$	3,394	$	485

Derivatives designated as fair value hedging instruments:
Interest rate swap agreements	4,243		—		—		4,832

Derivatives not designated as hedging instruments:
Commodities futures and options (2)	—		4,220		7,230		262
Deferred compensation derivatives	165		—		—		4,736
Foreign exchange contracts	11		928		70		484
	176		5,148		7,300		5,482
Total	$	5,119	$	6,149	$	10,694	$	10,799


(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 September 29, 2019 and September 30, 2018 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”)					Gains (losses) reclassified from accumulated OCI into income (b)

	2019			2018			2019		2018			2019			2018
Commodities futures and options	$	(9,043	)	$	(71,088	)	$	—	$	—		$	—		$	—
Foreign exchange contracts	(1,224		)	1,595			1,045		(1,484		)	(987		)	4,605
Interest rate swap agreements	—			—			—		—			(2,344		)	(2,344		)
Deferred compensation derivatives	165			1,345			—		—			—			—
Total	$	(10,102	)	$	(68,148	)	$	1,045	$	(1,484	)	$	(3,331	)	$	2,261

The effect of derivative instruments on the Consolidated Statements of Income for the nine months ended September 29, 2019 and September 30, 2018 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”)					Gains (losses) reclassified from accumulated OCI into income (b)

	2019			2018			2019			2018		2019			2018
Commodities futures and options	$	19,847		$	(4,315	)	$	—		$	—	$	—		$	—
Foreign exchange contracts	(1,535		)	1,580			(2,291		)	6,320		919			4,648
Interest rate swap agreements	—			—			—			—		(7,083		)	(7,110		)
Deferred compensation derivatives	4,181			2,151			—			—		—			—
Total	$	22,493		$	(584	)	$	(2,291	)	$	6,320	$	(6,164	)	$	(2,462	)


(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 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.

FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 29, 2019

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 September 29, 2019 and December 31, 2018:



	Assets (Liabilities)
	Level 1		Level 2		Level 3		Total
September 29, 2019:
Derivative Instruments:
Assets:
Foreign exchange contracts (1)	$	—	$	711	$	—	$	711
Interest rate swap agreements (2)	—		4,243		—		4,243
Deferred compensation derivatives (3)	—		165		—		165
Commodities futures and options (4)	—		—		—		—
Liabilities:
Foreign exchange contracts (1)	—		1,929		—		1,929
Commodities futures and options (4)	4,220		—		—		4,220
December 31, 2018:
Assets:
Foreign exchange contracts (1)	$	—	$	3,464	$	—	$	3,464
Commodities futures and options (4)	7,230		—		—		7,230
Liabilities:
Foreign exchange contracts (1)	—		969		—		969
Interest rate swap agreements (2)	—		4,832		—		4,832
Deferred compensation derivatives (3)	—		4,736		—		4,736
Commodities futures and options (4)	262		—		—		262

(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
	September 29, 2019		December 31, 2018		September 29, 2019		December 31, 2018
Current portion of long-term debt	$	354,661	$	5,387	$	352,954	$	5,387
Long-term debt	3,041,644		3,228,877		2,892,296		3,254,280
Total	$	3,396,305	$	3,234,264	$	3,245,250	$	3,259,667

LEASES (Tables)

9 Months Ended

Sep. 29, 2019

Leases [Abstract]

Schedule of Components of Lease Expense

Information regarding our lease terms and discount rates were as follows:



	September 29, 2019
Weighted-average remaining lease term (years)
Operating leases	13.9
Finance leases	31.7

Weighted-average discount rate
Operating leases	3.9	%
Finance leases	6.0	%

The components of lease expense were as follows:



		Three Months Ended		Nine Months Ended
Lease expense	Classification	September 29, 2019		September 29, 2019
Operating lease cost	Cost of sales or SM&A (1)	$	10,623	$	31,110
Finance lease cost:
Amortization of ROU assets	Depreciation and amortization (1)	1,799		5,617
Interest on lease liabilities	Interest expense, net	1,106		3,319
Net lease cost (2)		$	13,528	$	40,046


(1)	Supply chain-related amounts were included in cost of sales.

(2)

Net lease cost does not include short-term leases, variable lease costs or sublease income, all of which are immaterial.

Schedule of Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases were as follows:



Leases	Classification	September 29, 2019
Assets
Operating lease ROU assets	Other assets (non-current)	$	225,959

Finance lease ROU assets, at cost	Property, plant and equipment, gross	99,614
Accumulated amortization	Accumulated depreciation	(5,188		)
Finance lease ROU assets, net	Property, plant and equipment, net	$	94,426

Total leased assets		$	320,385

Liabilities
Current
Operating	Accrued liabilities	$	28,967
Finance	Current portion of long-term debt	3,566
Non-current
Operating	Other long-term liabilities	188,961
Finance	Long-term debt	74,687
Total lease liabilities		$	296,181

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



	September 29, 2019			December 31, 2018
Inventories:
Raw materials	$	280,865		$	237,086
Goods in process	121,335			107,139
Finished goods	738,798			618,798
Inventories at FIFO	1,140,998			963,023
Adjustment to LIFO	(171,927		)	(178,144		)
Total inventories	$	969,071		$	784,879

Prepaid expenses and other:
Prepaid expenses	$	62,964		$	68,490
Assets held for sale	23,339			23,421
Other current assets	167,827			180,248
Total prepaid expenses and other	$	254,130		$	272,159

Property, plant and equipment:
Land	$	104,266		$	102,074
Buildings	1,256,046			1,211,011
Machinery and equipment	3,094,087			2,988,027
Construction in progress	197,899			280,559
Property, plant and equipment, gross	4,652,298			4,581,671
Accumulated depreciation	(2,552,313		)	(2,451,377		)
Property, plant and equipment, net	$	2,099,985		$	2,130,294

Other assets:
Capitalized software, net	$	143,890		$	126,379
Operating lease ROU assets	225,959			—
Other non-current assets	154,474			126,605
Total other assets	$	524,323		$	252,984

Accrued liabilities:
Payroll, compensation and benefits	$	178,678		$	180,546
Advertising, promotion and product allowances	321,826			286,028
Operating lease liabilities	28,967			—
Liabilities held for sale	376			596
Other	196,497			211,993
Total accrued liabilities	$	726,344		$	679,163

Other long-term liabilities:
Post-retirement benefits liabilities	$	189,712		$	195,166
Pension benefits liabilities	61,702			66,379
Operating lease liabilities	188,961			—
Other	187,467			184,503
Total other long-term liabilities	$	627,842		$	446,048

Accumulated other comprehensive loss:
Foreign currency translation adjustments	$	(93,258	)	$	(96,678	)
Pension and post-retirement benefit plans, net of tax	(179,034		)	(205,230		)
Cash flow hedges, net of tax	(51,849		)	(54,872		)
Total accumulated other comprehensive loss	$	(324,141	)	$	(356,780	)

Schedule of Maturity of Operating Lease Liabilities

The maturity of our lease liabilities as of September 29, 2019 were as follows:



	Operating leases		Finance leases		Total
2019 (rest of year)	$	9,939	$	1,943	$	11,882
2020	34,895		6,970		41,865
2021	29,143		5,741		34,884
2022	15,758		4,632		20,390
2023	13,789		4,602		18,391
Thereafter	185,805		170,041		355,846
Total lease payments	289,329		193,929		483,258
Less: Imputed interest	71,401		115,676		187,077
Total lease liabilities	$	217,928	$	78,253	$	296,181

Schedule of Maturity of Finance Lease Liabilities

The maturity of our lease liabilities as of September 29, 2019 were as follows:



