0000047111-20-000053 | 10-Q | XBRL Viewer

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DOCUMENT AND ENTITY INFORMATION - shares	9 Months Ended
DOCUMENT AND ENTITY INFORMATION - shares	Sep. 27, 2020	Oct. 30, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 27, 2020
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
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		147,529,729
Class B common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		60,613,777

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Net sales	$ 2,219,829	$ 2,134,422	$ 5,964,475	$ 5,918,127
Cost of sales	1,139,805	1,191,104	3,225,277	3,207,561
Gross profit	1,080,024	943,318	2,739,198	2,710,566
Selling, marketing and administrative expense	468,614	481,363	1,352,947	1,388,729
Long-lived asset impairment charges	0	0	9,143	4,741
Business realignment costs (benefits)	0	1,140	(475)	7,342
Operating profit	611,410	460,815	1,377,583	1,309,754
Interest expense, net	37,258	35,456	111,592	106,690
Other (income) expense, net	11,644	17,999	34,394	36,601
Income before income taxes	562,508	407,360	1,231,597	1,166,463
Provision for income taxes	115,250	82,178	247,514	224,129
Net income including noncontrolling interest	447,258	325,182	984,083	942,334
Net loss attributable to noncontrolling interests	(25)	(125)	(3,238)	(171)
Net income attributable to The Hershey Company	$ 447,283	$ 325,307	$ 987,321	$ 942,505
Common stock
Net income per share—basic:
Net income per share - basic (USD per share)	$ 2.21	$ 1.59	$ 4.87	$ 4.62
Net income per share—diluted:
Net income per share - diluted (USD per share)	2.14	1.54	4.71	4.47
Dividends paid per share:
Dividends paid per share (USD per share)	0.804	0.773	2.350	2.217
Class B common stock
Net income per share—basic:
Net income per share - basic (USD per share)	2.00	1.45	4.42	4.19
Net income per share—diluted:
Net income per share - diluted (USD per share)	2.00	1.44	4.40	4.18
Dividends paid per share:
Dividends paid per share (USD per share)	$ 0.731	$ 0.702	$ 2.135	$ 2.014

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Statement of Comprehensive Income [Abstract]
Net income including noncontrolling interest	$ 447,258	$ 325,182	$ 984,083	$ 942,334
Other comprehensive (loss) income, net of tax:
Foreign currency translation gains (losses) during period, pre-tax amount	7,050	(7,604)	(41,242)	3,475
Foreign currency translation gains (losses) during period, tax	0	0	0	0
Foreign currency translation gains (losses) during period, after-tax amount	7,050	(7,604)	(41,242)	3,475
Pension and post-retirement benefit plans:
Net actuarial gain (loss) and prior service cost, pre-tax amount	3,204	10,020	(13,481)	10,020
Net actuarial gain (loss) and prior service cost, tax (expense) benefit	(758)	(2,465)	3,195	(2,465)
Net actuarial gain (loss) and prior service cost, after tax	2,446	7,555	(10,286)	7,555
Reclassification to earnings, pre-tax amount	4,945	11,537	18,242	24,975
Reclassification to earnings, tax (expense) benefit	(452)	(2,755)	(3,183)	(6,335)
Reclassification to earnings, after-tax amount	4,493	8,782	15,059	18,640
Cash flow hedges:
(Losses) gains on cash flow hedging derivatives, pre-tax amount	(807)	1,045	5,249	(2,291)
(Losses) gains on cash flow hedging derivatives, tax (expense) benefit	441	(521)	174	1,327
(Losses) gains on cash flow hedging derivatives, after-tax amount	(366)	524	5,423	(964)
Reclassification to earnings, pre-tax amount	2,341	3,331	5,638	6,164
Reclassification to earnings, tax (expense) benefit	(578)	(400)	(2,508)	(2,176)
Reclassification to earnings, after-tax amount	1,763	2,931	3,130	3,988
Total other comprehensive income (loss), pre-tax amount	16,733	18,329	(25,594)	42,343
Total other comprehensive income (loss), tax (expense) benefit	(1,347)	(6,141)	(2,322)	(9,649)
Total other comprehensive income (loss), after-tax amount	15,386	12,188	(27,916)	32,694
Total comprehensive income including noncontrolling interest	462,644	337,370	956,167	975,028
Comprehensive income (loss) attributable to noncontrolling interest	475	(532)	(2,813)	(116)
Comprehensive income attributable to The Hershey Company	$ 462,169	$ 337,902	$ 958,980	$ 975,144

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 27, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 1,205,889	$ 493,262
Accounts receivable—trade, net	829,513	568,509
Inventories	958,483	815,251
Prepaid expenses and other	213,211	240,080
Total current assets	3,207,096	2,117,102
Property, plant and equipment, net	2,183,376	2,153,139
Goodwill	1,981,503	1,985,955
Other intangibles	1,303,788	1,341,166
Other non-current assets	554,111	512,000
Deferred income taxes	25,160	31,033
Total assets	9,255,034	8,140,395
Current liabilities:
Accounts payable	589,586	550,828
Accrued liabilities	730,947	702,372
Accrued income taxes	73,652	19,921
Short-term debt	45,680	32,282
Current portion of long-term debt	788,328	703,390
Total current liabilities	2,228,193	2,008,793
Long-term debt	4,093,172	3,530,813
Other long-term liabilities	653,587	655,777
Deferred income taxes	211,269	200,018
Total liabilities	7,186,221	6,395,401
Stockholders’ equity:
Preferred stock, shares issued: none in 2020 and 2019	0	0
Additional paid-in capital	1,169,583	1,142,210
Retained earnings	1,800,186	1,290,461
Treasury—common stock shares, at cost: 13,426,093 at September 27, 2020 and 12,723,592 at December 31, 2019	(773,161)	(591,036)
Accumulated other comprehensive loss	(352,307)	(323,966)
Total—The Hershey Company stockholders’ equity	2,065,854	1,739,222
Noncontrolling interest in subsidiary	2,959	5,772
Total stockholders’ equity	2,068,813	1,744,994
Total liabilities and stockholders’ equity	$ 9,255,034	$ 8,140,395
Preferred stock, shares issued (shares)	0	0
Common stock
Stockholders’ equity:
Common stock	$ 160,939	$ 160,939
Class B common stock
Stockholders’ equity:
Common stock	$ 60,614	$ 60,614

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Sep. 27, 2020	Dec. 31, 2019
Preferred stock, shares issued (shares)	0	0
Treasury stock, shares (shares)	13,426,093	12,723,592
Common stock
Common stock, shares issued (shares)	160,939,248	160,939,248
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. 27, 2020	Sep. 29, 2019
Statement of Cash Flows [Abstract]
Net income including noncontrolling interest	$ 984,083	$ 942,334
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	217,689	218,841
Stock-based compensation expense	37,897	39,579
Deferred income taxes	7,237	6,451
Impairment of long-lived assets	9,143	4,741
Write-down of equity investments	29,257	18,564
Other	42,623	34,386
Changes in assets and liabilities, net of business acquisitions and divestitures:
Accounts receivable—trade, net	(275,649)	(240,457)
Inventories	(151,919)	(174,514)
Prepaid expenses and other current assets	7,629	(3,545)
Accounts payable and accrued liabilities	132,265	108,169
Accrued income taxes	77,970	39,871
Contributions to pension and other benefit plans	(12,238)	(13,859)
Other assets and liabilities	(10,721)	12,826
Net cash provided by operating activities	1,095,266	993,387
Investing Activities
Capital additions (including software)	(292,051)	(236,599)
Equity investments in tax credit qualifying partnerships	(46,438)	(52,658)
Business acquisitions, net of cash and cash equivalents acquired	0	(401,461)
Other investing activities	(2,765)	(6,923)
Net cash used in investing activities	(341,254)	(697,641)
Financing Activities
Net increase in short-term debt	13,398	80,707
Long-term borrowings, net of debt issuance costs	989,876	5,116
Repayment of long-term debt and finance leases	(353,136)	(4,895)
Cash dividends paid	(478,018)	(453,210)
Repurchase of common stock	(211,196)	(445,870)
Exercise of stock options	19,111	235,328
Net cash used in financing activities	(19,965)	(582,824)
Effect of exchange rate changes on cash and cash equivalents	(10,737)	1,716
Increase (decrease) in cash and cash equivalents, including cash classified as held for sale	723,310	(285,362)
Less: Increase in cash and cash equivalents classified as held for sale (see Note 8)	10,683	0
Net increase (decrease) in cash and cash equivalents	712,627	(285,362)
Cash and cash equivalents, beginning of period	493,262	587,998
Cash and cash equivalents, end of period	1,205,889	302,636
Supplemental Disclosure
Interest paid	103,009	105,164
Income taxes paid	$ 165,214	$ 162,757

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Cumulative effect, period of adoption, adjustment	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 Cumulative effect, period of adoption, adjustment	Retained Earnings Common stock	Retained Earnings Class B common stock	Treasury Common Stock	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests in Subsidiaries
Accounting standards update [Extensible List]	us-gaap:AccountingStandardsUpdate201602Member
Beginning balance, stockholders' equity at Dec. 31, 2018	$ 1,407,266	$ 3,913			$ 0	$ 299,287	$ 60,614	$ 982,205	$ 7,032,020	$ 3,913			$ (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 attributable to noncontrolling interests	(171)														(171)
Net income including noncontrolling interest	942,334
Other comprehensive (loss) income	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 attributable to noncontrolling interests	(125)														(125)
Net income including noncontrolling interest	325,182
Other comprehensive (loss) income	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
Beginning balance, stockholders' equity at Dec. 31, 2019	1,744,994				0	160,939	60,614	1,142,210	1,290,461				(591,036)	(323,966)	5,772
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to The Hershey Company	987,321								987,321
Net loss attributable to noncontrolling interests	(3,238)														(3,238)
Net income including noncontrolling interest	984,083
Other comprehensive (loss) income	(27,916)													(28,341)	425
Dividends (including dividend equivalents):
Common Stock			(348,186)	(129,410)							(348,186)	(129,410)
Stock-based compensation	37,333							37,333
Exercise of stock options and incentive-based transactions	19,111							(9,960)					29,071
Repurchase of common stock	(211,196)												(211,196)
Ending balance, stockholders' equity at Sep. 27, 2020	2,068,813				0	160,939	60,614	1,169,583	1,800,186				(773,161)	(352,307)	2,959
Beginning balance, stockholders' equity at Jun. 28, 2020	1,756,089				0	160,939	60,614	1,161,878	1,516,543				(779,176)	(367,193)	2,484
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to The Hershey Company	447,283								447,283
Net loss attributable to noncontrolling interests	(25)														(25)
Net income including noncontrolling interest	447,258
Other comprehensive (loss) income	15,386													14,886	500
Dividends (including dividend equivalents):
Common Stock			$ (119,332)	$ (44,308)							$ (119,332)	$ (44,308)
Stock-based compensation	12,153							12,153
Exercise of stock options and incentive-based transactions	1,567							(4,448)					6,015
Ending balance, stockholders' equity at Sep. 27, 2020	$ 2,068,813				$ 0	$ 160,939	$ 60,614	$ 1,169,583	$ 1,800,186				$ (773,161)	$ (352,307)	$ 2,959

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Common stock
Dividends paid per share (USD per share)	$ 0.804	$ 0.773	$ 2.350	$ 2.217
Class B common stock
Dividends paid per share (USD per share)	$ 0.731	$ 0.702	$ 2.135	$ 2.014

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 27, 2020
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 minority shareholders do not have substantive participating rights, we have significant control through contractual or economic interests in which we are the primary beneficiary or we have the power to direct the activities that most significantly impact the entity's economic performance. We use the equity method of accounting when we have a 20% to 50% interest in other companies and exercise significant influence. Other investments that are not controlled, and over which we do not have the ability to exercise significant influence, are accounted for under the cost method. Both equity and cost method investments are included as Other non-current assets in the Consolidated Balance Sheets. 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 27, 2020 may not be indicative of the results that may be expected for the year ending December 31, 2020 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, 2019 (our “2019 Annual Report on Form 10-K”), which provides a more complete understanding of our accounting policies, financial position, operating results and other matters. COVID-19 On March 11, 2020, the World Health Organization designated the novel coronavirus ("COVID-19") as a global pandemic. We continue to actively monitor COVID-19 and its potential impact on our operations and financial results. Employee health and safety remains our first priority while we continue our efforts to support community food supplies. To date, there has been minimal disruption to our supply chain network, and all our manufacturing plants are currently open. We are also working closely with our business units, contract manufacturers, distributors, contractors and other external business partners to minimize the potential impact on our business. In late May and early June, many state governments began a phased reopening of their economies. These phased approaches promoted limited food service offerings, outdoor dining, increased travel and the reopening of retailing establishments while adhering to new guidelines and enhanced safety measures, including social distancing and face mask protocols. As a result, we experienced an increase in our net sales and earnings per share during the third quarter of 2020. While recent reopening approaches have made a short-term positive impact on local and state economies and the United States unemployment rate, certain states have modified reopening plans as new cases of COVID-19 have been on the rise in recent weeks, leading to new trends in outbreaks and hotspots. Additionally, there are concerns regarding another new wave of COVID-19 as the weather gets cooler and gatherings begin to move indoors. We believe the financial impacts from COVID-19 are temporary in nature and do not significantly affect our business model and growth strategy. Therefore, we do not consider COVID-19 to be a triggering event to accelerate our annual impairments tests. We evaluated our goodwill and indefinite-lived intangible assets and determined there were no interim triggering events as it was not more likely than not that the fair value of our reporting units and indefinite-lived intangible assets would be less than their respective carrying amounts. Additionally, we evaluated our long-lived assets, including our property, plant and equipment, lease right-of-use assets and other intangible assets, noting no indicators of impairment. The ultimate impact that COVID-19 will have on our consolidated financial statements remains uncertain and ultimately will be dictated by the length and severity of the pandemic, as well as the economic recovery and federal, state and local government actions taken in response. We will continue to evaluate the nature and extent of these potential impacts to our business and consolidated financial statements. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 elected to early adopt the provisions of this ASU in the fourth quarter of 2019. Adoption of the new standard did not have a material impact on our consolidated financial statements. 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 adopted the provisions of this ASU in the first quarter of 2020. Adoption of the new standard did not have a material impact on our consolidated financial statements. 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 adopted the provisions of this ASU in the first quarter of 2020. Adoption of the new standard did not 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 adopted the provisions of this ASU in the first quarter of 2020 on a prospective basis. Adoption of the new standard did not have a material impact on our consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU is intended to simplify various aspects related to accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and clarifying certain aspects of the current guidance to promote consistency among reporting entities. ASU 2019-12 is effective for annual periods beginning after December 15, 2020 and interim periods within those annual periods, with early adoption permitted. An entity that elects early adoption must adopt all the amendments in the same period. Most amendments within this ASU are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. We are currently evaluating the impact of the new standard on our consolidated financial statements and related disclosures. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The ASU is intended to provide temporary optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. Entities may apply this ASU upon issuance through December 31, 2022 on a prospective basis. We are currently evaluating the impact of the new standard 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 ACQUISITION AND DIVESTITURES