	Operating leases		Finance leases		Total
2019 (rest of year)	$	9,939	$	1,943	$	11,882
2020	34,895		6,970		41,865
2021	29,143		5,741		34,884
2022	15,758		4,632		20,390
2023	13,789		4,602		18,391
Thereafter	185,805		170,041		355,846
Total lease payments	289,329		193,929		483,258
Less: Imputed interest	71,401		115,676		187,077
Total lease liabilities	$	217,928	$	78,253	$	296,181

Schedule of Supplemental Cash Flow Information Related To Leases

Supplemental cash flow and other information related to leases were as follows:



	Nine Months Ended
	September 29, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	29,054
Operating cash flows from finance leases	3,319
Financing cash flows from finance leases	2,761

ROU assets obtained in exchange for lease liabilities:
Operating leases	21,998
Finance leases	3,498

ASSETS AND LIABILITIES HELD FOR SALE (Tables)

9 Months Ended

Sep. 29, 2019

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Assets and Liabilities Held for Sale

The amounts classified as assets and liabilities held for sale at September 29, 2019 include the following:



Assets held for sale, included in prepaid expenses and other assets
Property, plant and equipment, net	$	20,905
Other assets	2,434
	$	23,339

Liabilities held for sale, included in accrued liabilities
Accounts payable and accrued liabilities	$	376
	$	376

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
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+ Details

BUSINESS REALIGNMENT ACTIVITIES (Tables)

9 Months Ended

Sep. 29, 2019

Restructuring and Related Activities [Abstract]

Schedule of Business Realignment Activity

Costs associated with business realignment activities are classified in our Consolidated Statements of Income as follows:



	Three Months Ended				Nine Months Ended
	September 29, 2019		September 30, 2018		September 29, 2019		September 30, 2018
Cost of sales	$	—	$	4,565	$	—	$	14,101
Selling, marketing and administrative expense	466		5,198		1,126		17,705
Business realignment costs	1,140		1,660		7,342		10,864
Costs associated with business realignment activities	$	1,606	$	11,423	$	8,468	$	42,670

Costs recorded by program during the three and nine months ended September 29, 2019 and September 30, 2018 were as follows:



	Three Months Ended					Nine Months Ended
	September 29, 2019		September 30, 2018			September 29, 2019		September 30, 2018
Margin for Growth Program:
Severance	$	—	$	5,573		$	5,823	$	12,635
Accelerated depreciation	—		4,786			—		12,030
Other program costs	1,606		6,549			2,645		21,754
Operational Optimization Program:
Gain on sale of facilities	—		(6,562		)	—		(6,562		)
Other program costs	—		1,077			—		2,813
Total	$	1,606	$	11,423		$	8,468	$	42,670

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 nine months ended September 29, 2019:



	Total
Liability balance at December 31, 2018	$	14,605
2019 business realignment charges (1)	8,468
Cash payments	(12,012		)
Liability balance at September 30, 2019 (reported within accrued liabilities)	$	11,061

(1)

The costs reflected in the liability roll-forward represent employee-related and certain third-party service provider charges.

STOCK COMPENSATION PLANS (Tables)

9 Months Ended

Sep. 29, 2019

Share-based Payment Arrangement [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				Nine Months Ended
	September 29, 2019		September 30, 2018		September 29, 2019		September 30, 2018
Pre-tax compensation expense	$	15,867	$	12,122	$	39,579	$	35,668
Related income tax benefit	5,317		2,808		7,639		7,776

Schedule of Activity Relating to the Grants of Stock Options

A summary of activity relating to grants of stock options for the period ended September 29, 2019 is as follows:



Stock Options	Shares		Weighted-Average Exercise Price (per share)	Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at beginning of year	5,394,382		$94.28	5.6 years
Granted	1,640		$109.74
Exercised	(2,774,973	)	$90.78
Forfeited	(67,876	)	$101.58
Outstanding as of September 29, 2019	2,553,173		$97.89	6.0 years	$	142,704
Options exercisable as of September 29, 2019	1,492,037		$95.65	4.7 years	$	86,731

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:



	Nine Months Ended
	September 29, 2019		September 30, 2018
Dividend yields	2.7	%	2.3	%
Expected volatility	17.0	%	16.6	%
Risk-free interest rates	2.5	%	2.8	%
Expected term in years	6.5		6.6

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 September 29, 2019 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 at beginning of year	999,018		$101.57
Granted	478,145		$115.29
Performance assumption change (1)	182,774		$125.20
Vested	(428,229	)	$98.85
Forfeited	(74,453	)	$107.98
Outstanding as of September 29, 2019	1,157,255		$112.06

(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



	Nine Months Ended
	September 29, 2019			September 30, 2018
Units granted	478,145			435,096
Weighted-average fair value at date of grant	$	115.29		$	97.74
Monte Carlo simulation assumptions:
Estimated values	$	48.40		$	29.17
Dividend yields	2.6		%	2.6		%
Expected volatility	20.3		%	20.4		%

SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 29, 2019

Segment Reporting [Abstract]

Schedule of Net Sales and Earnings by Segment

Our segment net sales and earnings were as follows:



	Three Months Ended				Nine Months Ended
	September 29, 2019		September 30, 2018		September 29, 2019			September 30, 2018
Net sales:
North America	$	1,894,033	$	1,843,511	$	5,269,031		$	5,155,151
International and Other	240,389		236,082		649,096			648,016
Total	$	2,134,422	$	2,079,593	$	5,918,127		$	5,803,167

Segment income:
North America	$	570,388	$	556,060	$	1,606,047		$	1,534,345
International and Other	39,444		31,072		81,631			65,379
Total segment income	609,832		587,132		1,687,678			1,599,724
Unallocated corporate expense (1)	132,828		116,474		370,211			361,447
Unallocated mark-to-market losses (gains) on commodity derivatives	12,138		47,617		(13,447		)	(69,464		)
Long-lived asset impairment charges (see Note 6)	—		1,649		4,741			28,817
Costs associated with business realignment activities (see Note 9)	1,606		11,423		8,468			42,670
Acquisition-related costs	2,445		3,706		7,951			36,413
Gain on sale of licensing rights	—		—		—			(2,658		)
Operating profit	460,815		406,263		1,309,754			1,202,499
Interest expense, net	35,456		36,916		106,690			101,207
Other (income) expense, net	17,999		12,493		36,601			35,201
Income before income taxes	$	407,360	$	356,854	$	1,166,463		$	1,066,091

(1)

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

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



	Three Months Ended					Nine Months Ended
	September 29, 2019		September 30, 2018			September 29, 2019			September 30, 2018
Net losses (gains) on mark-to-market valuation of commodity derivative positions recognized in income	$	9,043	$	71,088		$	(19,847	)	$	4,315
Net gains (losses) on commodity derivative positions reclassified from unallocated to segment income	3,095		(23,471		)	6,400			(73,779		)
Net losses (gains) on mark-to-market valuation of commodity derivative positions recognized in unallocated derivative (gains) losses	$	12,138	$	47,617		$	(13,447	)	$	(69,464	)

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				Nine Months Ended
	September 29, 2019		September 30, 2018		September 29, 2019		September 30, 2018
North America	$	56,895	$	52,066	$	165,977	$	152,237
International and Other	7,202		7,260		21,866		28,090
Corporate (1)	10,398		15,481		30,998		45,476
Total	$	74,495	$	74,807	$	218,841	$	225,803

(1)

EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 29, 2019

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
	September 29, 2019					September 30, 2018
	Common Stock		Class B Common Stock			Common Stock		Class B Common Stock
Basic earnings per share:
Numerator:
Allocation of distributed earnings (cash dividends paid)	$	115,176	$	42,551		$	107,532	$	39,767
Allocation of undistributed earnings	122,424		45,156			85,019		31,395
Total earnings—basic	$	237,600	$	87,707		$	192,551	$	71,162

Denominator (shares in thousands):
Total weighted-average shares—basic	149,239		60,614			149,155		60,620

Earnings Per Share—basic	$	1.59	$	1.45		$	1.29	$	1.17

Diluted earnings per share:
Numerator:
Allocation of total earnings used in basic computation	$	237,600	$	87,707		$	192,551	$	71,162
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	87,707		—			71,162		—
Reallocation of undistributed earnings	—		(320		)	—		(139		)
Total earnings—diluted	$	325,307	$	87,387		$	263,713	$	71,023

Denominator (shares in thousands):
Number of shares used in basic computation	149,239		60,614			149,155		60,620
Weighted-average effect of dilutive securities:
Conversion of Class B common stock to Common shares outstanding	60,614		—			60,620		—
Employee stock options	949		—			589		—
Performance and restricted stock units	510		—			317		—
Total weighted-average shares—diluted	211,312		60,614			210,681		60,620

Earnings Per Share—diluted	$	1.54	$	1.44		$	1.25	$	1.17

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:



	Nine Months Ended
	September 29, 2019					September 30, 2018
	Common Stock		Class B Common Stock			Common Stock		Class B Common Stock
Basic earnings per share:
Numerator:
Allocation of distributed earnings (cash dividends paid)	$	331,134	$	122,076		$	303,152	$	112,026
Allocation of undistributed earnings	357,259		132,036			310,942		114,651
Total earnings—basic	$	688,393	$	254,112		$	614,094	$	226,677

Denominator (shares in thousands):
Total weighted-average shares—basic	148,989		60,614			149,371		60,620

Earnings Per Share—basic	$	4.62	$	4.19		$	4.11	$	3.74

Diluted earnings per share:
Numerator:
Allocation of total earnings used in basic computation	$	688,393	$	254,112		$	614,094	$	226,677
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	254,112		—			226,677		—
Reallocation of undistributed earnings	—		(781		)	—		(547		)
Total earnings—diluted	$	942,505	$	253,331		$	840,771	$	226,130

Denominator (shares in thousands):
Number of shares used in basic computation	148,989		60,614			149,371		60,620
Weighted-average effect of dilutive securities:
Conversion of Class B common stock to Common shares outstanding	60,614		—			60,620		—
Employee stock options	783		—			664		—
Performance and restricted stock units	431		—			315		—
Total weighted-average shares—diluted	210,817		60,614			210,970		60,620

Earnings Per Share—diluted	$	4.47	$	4.18		$	3.99	$	3.73

SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables)

9 Months Ended

Sep. 29, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases were as follows:



Leases	Classification	September 29, 2019
Assets
Operating lease ROU assets	Other assets (non-current)	$	225,959

Finance lease ROU assets, at cost	Property, plant and equipment, gross	99,614
Accumulated amortization	Accumulated depreciation	(5,188		)
Finance lease ROU assets, net	Property, plant and equipment, net	$	94,426

Total leased assets		$	320,385

Liabilities
Current
Operating	Accrued liabilities	$	28,967
Finance	Current portion of long-term debt	3,566
Non-current
Operating	Other long-term liabilities	188,961
Finance	Long-term debt	74,687
Total lease liabilities		$	296,181

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



	September 29, 2019			December 31, 2018
Inventories:
Raw materials	$	280,865		$	237,086
Goods in process	121,335			107,139
Finished goods	738,798			618,798
Inventories at FIFO	1,140,998			963,023
Adjustment to LIFO	(171,927		)	(178,144		)
Total inventories	$	969,071		$	784,879

Prepaid expenses and other:
Prepaid expenses	$	62,964		$	68,490
Assets held for sale	23,339			23,421
Other current assets	167,827			180,248
Total prepaid expenses and other	$	254,130		$	272,159

Property, plant and equipment:
Land	$	104,266		$	102,074
Buildings	1,256,046			1,211,011
Machinery and equipment	3,094,087			2,988,027
Construction in progress	197,899			280,559
Property, plant and equipment, gross	4,652,298			4,581,671
Accumulated depreciation	(2,552,313		)	(2,451,377		)
Property, plant and equipment, net	$	2,099,985		$	2,130,294

Other assets:
Capitalized software, net	$	143,890		$	126,379
Operating lease ROU assets	225,959			—
Other non-current assets	154,474			126,605
Total other assets	$	524,323		$	252,984

Accrued liabilities:
Payroll, compensation and benefits	$	178,678		$	180,546
Advertising, promotion and product allowances	321,826			286,028
Operating lease liabilities	28,967			—
Liabilities held for sale	376			596
Other	196,497			211,993
Total accrued liabilities	$	726,344		$	679,163

Other long-term liabilities:
Post-retirement benefits liabilities	$	189,712		$	195,166
Pension benefits liabilities	61,702			66,379
Operating lease liabilities	188,961			—
Other	187,467			184,503
Total other long-term liabilities	$	627,842		$	446,048

Accumulated other comprehensive loss:
Foreign currency translation adjustments	$	(93,258	)	$	(96,678	)
Pension and post-retirement benefit plans, net of tax	(179,034		)	(205,230		)
Cash flow hedges, net of tax	(51,849		)	(54,872		)
Total accumulated other comprehensive loss	$	(324,141	)	$	(356,780	)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - RECENT ACCOUNTING PRONOUNCEMENTS (Details) - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 29, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease ROU assets		$ 225,959,000		$ 0
Total operating lease liabilities		217,928,000
Tax Cuts and Jobs Act of 2017, Reclassification from AOCI to Retained Earnings	$ 47,656,000
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease ROU assets			$ 227,258,000
Total operating lease liabilities			216,966,000
Cumulative effect of new accounting principle in period of adoption		3,913,000
Accounting Standards Update 2016-02 \| Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of new accounting principle in period of adoption		$ 3,913,000	$ 3,913,000

BUSINESS ACQUISITIONS - ONE BRANDS LLC NARRATIVE (Details) - ONE Brands, LLC $ in Thousands	Sep. 23, 2019 USD ($)
Business Acquisition [Line Items]
Business Combination, Consideration Transferred	$ 401,461
Finite-Lived Trademarks, Gross	144,900
Finite-Lived Customer Relationships, Gross	58,800
Finite-Lived Noncompete Agreements, Gross	$ 3,100
Trademarks
Business Acquisition [Line Items]
Finite-Lived Intangible Asset, Useful Life	33 years
Covenants
Business Acquisition [Line Items]
Finite-Lived Intangible Asset, Useful Life	4 years
Minimum \| Customer Relationships
Business Acquisition [Line Items]
Finite-Lived Intangible Asset, Useful Life	17 years
Maximum \| Customer Relationships
Business Acquisition [Line Items]
Finite-Lived Intangible Asset, Useful Life	19 years

BUSINESS ACQUISITIONS - ONE BRANDS LLC ASSETS ACQUIRED AND LIABILITIES ASSUMED ALLOCATION (Details) - USD ($) $ in Thousands	Sep. 29, 2019	Sep. 23, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill	$ 1,982,362		$ 1,801,103
ONE Brands, LLC
Business Acquisition [Line Items]
Goodwill		$ 178,179
Other intangible assets		206,800
Other current assets		(25,760)
Other current liabilities		(9,278)
Net assets acquired		$ 401,461