9 Months Ended

Sep. 27, 2020

Business Combinations [Abstract]

Business Acquisition and Divestitures

BUSINESS ACQUISITION AND DIVESTITURES

2020 Activity

During the second quarter of 2020, we completed the divestitures of KRAVE Pure Foods, Inc., and the Scharffen Berger and Dagoba brands, all of which were previously included within the North America segment results in our consolidated financial statements. Total proceeds from the divestitures and the impact on our Consolidated Statements of Income, both individually and on an aggregate basis, were immaterial.

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 a line of low-sugar, high-protein nutrition bars to retailers and distributors in the United States, with the ONE Bar as its primary product. The purchase consideration for ONE Brands totaled $402,160 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' results of operations have been included within the North America segment results in our consolidated financial statements since the date of acquisition. The purchase consideration was allocated to assets acquired and liabilities assumed based on their respective fair values as follows:


	Initial Allocation (1)		Adjustments		Final Allocation
Goodwill	$	179,240	$	825	$	180,065
Other intangible assets	206,800		—		206,800
Other assets acquired, primarily current assets	25,926		(491)		25,435
Other liabilities assumed, primarily current liabilities	(9,806)		(334)		(10,140)
Net assets acquired	$	402,160	$	—	$	402,160

(1)As reported in the Company's 2019 Annual Report on Form 10-K.

The purchase price allocation presented above has been finalized as of the end of the first quarter of 2020. The measurement period adjustments to the initial allocation are based on more detailed information obtained about the specific assets acquired and liabilities assumed.

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.

GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 27, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

GOODWILL AND INTANGIBLE ASSETS

The changes in the carrying value of goodwill by reportable segment for the nine months ended September 27, 2020 are as follows:


	North America		International and Other		Total
Balance at December 31, 2019	$	1,967,466	$	18,489	$	1,985,955

Measurement period adjustments (see Note 2)	825		—		825

Foreign currency translation	(3,397)		(1,880)		(5,277)
Balance at September 27, 2020	$	1,964,894	$	16,609	$	1,981,503

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


	September 27, 2020				December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Intangible assets subject to amortization:
Trademarks	$	1,208,552	$	(95,547)	$	1,212,172	$	(73,262)
Customer-related	202,431		(45,664)		207,749		(40,544)
Patents	8,138		(8,083)		16,711		(16,525)

Total	1,419,121		(149,294)		1,436,632		(130,331)

Intangible assets not subject to amortization:
Trademarks	33,961				34,865
Total other intangible assets	$	1,303,788			$	1,341,166

Total amortization expense for the three months ended September 27, 2020 and September 29, 2019 was $11,618 and $12,684, respectively. Total amortization expense for the nine months ended September 27, 2020 and September 29, 2019 was $34,838 and $37,593, respectively.

SHORT AND LONG-TERM DEBT

9 Months Ended

Sep. 27, 2020

Debt Disclosure [Abstract]

Short and Long-Term Debt

SHORT AND LONG-TERM DEBT

Short-term Debt

As a source of short-term financing, we utilize cash on hand and commercial paper or bank loans with an original maturity of three months or less. We maintain a $1.5 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 27, 2020, 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 2019 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 $45,680 at September 27, 2020 and $32,282 at December 31, 2019. Commitment fees relating to our revolving credit facility and lines of credit are not material.

At September 27, 2020 and December 31, 2019, we had no outstanding commercial paper.

Long-term Debt

Long-term debt consisted of the following:


Debt Type and Rate	Maturity Date	September 27, 2020		December 31, 2019
2.900% Notes (1)	May 15, 2020	$	—	$	350,000
4.125% Notes	December 1, 2020	350,000		350,000
8.800% Debentures	February 15, 2021	84,715		84,715
3.100% Notes	May 15, 2021	350,000		350,000
2.625% Notes	May 1, 2023	250,000		250,000
3.375% Notes	May 15, 2023	500,000		500,000
2.050% Notes	November 15, 2024	300,000		300,000
0.900% Notes (2)	June 1, 2025	300,000		—
3.200% Notes	August 21, 2025	300,000		300,000
2.300% Notes	August 15, 2026	500,000		500,000
7.200% Debentures	August 15, 2027	193,639		193,639
2.450% Notes	November 15, 2029	300,000		300,000
1.700% Notes (2)	June 1, 2030	350,000		—
3.375% Notes	August 15, 2046	300,000		300,000
3.125% Notes	November 15, 2049	400,000		400,000
2.650% Notes (2)	June 1, 2050	350,000		—
Finance lease obligations (see Note 7)		79,621		79,643
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts		(26,475)		(23,794)
Total long-term debt		4,881,500		4,234,203
Less—current portion		788,328		703,390
Long-term portion		$	4,093,172	$	3,530,813

(1)In May 2020, we repaid $350,000 of 2.900% Notes due upon their maturity.

(2)During the second quarter of 2020, we issued $300,000 of 0.900% Notes due in 2025, $350,000 of 1.700% Notes due in 2030 and $350,000 of 2.650% Notes due in 2050 (the "2020 Notes"). Proceeds from the issuance of the 2020 Notes, net of discounts and issuance costs, totaled $989,876. The 2020 Notes were issued under a shelf registration statement on Form S-3 filed in May 2018 that registered an indeterminate amount of debt securities.

Interest Expense

Net interest expense consists of the following:


	Three Months Ended				Nine Months Ended
	September 27, 2020		September 29, 2019		September 27, 2020		September 29, 2019
Interest expense	$	39,720	$	37,845	$	119,496	$	117,700
Capitalized interest	(1,664)		(1,510)		(4,745)		(4,158)
Interest expense	38,056		36,335		114,751		113,542
Interest income	(798)		(879)		(3,159)		(6,852)
Interest expense, net	$	37,258	$	35,456	$	111,592	$	106,690

DERIVATIVE INSTRUMENTS

9 Months Ended

Sep. 27, 2020

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 $594,041 as of September 27, 2020 and $589,662 as of December 31, 2019.

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 and Malaysian ringgit. 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 $106,753 at September 27, 2020 and $65,826 at December 31, 2019. 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 $35,488 at September 27, 2020 and $50,831 at December 31, 2019. 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 27, 2020 and December 31, 2019.

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 27, 2020 and December 31, 2019 was $27,719 and $28,187, respectively.

The following table presents the classification of derivative assets and liabilities within the Consolidated Balance Sheets as of September 27, 2020 and December 31, 2019:


	September 27, 2020				December 31, 2019
	Assets (1)		Liabilities (1)		Assets (1)		Liabilities (1)
Derivatives designated as cash flow hedging instruments:

Foreign exchange contracts	$	3,367	$	55	$	1,235	$	1,779



Derivatives designated as fair value hedging instruments:
Interest rate swap agreements	5,098		—		555		—

Derivatives not designated as hedging instruments:
Commodities futures and options (2)	213		7,286		9,080		626
Deferred compensation derivatives	2,437		—		2,557		—
Foreign exchange contracts	—		805		1,496		—
	2,650		8,091		13,133		626
Total	$	11,115	$	8,146	$	14,923	$	2,405

(1)Derivatives assets are classified on our Consolidated Balance Sheets within prepaid expenses and other as well as other non-current assets. Derivative liabilities are classified on our Consolidated Balance Sheets within accrued liabilities and other long-term liabilities.

(2)As of September 27, 2020, amounts reflected on a net basis in liabilities were assets of $70,064 and liabilities of $74,530, 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, 2019 were assets of $46,075 and liabilities of $37,606. At September 27, 2020 and December 31, 2019, 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 27, 2020 and September 29, 2019 was as follows:


	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 ("AOCI") into income (b)

	2020		2019		2020		2019		2020		2019
Commodities futures and options	$	74,279	$	(9,043)	$	—	$	—	$	—	$	—
Foreign exchange contracts	1,404		(1,224)		(807)		1,045		3		(987)
Interest rate swap agreements	—		—		—		—		(2,344)		(2,344)
Deferred compensation derivatives	2,437		165		—		—		—		—
Total	$	78,120	$	(10,102)	$	(807)	$	1,045	$	(2,341)	$	(3,331)

The effect of derivative instruments on the Consolidated Statements of Income for the nine months ended September 27, 2020 and September 29, 2019 was as follows:


	Non-designated Hedges				Cash Flow Hedges
	Gains (losses) recognized in income (a)				Gains (losses) recognized in OCI				Gains (losses) reclassified from AOCI into income (b)

	2020		2019		2020		2019		2020		2019
Commodities futures and options	$	(189)	$	19,847	$	—	$	—	$	—	$	—
Foreign exchange contracts	(2,472)		(1,535)		5,249		(2,291)		1,393		919
Interest rate swap agreements	—		—		—		—		(7,031)		(7,083)
Deferred compensation derivatives	1,304		4,181		—		—		—		—
Total	$	(1,357)	$	22,493	$	5,249	$	(2,291)	$	(5,638)	$	(6,164)

(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 $6,062 as of September 27, 2020. This amount is primarily associated with interest rate swap agreements.

Fair Value Hedging Relationships

The following table presents amounts that were recorded on the Consolidated Balance Sheets related to cumulative basis adjustments for interest rate swap derivatives designated as fair value accounting hedges as of September 27, 2020 and December 31, 2019.


Line Item in the Consolidated Balance Sheets in Which the Hedged Item is Included	Carrying Amount of the Hedged Liability				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount Assets
	September 27, 2020		December 31, 2019		September 27, 2020		December 31, 2019
Long-term debt	$	(344,902)	$	(349,445)	$	5,098	$	555

For the three months ended September 27, 2020 and September 29, 2019, we recognized a net pretax benefit to interest expense of $1,389 and net incremental interest expense of $458, respectively, relating to our fixed-to-floating interest swap arrangements. For the nine months ended September 27, 2020 and September 29, 2019, we recognized a net

pretax benefit to interest expense of $2,148 and net incremental interest expense of $1,672, respectively, relating to our fixed-to-floating interest swap arrangements.

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 27, 2020

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 Sheets on a recurring basis as of September 27, 2020 and December 31, 2019:


	Assets (Liabilities)
	Level 1		Level 2		Level 3		Total
September 27, 2020:
Derivative Instruments:
Assets:
Foreign exchange contracts (1)	$	—	$	3,367	$	—	$	3,367
Interest rate swap agreements (2)	—		5,098		—		5,098
Deferred compensation derivatives (3)	—		2,437		—		2,437
Commodities futures and options (4)	213		—		—		213
Liabilities:
Foreign exchange contracts (1)	—		860		—		860


Commodities futures and options (4)	7,286		—		—		7,286
December 31, 2019:
Assets:
Foreign exchange contracts (1)	$	—	$	2,731	$	—	$	2,731
Interest rate swap agreements (2)	—		555		—		555
Deferred compensation derivatives (3)	—		2,557		—		2,557
Commodities futures and options (4)	9,080		—		—		9,080
Liabilities:
Foreign exchange contracts (1)	—		1,779		—		1,779


Commodities futures and options (4)	626		—		—		626

(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 27, 2020 and December 31, 2019 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 27, 2020		December 31, 2019		September 27, 2020		December 31, 2019
Current portion of long-term debt	$	799,470	$	712,863	$	788,328	$	703,390
Long-term debt	4,433,329		3,656,540		4,093,172		3,530,813
Total	$	5,232,799	$	4,369,403	$	4,881,500	$	4,234,203

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.

2020 Activity

During the first nine months ended September 27, 2020, we recorded the following impairment charges, which use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy:


	2020
Adjustment to disposal group (1)	$	6,200
Other asset write-down (2)	2,943
Long-lived asset impairment charges	$	9,143

(1)In connection with our disposal group classified as held for sale, as discussed in Note 8, during 2020, we recorded impairment charges to adjust long-lived asset values. The fair value of the disposal group was supported by potential sales prices with third-party buyers. We expect the sale of the disposal group to be completed during 2020.

(2)In connection with a previous sale, the Company wrote-down certain receivables deemed uncollectible.