BUSINESS ACQUISITIONS - PIRATE BRANDS NARRATIVE (Details) - Pirate Brands - USD ($) $ in Thousands	Oct. 17, 2018	Dec. 31, 2018
Business Acquisition [Line Items]
Business Combination, Consideration Transferred	$ 423,002
Finite-Lived Trademarks, Gross		$ 272,000
Finite-Lived Customer Relationships, Gross		$ 17,300
Trademarks
Business Acquisition [Line Items]
Finite-Lived Intangible Asset, Useful Life	45 years
Minimum \| Customer Relationships
Business Acquisition [Line Items]
Finite-Lived Intangible Asset, Useful Life	16 years
Maximum \| Customer Relationships
Business Acquisition [Line Items]
Finite-Lived Intangible Asset, Useful Life	18 years

BUSINESS ACQUISITIONS - PIRATE BRANDS ASSETS ACQUIRED AND LIABILITIES ASSUMED ALLOCATION (Details) - USD ($) $ in Thousands	Sep. 29, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill	$ 1,982,362	$ 1,801,103
Pirate Brands
Business Acquisition [Line Items]
Inventories		4,663
Plant, property and equipment, net		48
Goodwill		129,991
Other intangible assets		289,300
Accrued liabilities		1,000
Net assets acquired		$ 423,002

BUSINESS ACQUISITIONS - AMPLIFY SNACK BRANDS, INC NARRATIVE (Details) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended
	Jan. 31, 2018	Sep. 30, 2018	Dec. 31, 2018
Business Acquisition [Line Items]
Business Acquisition, Equity Interests Received, Common Stock, Value	$ 907,766
Amplify Snack Brands, Inc.
Business Acquisition [Line Items]
Business Combination, Consideration Transferred	$ 968,781
Business Acquisition, Share Price	$ 12.00
Finite-Lived Trademarks, Gross			$ 648,000
Finite-Lived Customer Relationships, Gross			$ 34,000
Business Combination, 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 ACQUISITIONS - AMPLIFY SNACK BRANDS, INC ASSETS ACQUIRED AND LIABILITIES ASSUMED ALLOCATION (Details) - USD ($) $ in Thousands	Sep. 29, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill	$ 1,982,362	$ 1,801,103
Amplify Snack Brands, Inc.
Business Acquisition [Line Items]
Cash		53,324
Accounts receivable		40,763
Other current assets		34,593
Plant, property and equipment, net		67,989
Goodwill		966,389
Other intangible assets		682,000
Other non-current assets		1,049
Accounts payable		(32,394)
Accrued liabilities		(132,519)
Current debt		(610,844)
Other current liabilities		(2,931)
Non-current deferred income taxes		(93,489)
Other long-term 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	9 Months Ended
	Sep. 29, 2019 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,801,103
Acquired during the period	178,179
Foreign currency translation	3,080
Goodwill, ending balance	1,982,362
Operating Segments \| North America
Goodwill [Roll Forward]
Goodwill, beginning balance	1,782,845
Acquired during the period	178,179
Foreign currency translation	3,186
Goodwill, ending balance	1,964,210
Operating Segments \| International and Other
Goodwill [Roll Forward]
Goodwill, beginning balance	18,258
Acquired during the period	0
Foreign currency translation	(106)
Goodwill, ending balance	$ 18,152

GOODWILL AND INTANGIBLE ASSETS - SCHEDULE OF GROSS CARRYING AMOUNT AND ACCUMULATED AMORTIZATION FOR EACH MAJOR CLASS OF INTANGIBLE ASSET (Details) - USD ($) $ in Thousands	Sep. 29, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 1,563,380	$ 1,353,936
Finite-lived intangible assets, accumulated amortization	(145,284)	(110,283)
Other intangibles	1,452,726	1,278,292
Trademarks
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, excluding goodwill	34,630	34,639
Trademarks
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	1,323,225	1,173,770
Finite-lived intangible assets, accumulated amortization	(87,329)	(60,995)
Customer-related
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	223,610	163,860
Finite-lived intangible assets, accumulated amortization	(41,682)	(33,516)
Patents
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	16,545	16,306
Finite-lived intangible assets, accumulated amortization	$ (16,273)	$ (15,772)

SHORT AND LONG-TERM DEBT - NARRATIVE (Details) - USD ($)	Sep. 29, 2019	Dec. 31, 2018
Line of Credit Facility [Line Items]
Short-term debt	$ 1,275,430,000	$ 1,197,929,000
Commercial Paper
Line of Credit Facility [Line Items]
Short-term debt	$ 1,203,638,000	$ 1,084,740,000
Short-term debt, weighted average interest rate	2.10%	2.40%
Revolving Credit Facility \| Foreign Line of Credit
Line of Credit Facility [Line Items]
Short-term foreign bank loans against the lines of credit	$ 71,792,000	$ 113,189,000
Line of Credit \| Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	1,500,000,000
Line of credit facility, accordion feature increase limit	$ 500,000,000

SHORT AND LONG-TERM DEBT - SCHEDULE OF LONG-TERM DEBT INSTRUMENTS (Details) - USD ($) $ in Thousands	Sep. 29, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total long-term debt	$ 3,245,250	$ 3,259,667
Finance Lease, Liability	78,253	101,980
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts	(11,357)	(20,667)
Current portion of long-term debt	352,954	5,387
Long-term debt	2,892,296	3,254,280
Corporate Debt Securities \| 2.90% Notes due 2020
Debt Instrument [Line Items]
Total long-term debt	350,000	350,000
Corporate Debt Securities \| 4.125% Notes due 2020
Debt Instrument [Line Items]
Total long-term debt	350,000	350,000
Corporate Debt Securities \| 3.10% Notes due 2021
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 \| 3.375% Notes due 2023
Debt Instrument [Line Items]
Total long-term debt	500,000	500,000
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

SHORT AND LONG-TERM DEBT - LONG TERM DEBT INTEREST RATES (Details) - Corporate Debt Securities	Sep. 29, 2019	Dec. 31, 2018
2.90% Notes due 2020
Debt Instrument [Line Items]
Interest rate, stated percentage	2.90%	2.90%
4.125% Notes due 2020
Debt Instrument [Line Items]
Interest rate, stated percentage	4.125%	4.125%
3.10% Notes due 2021
Debt Instrument [Line Items]
Interest rate, stated percentage	3.10%	3.10%
8.8% Debentures due 2021
Debt Instrument [Line Items]
Interest rate, stated percentage	8.80%	8.80%
3.375% Notes due 2023
Debt Instrument [Line Items]
Interest rate, stated percentage	3.375%	3.375%
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		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Debt Disclosure [Abstract]
Interest expense	$ 37,845	$ 39,978	$ 117,700	$ 110,929
Capitalized interest	(1,510)	(1,243)	(4,158)	(3,876)
Interest expense	36,335	38,735	113,542	107,053
Interest income	(879)	(1,819)	(6,852)	(5,846)
Interest expense, net	$ 35,456	$ 36,916	$ 106,690	$ 101,207

DERIVATIVE INSTRUMENTS - NARRATIVE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018	Dec. 31, 2018
Derivative [Line Items]
Cash flow hedge gain (loss) to be reclassified within twelve months			$ (9,745)
Commodities futures and options \| Non-designated Hedges
Derivative [Line Items]
Derivative, notional amount	$ 871,219		$ 871,219		$ 693,463
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	34,397		$ 34,397		29,458
Foreign exchange contracts \| Non-designated Hedges
Derivative [Line Items]
Derivative, notional amount	32,077		32,077		11,072
Interest rate swap agreements \| Designated as Hedging Instrument \| Fair Value Hedging
Derivative [Line Items]
Derivative, notional amount	350,000		350,000		350,000
Deferred compensation derivatives
Derivative [Line Items]
Derivative, notional amount	27,857		$ 27,857		$ 33,168
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 \| Designated as Hedging Instrument \| Fair Value Hedging \| Interest Expense
Derivative [Line Items]
Fair value hedges, pre-tax (expense) benefit	$ (458)	$ (370)	$ (1,672)	$ 245

DERIVATIVE INSTRUMENTS - SCHEDULE OF THE CLASSIFICATION OF DERIVATIVE ASSETS AND LIABILITIES WITHIN THE CONSOLIDATED BALANCE SHEETS (Details) - USD ($) $ in Thousands	Sep. 29, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Derivative asset	$ 5,119	$ 10,694
Derivative liability	6,149	10,799
Designated as Hedging Instrument \| Cash Flow Hedges \| Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Derivative asset	700	3,394
Derivative liability	1,001	485
Designated as Hedging Instrument \| Fair Value Hedging \| Interest rate swap
Derivatives, Fair Value [Line Items]
Derivative asset	4,243
Derivative liability		(4,832)
Designated as Hedging Instrument \| Fair Value Hedging \| Interest rate swap agreements
Derivatives, Fair Value [Line Items]
Derivative asset	4,243	0
Derivative liability	0	4,832
Non-designated Hedges
Derivatives, Fair Value [Line Items]
Derivative asset	176	7,300
Derivative liability	5,148	5,482
Non-designated Hedges \| Commodities futures and options
Derivatives, Fair Value [Line Items]
Derivative asset	0	7,230
Derivative liability	4,220	262
Gross derivative assets, included within derivative liabilities	63,855	63,978
Derivative liability, gross liabilities	67,745	57,351
Non-designated Hedges \| Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Derivative asset	11	70
Derivative liability	928	484
Non-designated Hedges \| Deferred compensation derivatives
Derivatives, Fair Value [Line Items]
Derivative asset	165	0
Derivative liability	$ 0	$ 4,736

DERIVATIVE INSTRUMENTS - SCHEDULE OF THE EFFECT OF DERIVATIVE INSTRUMENTS ON THE CONSOLIDATED STATEMENTS OF INCOME (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Derivative [Line Items]
Gains (losses) recognized in income	$ (10,102)	$ (68,148)	$ 22,493	$ (584)
Gains (losses) on cash flow hedging derivatives, pre-tax amount	1,045	(1,484)	(2,291)	6,320
Commodities futures and options
Derivative [Line Items]
Gains (losses) recognized in income	(9,043)	(71,088)	19,847	(4,315)
Foreign exchange contracts
Derivative [Line Items]
Gains (losses) recognized in income	(1,224)	1,595	(1,535)	1,580
Interest rate swap agreements
Derivative [Line Items]
Gains (losses) recognized in income	0	0	0	0
Deferred compensation derivatives
Derivative [Line Items]
Gains (losses) recognized in income	165	1,345	4,181	2,151
Designated as Hedging Instrument \| Cash Flow Hedges
Derivative [Line Items]
Gains (losses) on cash flow hedging derivatives, pre-tax amount	1,045	(1,484)	(2,291)	6,320
Gains (losses) reclassified from accumulated OCI into income	(3,331)	2,261	(6,164)	(2,462)
Designated as Hedging Instrument \| Cash Flow Hedges \| Commodities futures and options
Derivative [Line Items]
Gains (losses) on cash flow hedging derivatives, pre-tax amount	0	0	0	0
Gains (losses) reclassified from accumulated OCI into income	0	0	0	0
Designated as Hedging Instrument \| Cash Flow Hedges \| Foreign exchange contracts
Derivative [Line Items]
Gains (losses) on cash flow hedging derivatives, pre-tax amount	1,045	(1,484)	(2,291)	6,320
Gains (losses) reclassified from accumulated OCI into income	(987)	4,605	919	4,648
Designated as Hedging Instrument \| Cash Flow Hedges \| Interest rate swap agreements
Derivative [Line Items]
Gains (losses) on cash flow hedging derivatives, pre-tax amount	0	0	0	0
Gains (losses) reclassified from accumulated OCI into income	(2,344)	(2,344)	(7,083)	(7,110)
Designated as Hedging Instrument \| Cash Flow Hedges \| Deferred compensation derivatives
Derivative [Line Items]
Gains (losses) on cash flow hedging derivatives, pre-tax amount	0	0	0	0
Gains (losses) reclassified from accumulated OCI into income	$ 0	$ 0	$ 0	$ 0

DERIVATIVE INSTRUMENTS - SCHEDULE OF CUMULATIVE BASIS ADJUSTMENTS FOR INTEREST RATE SWAP DERIVATIVES (Details) - USD ($) $ in Thousands	Sep. 29, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Derivative asset	$ 5,119	$ 10,694
Derivative liability	(6,149)	(10,799)
Fair Value Hedging \| Interest rate swap \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net	(345,757)	(354,832)
Derivative asset	$ 4,243
Derivative liability		$ 4,832

FAIR VALUE MEASUREMENTS - SCHEDULE OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE (Details) - USD ($) $ in Thousands	Sep. 29, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	$ 5,119	$ 10,694
Derivative liability	6,149	10,799
Fair Value, Measurements, Recurring \| Foreign exchange contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	711	3,464
Derivative liability	1,929	969
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	711	3,464
Derivative liability	1,929	969
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 asset	4,243
Derivative liability		4,832
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 asset	0
Derivative liability		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 asset	4,243
Derivative liability		4,832
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 asset	0
Derivative liability		0
Fair Value, Measurements, Recurring \| Deferred compensation derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	165
Derivative liability		4,736
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	165
Derivative liability		4,736
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	0	7,230
Derivative liability	4,220	262
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	0	7,230
Derivative liability	4,220	262
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	Sep. 29, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current portion of long-term debt	$ 352,954	$ 5,387
Long-term debt	2,892,296	3,254,280
Total long-term debt	3,245,250	3,259,667
Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current portion of long-term debt, Fair value	354,661	5,387
Long-term debt, Fair value	3,041,644	3,228,877
Total long-term debt, Fair Value	3,396,305	3,234,264
Current portion of long-term debt	352,954	5,387
Long-term debt	2,892,296	3,254,280
Total long-term debt	$ 3,245,250	$ 3,259,667

LEASES - SCHEDULE OF COMPONENTS OF LEASE EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 29, 2019	Sep. 29, 2019
Leases [Abstract]
Operating lease cost	$ 10,623	$ 31,110
Amortization of ROU assets, Finance lease cost	1,799	5,617
Interest on lease liabilities, Finance lease cost	1,106	3,319
Net lease cost	$ 13,528	$ 40,046

LEASES - SCHEDULE OF INFORMATION REGARDING OUR LEASE TERMS AND DISCOUNT RATES (Details)	Sep. 29, 2019
Leases [Abstract]
Operating leases, Weighted-average remaining lease term	13 years 10 months 24 days
Finance leases, Weighted-average remaining lease term	31 years 8 months 12 days
Operating leases, Weighted-average discount rate	3.90%
Finance leases, Weighted-average discount rate	6.00%

LEASES - SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES (Details) - USD ($)	Sep. 29, 2019	Dec. 31, 2018
Leases [Abstract]
Operating lease ROU assets	$ 225,959,000	$ 0
Finance lease ROU assets, at cost	99,614,000
Accumulated amortization	(5,188,000)
Finance lease ROU assets, net	94,426,000
Total leased assets	320,385,000
Operating lease liabilities, current	28,967,000	0
Finance lease liabilities, current	3,566,000
Operating lease liabilities, non-current	188,961,000	$ 0
Finance lease liabilities, non-current	74,687,000
Total leased assets	$ 296,181,000