2019 Activity

During the second quarter of 2019, we recorded impairment charges totaling $4,741. These charges were predominantly comprised of select long-lived assets that had not yet met the held for sale criteria.

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.

LEASES

9 Months Ended

Sep. 27, 2020

Leases [Abstract]

Leases

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.

As a result of the impact of COVID-19 on our ability to operate certain parts of our business, during the nine months ended September 27, 2020, we received immaterial rent concessions primarily on select office space. We will continue to evaluate the nature and extent of potential COVID-19 impacts on our lease agreements.

The components of lease expense for the three months ended September 27, 2020 and September 29, 2019 were as follows:


		Three Months Ended
Lease expense	Classification	September 27, 2020		September 29, 2019
Operating lease cost	Cost of sales or SM&A (1)	$	11,485	$	10,623
Finance lease cost:
Amortization of ROU assets	Depreciation and amortization (1)	1,959		1,799
Interest on lease liabilities	Interest expense, net	1,106		1,106
Net lease cost (2)		$	14,550	$	13,528

The components of lease expense for the nine months ended September 27, 2020 and September 29, 2019 were as follows:


		Nine Months Ended
Lease expense	Classification	September 27, 2020		September 29, 2019
Operating lease cost	Cost of sales or SM&A (1)	$	32,702	$	31,110
Finance lease cost:
Amortization of ROU assets	Depreciation and amortization (1)	5,938		5,617
Interest on lease liabilities	Interest expense, net	3,340		3,319
Net lease cost (2)		$	41,980	$	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 27, 2020		December 31, 2019
Weighted-average remaining lease term (years)
Operating leases	12.6		14.3
Finance leases	30.5		31.4

Weighted-average discount rate
Operating leases	3.8	%	3.8	%
Finance leases	5.9	%	6.0	%

Supplemental balance sheet information related to leases were as follows:


Leases	Classification	September 27, 2020		December 31, 2019
Assets
Operating lease ROU assets	Other non-current assets	$	229,766	$	220,678

Finance lease ROU assets, at cost	Property, plant and equipment, gross	100,004		101,142
Accumulated amortization	Accumulated depreciation	(8,403)		(7,225)
Finance lease ROU assets, net	Property, plant and equipment, net	91,601		93,917

Total leased assets		$	321,367	$	314,595

Liabilities
Current
Operating	Accrued liabilities	$	35,197	$	29,209
Finance	Current portion of long-term debt	4,412		4,079
Non-current
Operating	Other long-term liabilities	187,709		184,163
Finance	Long-term debt	75,209		75,564
Total lease liabilities		$	302,527	$	293,015

The maturity of our lease liabilities as of September 27, 2020 were as follows:


	Operating leases		Finance leases		Total
2020 (rest of year)	$	10,526	$	2,129	$	12,655
2021	42,447		7,938		50,385
2022	28,568		6,328		34,896
2023	18,391		4,637		23,028
2024	14,797		4,594		19,391
Thereafter	173,371		165,336		338,707
Total lease payments	288,100		190,962		479,062
Less: Imputed interest	65,194		111,341		176,535
Total lease liabilities	$	222,906	$	79,621	$	302,527

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


	Nine Months Ended
	September 27, 2020		September 29, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	32,010	$	29,054
Operating cash flows from finance leases	3,341		3,319
Financing cash flows from finance leases	3,136		2,761

ROU assets obtained in exchange for lease liabilities:
Operating leases	$	36,629	$	21,998
Finance leases	2,076		3,498

ASSETS AND LIABILITIES HELD FOR SALE	9 Months Ended
ASSETS AND LIABILITIES HELD FOR SALE	Sep. 27, 2020
Discontinued Operations and Disposal Groups [Abstract]
Assets and Liabilities Held for Sale	ASSETS AND LIABILITIES HELD FOR SALE As of September 27, 2020, the following disposal group has been classified as held for sale and stated at the lower of net book value or estimated sales value less costs to sell: •The Lotte Shanghai Foods Co., Ltd. ("LSFC") joint venture, which was taken out of operation and classified as held for sale during the second quarter of 2018. In October 2020, we entered into a definitive agreement to divest LSFC. The transaction is subject to government approval and other customary closing conditions and is expected to close in the fourth quarter of 2020. Total proceeds from the sale of LSFC, net of cash divested, are expected to be immaterial. The amounts classified as assets and liabilities held for sale at September 27, 2020 are not significant.

BUSINESS REALIGNMENT ACTIVITIES

9 Months Ended

Sep. 27, 2020

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 27, 2020		September 29, 2019		September 27, 2020		September 29, 2019
Selling, marketing and administrative expense	$	—	$	466	$	2,645	$	1,126
Business realignment costs (benefits)	—		1,140		(475)		7,342
Costs associated with business realignment activities	$	—	$	1,606	$	2,170	$	8,468

Costs recorded by program during the three and nine months ended September 27, 2020 and September 29, 2019 related to these activities were as follows:


	Three Months Ended				Nine Months Ended
	September 27, 2020		September 29, 2019		September 27, 2020		September 29, 2019
Margin for Growth Program:
Severance	$	—	$	—	$	(653)	$	5,823
Other program costs	—		1,606		2,823		2,645
Total	$	—	$	1,606	$	2,170	$	8,468

The following table presents the liability activity for costs qualifying as exit and disposal costs for the nine months ended September 27, 2020:


	Total
Liability balance at December 31, 2019	$	9,118
2020 business realignment charges (1)	2,170
Cash payments	(8,920)

Liability balance at September 27, 2020 (reported within accrued liabilities)	$	2,368

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

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.

Margin for Growth Program

In the first quarter 2017, the Company's Board of Directors ("Board") unanimously approved several initiatives under a single program 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 recognized total costs of $2,170 associated with the Margin for Growth Program for the six months ended June 28, 2020, at which time the program was completed. 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. These charges included employee severance, largely relating to initiatives to improve the cost structure of our corporate operating model as part of optimizing our global supply chain. In addition, we incurred other program costs, which related primarily to third-party charges in support of our initiative to improve global efficiency and effectiveness.