LEASES - SCHEDULE OF MATURITIES OF LEASE LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 29, 2019	Dec. 31, 2018
Operating leases
2019 (remaining of year)	$ 9,939
2020	34,895
2021	29,143
2022	15,758
2023	13,789
Thereafter	185,805
Total lease payments	289,329
Less: Imputed interest	71,401
Total operating lease liabilities	217,928
Finance leases
2019 (remaining of year)	1,943
2020	6,970
2021	5,741
2022	4,632
2023	4,602
Thereafter	170,041
Total lease payments	193,929
Less: Imputed interest	115,676
Total finance lease liabilities	78,253	$ 101,980
2019 (remaining of year)	11,882
2020	41,865
2021	34,884
2022	20,390
2023	18,391
Thereafter	355,846
Total lease payments	483,258
Less: Imputed interest	187,077
Total lease liabilities	$ 296,181

LEASES - SCHEDULE OF SUPPLEMENTAL CASH FLOW INFORMATION RELATED TO LEASES (Details) $ in Thousands	9 Months Ended
	Sep. 29, 2019 USD ($)
Leases [Abstract]
Operating cash flows from operating leases	$ 29,054
Operating cash flows from finance leases	3,319
Financing cash flows from finance leases	2,761
Operating leases	21,998
Finance leases	$ 3,498

ASSETS AND LIABILITIES HELD FOR SALE (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property, plant and equipment, net	$ 20,905,000		$ 20,905,000
Other assets	2,434,000		2,434,000
Assets	23,339,000		23,339,000		$ 23,421,000
Accounts payable and accrued liabilities	376,000		376,000
Liabilities	376,000		376,000		$ 596,000
Proceeds from Sale of Intangible Assets				$ 13,000,000
Gain on sale of licensing rights				2,658,000
Proceeds from sales of property, plant and equipment and other long-lived assets			228,000	46,652,000
Business realignment costs	(1,606,000)	$ (11,423,000)	(8,468,000)	(42,670,000)
Proceeds from Divestiture of Businesses			0	171,950,000
Long-lived asset impairment charges	0	1,649,000	4,741,000	28,817,000
Operational Optimization Program
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Business realignment costs		(1,077,000)		(2,813,000)
Facility Closing \| Operational Optimization Program
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sales of property, plant and equipment and other long-lived assets			27,468,000
Business realignment costs	$ 0	$ 6,562,000	$ 0	$ 6,562,000

BUSINESS REALIGNMENT ACTIVITIES - SCHEDULE OF BUSINESS REALIGNMENT ACTIVITY (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Restructuring Cost and Reserve [Line Items]
Business realignment costs	$ 1,606	$ 11,423	$ 8,468	$ 42,670
Margin for Growth Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs	1,606	16,908	8,468	46,419
Operational Optimization Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs		1,077		2,813
Severance \| Margin for Growth Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs	0	5,573	5,823	12,635
Accelerated depreciation and amortization \| Margin for Growth Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs	0	4,786	0	12,030
Other program costs \| Margin for Growth Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs	1,606	6,549	2,645	21,754
Other program costs \| Operational Optimization Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs	0	1,077	0	2,813
Facility Closing \| Operational Optimization Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs	0	(6,562)	0	(6,562)
Cost of Sales
Restructuring Cost and Reserve [Line Items]
Business realignment costs	0	4,565	0	14,101
Selling, marketing and administrative
Restructuring Cost and Reserve [Line Items]
Business realignment costs	466	5,198	1,126	17,705
Business realignment charges
Restructuring Cost and Reserve [Line Items]
Business realignment costs	$ 1,140	$ 1,660	$ 7,342	$ 10,864

BUSINESS REALIGNMENT ACTIVITIES - NARRATIVE (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Feb. 28, 2017
Restructuring Cost and Reserve [Line Items]
Long-lived asset impairment charges	$ 0	$ 1,649,000	$ 4,741,000	$ 28,817,000
Business realignment costs	1,606,000	11,423,000	8,468,000	42,670,000
Margin for Growth Program
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	$ 344,763,000		$ 344,763,000
Long-lived asset impairment charges					$ 16,300,000	$ 208,712,000
Restructuring and Related Cost, Number of Positions Eliminated, Inception to Date Percent	15.00%		15.00%
Business realignment costs	$ 1,606,000	16,908,000	$ 8,468,000	46,419,000
Margin for Growth Program \| Severance
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	53,755,000		53,755,000
Business realignment costs	0	5,573,000	5,823,000	12,635,000
Margin for Growth Program \| Other program costs
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	65,996,000		65,996,000
Business realignment costs	1,606,000	6,549,000	2,645,000	21,754,000
Operational Optimization Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs		1,077,000		2,813,000
Operational Optimization Program \| Other program costs
Restructuring Cost and Reserve [Line Items]
Business realignment costs	0	1,077,000	0	2,813,000
Operational Optimization Program \| Facility Closing
Restructuring Cost and Reserve [Line Items]
Business realignment costs	0	$ (6,562,000)	$ 0	$ (6,562,000)
Business realignment charges \| Geographic Concentration Risk \| North America \| Margin for Growth Program
Restructuring Cost and Reserve [Line Items]
Concentration Risk, Percentage			63.00%
Business realignment charges \| Geographic Concentration Risk \| International and Other \| Margin for Growth Program
Restructuring Cost and Reserve [Line Items]
Concentration Risk, Percentage			37.00%
Minimum \| Margin for Growth Program
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost							$ 375,000,000
Maximum \| Margin for Growth Program
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost							$ 425,000,000
Restructuring and Related Cost, Expected Cost, Cash Portion	$ 103,000,000		$ 103,000,000

INCOME TAXES - NARRATIVE (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
INCOME TAXES - NARRATIVE (Details) - USD ($) $ in Thousands	Sep. 29, 2019	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
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	19.20%	21.30%
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ 5,026
Tax Cuts and Jobs Act of 2017, change in tax rate, income tax expense				$ 32,500
Tax Cuts and Jobs Act of 2017, measurement period adjustment, income tax expense (benefit)			$ 19,500

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS - SCHEDULE OF COMPONENTS OF NET PERIODIC BENEFIT COST (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Pension Benefits
Amounts recognized in net periodic benefit cost
Service cost	$ 5,209	$ 5,272	$ 15,626	$ 15,931
Interest cost	9,153	7,487	27,459	23,153
Expected return on plan assets	(13,494)	(14,455)	(40,483)	(43,973)
Amortization of prior service (credit) cost	(1,808)	(1,804)	(5,425)	(5,402)
Amortization of net loss (gain)	8,421	6,784	25,262	20,155
Settlement loss	4,817	6,893	4,817	6,893
Total net periodic benefit cost	12,298	10,177	27,256	16,757
Other Benefits
Amounts recognized in net periodic benefit cost
Service cost	39	56	114	172
Interest cost	1,958	1,730	5,876	5,194
Expected return on plan assets	0	0	0	0
Amortization of prior service (credit) cost	203	209	609	627
Amortization of net loss (gain)	(96)	0	(288)	0
Settlement loss	0	0	0	0
Total net periodic benefit cost	$ 2,104	$ 1,995	$ 6,311	$ 5,993

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS - NARRATIVE (Details)	3 Months Ended		9 Months Ended
	Sep. 29, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 29, 2019 USD ($)	Sep. 30, 2018 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Remeasurement, Basis Spread on Discount Rate	111		111
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets			6.00%
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 901	$ 6,350	$ 2,071	$ 7,651
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 4,039	$ 6,276	$ 11,788	$ 19,054