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 27, 2020
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The majority of our taxable income is generated in the United States and taxed at the United States statutory rate of 21%. The effective tax rates for the nine months ended September 27, 2020 and September 29, 2019 were 20.1% and 19.2%, respectively. Relative to the statutory rate, the 2020 effective tax rate was impacted by investment tax credits and the benefit of employee share-based payments, partially offset by state taxes. Hershey and its subsidiaries file tax returns in the United States, including various state and local returns, and in other foreign jurisdictions. We are routinely audited by taxing authorities in our filing jurisdictions, and a number of these audits are currently underway, including multi-year audits at various stages of review in Malaysia, Mexico and the United States. The outcome of tax audits cannot be predicted with certainty, including the timing of resolution or potential settlements. If any issues addressed in our tax audits are resolved in a manner not consistent with management’s expectations, we could be required to adjust our provision for income taxes in the period such resolution occurs. Based on our current assessments, we believe adequate provision has been made for all income tax uncertainties. We reasonably expect reductions in the liability for unrecognized tax benefits of approximately $3,236 within the next 12 months because of the expiration of statutes of limitations and settlements of tax audits. Coronavirus Aid, Relief, and Economic Security Act On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was signed into law. The CARES Act provides a substantial stimulus and assistance package intended to address the impact of the COVID-19 pandemic, including tax relief and government loans, grants and investments. The CARES Act did not have a material impact on our consolidated financial statements for the three and nine months ended September 27, 2020.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS

9 Months Ended

Sep. 27, 2020

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 27, 2020 and September 29, 2019 were as follows:


	Pension Benefits				Other Benefits
	Three Months Ended				Three Months Ended
	September 27, 2020		September 29, 2019		September 27, 2020		September 29, 2019
Service cost	$	5,431	$	5,209	$	39	$	39
Interest cost	6,125		9,153		1,508		1,958
Expected return on plan assets	(13,243)		(13,494)		—		—
Amortization of prior service (credit) cost	(1,823)		(1,808)		75		203
Amortization of net loss (gain)	7,026		8,421		(10)		(96)
Settlement loss	1,282		4,817		—		—
Total net periodic benefit cost	$	4,798	$	12,298	$	1,612	$	2,104

We made contributions of $748 and $3,157 to the pension plans and other benefits plans, respectively, during the third quarter of 2020. In the third quarter of 2019, we made contributions of $901 and $4,039 to our pension plans and other benefit plans, respectively. The contributions in 2020 and 2019 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 27, 2020 and September 29, 2019 were as follows:


	Pension Benefits				Other Benefits
	Nine Months Ended				Nine Months Ended
	September 27, 2020		September 29, 2019		September 27, 2020		September 29, 2019
Service cost	$	16,274	$	15,626	$	119	$	114
Interest cost	20,081		27,459		4,520		5,876
Expected return on plan assets	(39,553)		(40,483)		—		—
Amortization of prior service (credit) cost	(5,474)		(5,425)		225		609
Amortization of net loss (gain)	20,190		25,262		(29)		(288)
Settlement loss	4,935		4,817		—		—
Total net periodic benefit cost	$	16,453	$	27,256	$	4,835	$	6,311

We made contributions of $1,753 and $10,485 to the pension plans and other benefits plans, respectively, during the first nine months of 2020. In the first nine months of 2019, we made contributions of $2,071 and $11,788 to our pension plans and other benefit plans, respectively. The contributions in 2020 and 2019 also included benefit payments from our non-qualified pension plans and post-retirement benefit plans.

The non-service cost components of net periodic benefit cost relating to pension and other post-retirement benefit plans is reflected within other (income) expense, net in the Consolidated Statements of Income (see Note 18).

During the second and third quarters of 2020, 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. 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 2020 settlements, the related plan assets and liabilities were remeasured using a discount rate as of the remeasurement date that was 78 basis points lower than the rate as of December 31, 2019 and an expected rate of return on plan assets of 5.3%.

- Definition

The entire disclosure for retirement benefits.

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+ Details

STOCK COMPENSATION PLANS

9 Months Ended

Sep. 27, 2020

Share-based Payment Arrangement [Abstract]

Stock Compensation Plans

STOCK COMPENSATION PLANS

Share-based grants for compensation and incentive purposes are made pursuant to the Equity and Incentive Compensation Plan (“EICP”). The EICP provides for grants of one or more of the following stock-based compensation awards to employees, non-employee directors and certain service providers upon whom the successful conduct of our business is dependent:

•Non-qualified stock options ("stock options");

•Performance stock units ("PSUs") and performance stock;

•Stock appreciation rights;

•Restricted stock units ("RSUs") and restricted stock; and

•Other stock-based awards.

The EICP also provides for the deferral of stock-based compensation awards by participants if approved by the Compensation and Executive Organization Committee of our Board and if in accordance with an applicable deferred compensation plan of the Company. Currently, the Compensation and Executive Organization Committee has authorized the deferral of PSU and RSU awards by certain eligible employees under the Company’s Deferred Compensation Plan. Our Board has authorized our non-employee directors to defer any portion of their cash retainer, committee chair fees and RSUs awarded that they elect to convert into deferred stock units under our Directors’ Compensation Plan.

At the time stock options are exercised or PSUs and RSUs become payable, Common Stock is issued from our accumulated treasury shares. Dividend equivalents are credited on RSUs on the same date and at the same rate as dividends paid on our Common Stock. Dividend equivalents are charged to retained earnings and included in accrued liabilities until paid.

Awards to employees eligible for retirement prior to the award becoming fully vested are amortized to expense over the period through the date that the employee first becomes eligible to retire and is no longer required to provide service to earn the award. In addition, historical data is used to estimate forfeiture rates and record share-based compensation expense only for those awards that are expected to vest.

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 27, 2020		September 29, 2019		September 27, 2020		September 29, 2019
Pre-tax compensation expense	$	12,407	$	15,867	$	37,897	$	39,579
Related income tax benefit	2,723		5,317		7,617		7,639

Compensation expenses for stock compensation plans are primarily included in selling, marketing and administrative expense. As of September 27, 2020, total stock-based compensation expense related to non-vested awards not yet recognized was $61,679 and the weighted-average period over which this amount is expected to be recognized was approximately 2.0 years.

Stock Options

The exercise price of each stock option awarded under the EICP equals the closing price of our Common Stock on the New York Stock Exchange on the date of grant. Each stock option has a maximum term of 10 years. Grants of stock options provide for pro-rated vesting, typically over a four-year period. Expense for stock options is based on grant date fair value and recognized on a straight-line method over the vesting period, net of estimated forfeitures.

A summary of activity relating to grants of stock options for the period ended September 27, 2020 is as follows:


Stock Options	Shares	Weighted-Average Exercise Price (per share)	Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at beginning of the period	2,420,461	$97.80	5.7 years
Granted	15,260	$157.32
Exercised	(470,308)	$92.41
Forfeited	(40,549)	$102.49
Outstanding as of September 27, 2020	1,924,864	$99.49	5.1 years	$	77,326
Options exercisable as of September 27, 2020	1,475,833	$98.02	4.4 years	$	61,246

The weighted-average fair value of options granted was $21.31 and $15.25 per share for the periods ended September 27, 2020 and September 29, 2019, 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 27, 2020		September 29, 2019
Dividend yields	2.1	%	2.7	%
Expected volatility	17.5	%	17.0	%
Risk-free interest rates	1.3	%	2.5	%
Expected term in years	6.7		6.5

The total intrinsic value of options exercised was $27,394 and $110,304 for the periods ended September 27, 2020 and September 29, 2019, respectively.