STOCK COMPENSATION PLANS - NARRATIVE (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized	$ 72,334
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition	2 years 1 month 6 days
Intrinsic value of share-based liabilities paid, combined with the fair value of shares vested (in millions of dollars)	$ 48,355	$ 22,093
Deferred performance stock units, deferred restricted stock units, and directors' fees and accumulated dividend amounts representing deferred stock units outstanding	337,224
Employee stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 15.25	$ 15.57
Intrinsic value of options exercised (in millions of dollars)	$ 110,304	$ 26,006
Performance stock units and restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, conversion basis (shares)	1

STOCK COMPENSATION PLANS - SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding shares at beginning of year (shares)	5,394,382
Granted (shares)	1,640
Exercised (shares)	(2,774,973)
Forfeited (shares)	(67,876)
Outstanding as of September 29, 2019 (shares)	2,553,173
Options exercisable as of September 29, 2019 (shares)	1,492,037
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding at beginning of year (USD per share)	$ 94.28
Granted (USD per share)	109.74
Exercises (USD per share)	90.78
Forfeited (USD per share)	101.58
Outstanding as of September 29, 2019 (USD per share)	97.89
Options exercisable as of September 29, 2019 (USD per share)	$ 95.65
Options outstanding, weighted-average remaining contractual term	6 years	5 years 7 months 6 days
Options exercisable, weighted aver remaining contractual term	4 years 8 months 12 days
Aggregate intrinsic value of options outstanding	$ 142,704
Aggregate intrinsic value of options exercisable	$ 86,731

STOCK COMPENSATION PLANS - SCHEDULE OF FAIR VALUE WEIGHTED-AVERAGE ASSUMPTIONS (Details)	9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018
Share-based Payment Arrangement [Abstract]
Dividend yields	2.70%	2.30%
Expected volatility	17.00%	16.60%
Risk-free interest rates	2.50%	2.80%
Expected term in years	6 years 6 months	6 years 7 months 6 days

STOCK COMPENSATION PLANS - SCHEDULE OF PSUS AND RSUS ACTIVITY (Details) - Performance and restricted stock units - $ / shares	9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at beginning of year (shares)	999,018
Granted (shares)	478,145	435,096
Performance assumption change (shares)	182,774
Vested (shares)	(428,229)
Forfeited (shares)	(74,453)
Outstanding at September 29, 2019 (shares)	1,157,255
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)	$ 101.57
Weighted-average fair value at date of grant (USD per share)	115.29	$ 97.74
Performance assumption change	125.20
Vested (USD per share)	98.85
Forfeited (USD per share)	107.98
Outstanding at September 29, 2019 (USD per share)	$ 112.06

STOCK COMPENSATION PLANS - SCHEDULE OF PSUS AND RSUS FAIR VALUE WEIGHTED-AVERAGE ASSUMPTIONS (Details) - $ / shares	9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yields	2.70%	2.30%
Performance and restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (shares)	478,145	435,096
Weighted-average fair value at date of grant (USD per share)	$ 115.29	$ 97.74
Estimated values (USD per share)	$ 48.40	$ 29.17
Dividend yields	2.60%	2.60%
Expected volatility	20.30%	20.40%

SEGMENT INFORMATION - NARRATIVE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018	Dec. 31, 2019
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 gains (losses) on commodity derivative positions reclassified from unallocated to segment income	$ 3,095	$ (23,471)	$ 6,400	$ (73,779)
Forecast \| Operating Segments \| Commodities futures and options
Revenue, Major Customer [Line Items]
Net gains (losses) on commodity derivative positions reclassified from unallocated to segment income					$ 25,283
Cost of Sales \| Commodities futures and options
Revenue, Major Customer [Line Items]
Derivative, Gain (Loss) on Derivative, Net			$ 53,765

SEGMENT INFORMATION - SCHEDULE OF NET SALES AND EARNINGS BY SEGMENT (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Net sales	$ 2,134,422	$ 2,079,593	$ 5,918,127	$ 5,803,167
Operating Income (Loss)	(460,815)	(406,263)	(1,309,754)	(1,202,499)
Costs associated with business realignment activities (see Note 9)	1,606	11,423	8,468	42,670
Gain on sale of licensing rights				2,658
Interest expense, net	35,456	36,916	106,690	101,207
Other (income) expense, net	17,999	12,493	36,601	35,201
Income before income taxes	407,360	356,854	1,166,463	1,066,091
Operating Segments
Segment Reporting Information [Line Items]
Operating Income (Loss)	609,832	587,132	1,687,678	1,599,724
Operating Segments \| North America
Segment Reporting Information [Line Items]
Net sales	1,894,033	1,843,511	5,269,031	5,155,151
Operating Income (Loss)	570,388	556,060	1,606,047	1,534,345
Operating Segments \| International and Other
Segment Reporting Information [Line Items]
Net sales	240,389	236,082	649,096	648,016
Operating Income (Loss)	39,444	31,072	81,631	65,379
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Unallocated corporate expense	(132,828)	(116,474)	(370,211)	(361,447)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(12,138)	(47,617)	13,447	69,464
Long-lived asset impairment charges	0	1,649	4,741	28,817
Costs associated with business realignment activities (see Note 9)	1,606	11,423	8,468	42,670
Acquisition-related costs	2,445	3,706	7,951	36,413
Gain on sale of licensing rights	$ 0	$ 0	$ 0	$ 2,658

SEGMENT INFORMATION - SCHEDULE OF UNALLOCATED MARK-TO-MARKET (GAINS) LOSSES ON COMMODITY DERIVATIVES (Details) - Commodities futures and options - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Segment Reconciling Items
Segment Reporting Information [Line Items]
Net losses (gains) on mark-to-market valuation of commodity derivative positions recognized in unallocated derivative (gains) losses	$ 12,138	$ 47,617	$ (13,447)	$ (69,464)
Operating Segments
Segment Reporting Information [Line Items]
Net gains (losses) on commodity derivative positions reclassified from unallocated to segment income	3,095	(23,471)	6,400	(73,779)
Non-designated Hedges
Segment Reporting Information [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ (9,043)	$ (71,088)	$ 19,847	$ (4,315)

TREASURY STOCK ACTIVITY - SCHEDULE OF TREASURY STOCK ACTIVITY (Details)	9 Months Ended
	Sep. 29, 2019 USD ($) shares
Class of Stock [Line Items]
Treasury Stock, Shares, Acquired \| shares	3,530,831
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture \| shares	(3,022,128)
Treasury Stock Change in Shares	$ 508,703
Stock Repurchased During Period, Value	445,870,000
Shares Issued, Value, Share-based Payment Arrangement, before Forfeiture	(125,751,000)
Treasury Stock Change in Value	$ 320,119,000
Common stock
Class of Stock [Line Items]
Treasury Stock, Shares, Acquired \| shares	1,386,193
Stock Repurchased During Period, Value	$ 150,000,000
Employee stock options
Class of Stock [Line Items]
Treasury Stock, Shares, Acquired \| shares	2,144,638
Stock Repurchased During Period, Value	$ 295,870,000

NONCONTROLLING INTEREST - SCHEDULE OF ACTIVITY RELATING TO THE NONCONTROLLING INTEREST (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Noncontrolling Interest [Line Items]
Balance, December 31, 2018			$ 8,545
Net (loss) income attributable to noncontrolling interest	$ (125)	$ 1,700	(171)	$ (1,320)
Balance, September 29, 2019	8,429		8,429
Noncontrolling Interest in Subsidiary
Noncontrolling Interest [Line Items]
Balance, December 31, 2018			8,545
Net (loss) income attributable to noncontrolling interest	(125)	$ 1,700	(171)	$ (1,320)
Other comprehensive loss - foreign currency translation adjustments			55
Balance, September 29, 2019	$ 8,429		$ 8,429

EARNINGS PER SHARE - SCHEDULE OF BASIC AND DILUTED EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Common Stock
Basic earnings per share:
Allocation of distributed earnings (cash dividends paid)	$ 115,176	$ 107,532	$ 331,134	$ 303,152
Allocation of undistributed earnings	122,424	85,019	357,259	310,942
Total earnings—basic	$ 237,600	$ 192,551	$ 688,393	$ 614,094
Total weighted-average shares—basic (shares)	149,239	149,155	148,989	149,371
Earnings Per Share—basic (USD per share)	$ 1.59	$ 1.29	$ 4.62	$ 4.11
Diluted earnings per share:
Allocation of total earnings used in basic computation	$ 237,600	$ 192,551	$ 688,393	$ 614,094
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	87,707	71,162	254,112	226,677
Reallocation of undistributed earnings	0	0	0	0
Total earnings—diluted	$ 325,307	$ 263,713	$ 942,505	$ 840,771
Conversion of Class B common stock to Common shares outstanding	60,614	60,620	60,614	60,620
Total weighted-average shares—diluted (shares)	211,312	210,681	210,817	210,970
Earnings Per Share—diluted (USD per share)	$ 1.54	$ 1.25	$ 4.47	$ 3.99
Common Stock \| Employee stock options
Diluted earnings per share:
Incremental common shares attributable to dilutive effect of share-based payment arrangements	949	589	783	664
Common Stock \| Performance and restricted stock units
Diluted earnings per share:
Incremental common shares attributable to dilutive effect of share-based payment arrangements	510	317	431	315
Class B common stock
Basic earnings per share:
Allocation of distributed earnings (cash dividends paid)	$ 42,551	$ 39,767	$ 122,076	$ 112,026
Allocation of undistributed earnings	45,156	31,395	132,036	114,651
Total earnings—basic	$ 87,707	$ 71,162	$ 254,112	$ 226,677
Total weighted-average shares—basic (shares)	60,614	60,620	60,614	60,620
Earnings Per Share—basic (USD per share)	$ 1.45	$ 1.17	$ 4.19	$ 3.74
Diluted earnings per share:
Allocation of total earnings used in basic computation	$ 87,707	$ 71,162	$ 254,112	$ 226,677
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	0	0	0	0
Reallocation of undistributed earnings	(320)	(139)	(781)	(547)
Total earnings—diluted	$ 87,387	$ 71,023	$ 253,331	$ 226,130
Conversion of Class B common stock to Common shares outstanding	0	0	0	0
Total weighted-average shares—diluted (shares)	60,614	60,620	60,614	60,620
Earnings Per Share—diluted (USD per share)	$ 1.44	$ 1.17	$ 4.18	$ 3.73
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	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	0	0

OTHER (INCOME) EXPENSE, NET - SCHEDULE OF OTHER (INCOME) AND EXPENSE, NET (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Other Income and Expenses [Abstract]
Write-down of equity investments in partnerships qualifying for tax credits	$ 8,779	$ 3,303	$ 18,564	$ 23,067
Non-service cost components of net periodic benefit cost relating to pension and other post-retirement benefit plans	9,154	6,843	17,827	6,647
Other (income) expense, net	66	2,347	210	5,487
Total	$ 17,999	$ 12,493	$ 36,601	$ 35,201

SUPPLEMENTAL BALANCE SHEET INFORMATION - SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION (Details) - USD ($)	Sep. 29, 2019	Dec. 31, 2018
Inventory, Net [Abstract]
Raw materials	$ 280,865,000	$ 237,086,000
Goods in process	121,335,000	107,139,000
Finished goods	738,798,000	618,798,000
Inventories at FIFO	1,140,998,000	963,023,000
Adjustment to LIFO	(171,927,000)	(178,144,000)
Total inventories	969,071,000	784,879,000
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid Expense	62,964,000	68,490,000
Assets	23,339,000	23,421,000
Other Assets, Current	167,827,000	180,248,000
Prepaid Expenses and Other	254,130,000	272,159,000
Property, Plant and Equipment [Abstract]
Land	104,266,000	102,074,000
Buildings	1,256,046,000	1,211,011,000
Machinery and equipment	3,094,087,000	2,988,027,000
Construction in progress	197,899,000	280,559,000
Property, plant and equipment, gross	4,652,298,000	4,581,671,000
Accumulated depreciation	(2,552,313,000)	(2,451,377,000)
Property, plant and equipment, net	2,099,985,000	2,130,294,000
Other Assets, Noncurrent [Abstract]
Capitalized software, net	143,890,000	126,379,000
Operating lease ROU assets	225,959,000	0
Other non-current assets	154,474,000	126,605,000
Total other assets	524,323,000	252,984,000
Accrued Liabilities, Current [Abstract]
Payroll, compensation and benefits	178,678,000	180,546,000
Advertising, promotion and product allowances	321,826,000	286,028,000
Operating lease liabilities, current	28,967,000	0
Liabilities	376,000	596,000
Other	196,497,000	211,993,000
Total accrued liabilities	726,344,000	679,163,000
Other Liabilities, Noncurrent [Abstract]
Post-retirement benefits liabilities	189,712,000	195,166,000
Pension benefits liabilities	61,702,000	66,379,000
Operating lease liabilities, non-current	188,961,000	0
Other	187,467,000	184,503,000
Total other long-term liabilities	627,842,000	446,048,000
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Foreign currency translation adjustments	(93,258,000)	(96,678,000)
Pension and post-retirement benefit plans, net of tax	(179,034,000)	(205,230,000)
Cash flow hedges, net of tax	(51,849,000)	(54,872,000)
Total accumulated other comprehensive loss	$ (324,141,000)	$ (356,780,000)

CONTINGENCIES	9 Months Ended
CONTINGENCIES	Sep. 29, 2019
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.

FAIR VALUE MEASUREMENTS - NARRATIVE (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
FAIR VALUE MEASUREMENTS - NARRATIVE (Details) - USD ($)	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Long-lived asset impairment charges	$ 0	$ 1,649,000	$ 4,741,000	$ 28,817,000
Margin for Growth Program
Derivative [Line Items]
Long-lived asset impairment charges					$ 16,300,000	$ 208,712,000
Significant other unobservable inputs (Level 3)
Derivative [Line Items]
Fair Value, Net Asset (Liability)	$ 0		$ 0		$ 0

BUSINESS REALIGNMENT ACTIVITIES - SCHEDULE OF LIABILITY ACTIVITY FOR COSTS QUALIFYING AS EXIT AND DISPOSAL COSTS (Details) $ in Thousands	9 Months Ended
	Sep. 29, 2019 USD ($)
Restructuring Reserve [Roll Forward]
Liability balance at December 31, 2018	$ 14,605
2019 business realignment charges	8,468
Cash payments	(12,012)
Liability balance at September 29, 2019	$ 11,061

TREASURY STOCK ACTIVITY - NARRATIVE (Details) - USD ($) $ in Thousands	Sep. 29, 2019	Jul. 24, 2018	Oct. 26, 2017
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 410,000
2017 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Authorized Amount			$ 100,000
2018 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Authorized Amount		$ 500,000

NONCONTROLLING INTEREST - NARRATIVE (Details)	Sep. 29, 2019
Lotte Shanghai Food Company [Member] \| Noncontrolling Interest in Subsidiary
Noncontrolling Interest, Ownership Percentage by Parent	50.00%