Performance Stock Units and Restricted Stock Units

Under the EICP, we grant PSUs to selected executives and other key employees. Vesting is contingent upon the achievement of certain performance objectives. We grant PSUs over 3-year performance cycles. If we meet targets for financial measures at the end of the applicable 3-year performance cycle, we award a resulting number of shares of our Common Stock to the participants. The number of shares may be increased to the maximum or reduced to the minimum threshold based on the results of these performance metrics in accordance with the terms established at the time of the award.

For PSUs granted, the target award is a combination of a market-based total shareholder return and performance-based components. For market-based condition components, market volatility and other factors are taken into consideration in determining the grant date fair value and the related compensation expense is recognized regardless of whether the market condition is satisfied, provided that the requisite service has been provided. For performance-based condition components, we estimate the probability that the performance conditions will be achieved each quarter and adjust compensation expenses accordingly. The performance scores of PSU grants during the nine months ended September 27, 2020 and September 29, 2019 can range from 0% to 250% of the targeted amounts.

We recognize the compensation expenses associated with PSUs ratably over the 3-year term. Compensation expenses is based on the grant date fair value because the grants can only be settled in shares of our Common Stock. The grant date fair value of PSUs is determined based on the Monte Carlo simulation model for the market-based total shareholder return component and the closing market price of the Company’s Common Stock on the date of grant for performance-based components.

During the nine months ended September 27, 2020 and September 29, 2019, we awarded RSUs to certain executive officers and other key employees under the EICP. We also awarded RSUs to non-employee directors.

We recognize the compensation expenses associated with employee RSUs over a specified award vesting period based on the grant date fair value of our Common Stock. We recognize expense for employee RSUs based on the straight-line method. The compensation expenses associated with non-employee director RSUs is recognized ratably over the vesting period, net of estimated forfeitures.

A summary of activity relating to grants of PSUs and RSUs for the period ended September 27, 2020 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	1,089,916	$112.52
Granted	340,526	$162.08
Performance assumption change (1)	(65,066)	$149.73
Vested	(350,776)	$108.83
Forfeited	(115,570)	$120.19
Outstanding as of September 27, 2020	899,030	$133.85

(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 27, 2020			September 29, 2019
Units granted	340,526			478,145
Weighted-average fair value at date of grant	$	162.08		$	115.29
Monte Carlo simulation assumptions:
Estimated values	$	80.08		$	48.40
Dividend yields	2.0		%	2.6		%
Expected volatility	17.3		%	20.3		%

The fair value of shares vested totaled $52,181 and $48,355 for the periods ended September 27, 2020 and September 29, 2019, respectively.

Deferred PSUs, deferred RSUs and deferred stock units representing directors’ fees totaled 251,246 units as of September 27, 2020. Each unit is equivalent to one share of the Company’s Common Stock.

SEGMENT INFORMATION

9 Months Ended

Sep. 27, 2020

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 primarily 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 91% 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 as 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 27, 2020		September 29, 2019		September 27, 2020		September 29, 2019
Net sales:
North America	$	2,014,152	$	1,894,033	$	5,442,760	$	5,269,031
International and Other	205,677		240,389		521,715		649,096
Total	$	2,219,829	$	2,134,422	$	5,964,475	$	5,918,127

Segment income:
North America	$	647,109	$	570,388	$	1,726,251	$	1,606,047
International and Other	24,477		39,444		36,512		81,631
Total segment income	671,586		609,832		1,762,763		1,687,678
Unallocated corporate expense (1)	131,934		135,273		363,384		378,162
Unallocated mark-to-market (gains) losses on commodity derivatives	(71,758)		12,138		10,483		(13,447)
Long-lived asset impairment charges (see Note 6)	—		—		9,143		4,741
Costs associated with business realignment activities (see Note 9)	—		1,606		2,170		8,468


Operating profit	611,410		460,815		1,377,583		1,309,754
Interest expense, net (see Note 4)	37,258		35,456		111,592		106,690
Other (income) expense, net (see Note 18)	11,644		17,999		34,394		36,601
Income before income taxes	$	562,508	$	407,360	$	1,231,597	$	1,166,463

(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, (d) acquisition-related costs, and (e) other gains or losses that are not integral to segment performance.

Activity within the unallocated mark-to-market adjustment for commodity derivatives is as follows:


	Three Months Ended				Nine Months Ended
	September 27, 2020		September 29, 2019		September 27, 2020		September 29, 2019
Net (gains) losses on mark-to-market valuation of commodity derivative positions recognized in income	$	(74,279)	$	9,043	$	189	$	(19,847)
Net gains on commodity derivative positions reclassified from unallocated to segment income	2,521		3,095		10,294		6,400
Net (gains) losses on mark-to-market valuation of commodity derivative positions recognized in unallocated derivative (gains) losses	$	(71,758)	$	12,138	$	10,483	$	(13,447)

As of September 27, 2020, 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 $58,484. 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 $28,708 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 27, 2020		September 29, 2019		September 27, 2020		September 29, 2019
North America	$	56,518	$	56,895	$	164,599	$	165,977
International and Other	6,956		7,202		21,202		21,866
Corporate	11,691		10,398		31,888		30,998
Total	$	75,165	$	74,495	$	217,689	$	218,841

Additional information regarding our net sales disaggregated by geographical region is as follows:


	Three Months Ended				Nine Months Ended
	September 27, 2020		September 29, 2019		September 27, 2020		September 29, 2019
Net sales:
United States	$	1,914,316	$	1,797,576	$	5,185,858	$	5,019,119
All other countries	305,513		336,846		778,617		899,008
Total	$	2,219,829	$	2,134,422	$	5,964,475	$	5,918,127

The majority of our products are confectionery or confectionery-based and include chocolate and non-chocolate confectionery products, gum and mint refreshment products, spreads, snack bites and mixes, as well as pantry items such as baking ingredients, toppings and sundae syrups. Our snacks portfolio includes ready-to-eat popcorn, baked and trans fat free snacks, protein bars and other better-for-you snacks. Additional information regarding our net sales disaggregated by product line is as follows:


	Three Months Ended				Nine Months Ended
	September 27, 2020		September 29, 2019		September 27, 2020		September 29, 2019
Net sales:
Confectionery and confectionery-based portfolio	$	2,078,582	$	2,022,641	$	5,578,997	$	5,609,796
Snacks portfolio	141,247		111,781		385,478		308,331
Total	$	2,219,829	$	2,134,422	$	5,964,475	$	5,918,127

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

TREASURY STOCK ACTIVITY TREASURY STOCK ACTIVITY (Notes)

9 Months Ended

Sep. 27, 2020

Equity [Abstract]

Treasury Stock Activity

TREASURY STOCK ACTIVITY

A summary of our treasury stock activity is as follows:


	Nine Months Ended September 27, 2020
	Shares	Dollars
		In thousands
Shares repurchased in the open market under pre-approved share repurchase programs	951,138	$	150,000

Shares repurchased to replace Treasury Stock issued for stock options and incentive compensation	450,000	61,196
Total share repurchases	1,401,138	211,196
Shares issued for stock options and incentive compensation	(698,637)	(29,071)
Net change	702,501	$	182,125

In July 2018, our Board of Directors approved a $500,000 share repurchase authorization to repurchase shares of our Common Stock. As of September 27, 2020, $260,000 remained available for repurchases of our Common Stock under this program. We are authorized to purchase our outstanding shares in open market and privately negotiated transactions. The program has no expiration date and acquired shares of Common Stock will be held as treasury shares. Purchases under approved share repurchase authorizations are in addition to our practice of buying back shares sufficient to offset those issued under incentive compensation plans.

NONCONTROLLING INTEREST

9 Months Ended

Sep. 27, 2020

Equity [Abstract]

Noncontrolling Interest

NONCONTROLLING INTEREST

Noncontrolling Interest in Subsidiary

We currently own a 50% controlling interest in LSFC, a joint venture established in 2007 in China for the purpose of manufacturing and selling product to the joint venture partners. As discussed in Note 8, in October 2020, we entered into a definitive agreement to divest LSFC.

A roll-forward showing the 2020 activity relating to the noncontrolling interest follows:


	Noncontrolling Interest
Balance, December 31, 2019	$	5,772
Net loss attributable to noncontrolling interest	(3,238)
Other comprehensive income - foreign currency translation adjustments	425
Balance, September 27, 2020	$	2,959

The 2020 net loss attributable to the noncontrolling interest reflects the 50% allocation of LSFC-related business realignment and impairment costs (see Note 9).

CONTINGENCIES	9 Months Ended
CONTINGENCIES	Sep. 27, 2020
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.

EARNINGS PER SHARE

9 Months Ended

Sep. 27, 2020

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 27, 2020				September 29, 2019
	Common Stock		Class B Common Stock		Common Stock		Class B Common Stock
Basic earnings per share:
Numerator:
Allocation of distributed earnings (cash dividends paid)	$	119,431	$	44,308	$	115,176	$	42,551
Allocation of undistributed earnings	206,491		77,053		122,424		45,156
Total earnings—basic	$	325,922	$	121,361	$	237,600	$	87,707

Denominator (shares in thousands):
Total weighted-average shares—basic	147,688		60,614		149,239		60,614

Earnings Per Share—basic	$	2.21	$	2.00	$	1.59	$	1.45

Diluted earnings per share:
Numerator:
Allocation of total earnings used in basic computation	$	325,922	$	121,361	$	237,600	$	87,707
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	121,361		—		87,707		—
Reallocation of undistributed earnings	—		(317)		—		(320)
Total earnings—diluted	$	447,283	$	121,044	$	325,307	$	87,387

Denominator (shares in thousands):
Number of shares used in basic computation	147,688		60,614		149,239		60,614
Weighted-average effect of dilutive securities:
Conversion of Class B common stock to Common shares outstanding	60,614		—		60,614		—
Employee stock options	557		—		949		—
Performance and restricted stock units	281		—		510		—
Total weighted-average shares—diluted	209,140		60,614		211,312		60,614

Earnings Per Share—diluted	$	2.14	$	2.00	$	1.54	$	1.44

The earnings per share calculations for the three months ended September 27, 2020 excluded 15 stock options (in thousands) that would have been antidilutive. There were no antidilutive stock options for the three months ended September 29, 2019.


	Nine Months Ended
	September 27, 2020				September 29, 2019
	Common Stock		Class B Common Stock		Common Stock		Class B Common Stock
Basic earnings per share:
Numerator:
Allocation of distributed earnings (cash dividends paid)	$	348,608	$	129,410	$	331,134	$	122,076
Allocation of undistributed earnings	371,084		138,219		357,259		132,036
Total earnings—basic	$	719,692	$	267,629	$	688,393	$	254,112

Denominator (shares in thousands):
Total weighted-average shares—basic	147,845		60,614		148,989		60,614

Earnings Per Share—basic	$	4.87	$	4.42	$	4.62	$	4.19

Diluted earnings per share:
Numerator:
Allocation of total earnings used in basic computation	$	719,692	$	267,629	$	688,393	$	254,112
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	267,629		—		254,112		—
Reallocation of undistributed earnings	—		(654)		—		(781)
Total earnings—diluted	$	987,321	$	266,975	$	942,505	$	253,331

Denominator (shares in thousands):
Number of shares used in basic computation	147,845		60,614		148,989		60,614
Weighted-average effect of dilutive securities:
Conversion of Class B common stock to Common shares outstanding	60,614		—		60,614		—
Employee stock options	599		—		783		—
Performance and restricted stock units	366		—		431		—
Total weighted-average shares—diluted	209,424		60,614		210,817		60,614

Earnings Per Share—diluted	$	4.71	$	4.40	$	4.47	$	4.18

The earnings per share calculations for the nine months ended September 27, 2020 and September 29, 2019 excluded 15 and 1,476 stock options (in thousands), respectively, that would have been antidilutive.

OTHER (INCOME) EXPENSE, NET OTHER (INCOME) EXPENSE, NET

9 Months Ended

Sep. 27, 2020

Other Income and Expenses [Abstract]

Other (Income) Expense, Net

OTHER (INCOME) EXPENSE, NET

Other (income) expense, net reports certain gains and losses associated with activities not directly related to our core operations. A summary of the components of other (income) expense, net is as follows:


	Three Months Ended				Nine Months Ended
	September 27, 2020		September 29, 2019		September 27, 2020		September 29, 2019
Write-down of equity investments in partnership qualifying for historic and solar tax credits (see Note 10)	$	10,707	$	8,779	$	29,257	$	18,564
Non-service cost components of net periodic benefit cost relating to pension and other post-retirement benefit plans (see Note 11)	940		9,154		4,895		17,827

Other (income) expense, net	(3)		66		242		210
Total	$	11,644	$	17,999	$	34,394	$	36,601

SUPPLEMENTAL BALANCE SHEET INFORMATION

9 Months Ended

Sep. 27, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Balance Sheet Information

SUPPLEMENTAL BALANCE SHEET INFORMATION

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


	September 27, 2020		December 31, 2019
Inventories:
Raw materials	$	326,556	$	271,125
Goods in process	120,132		98,842
Finished goods	686,999		614,698
Inventories at FIFO	1,133,687		984,665
Adjustment to LIFO	(175,204)		(169,414)
Total inventories	$	958,483	$	815,251

Prepaid expenses and other:
Prepaid expenses	$	56,115	$	84,058

Other current assets	157,096		156,022
Total prepaid expenses and other	$	213,211	$	240,080

Property, plant and equipment:
Land	$	116,334	$	105,627
Buildings	1,369,028		1,298,985
Machinery and equipment	3,156,300		3,120,003
Construction in progress	196,930		209,788
Property, plant and equipment, gross	4,838,592		4,734,403
Accumulated depreciation	(2,655,216)		(2,581,264)
Property, plant and equipment, net	$	2,183,376	$	2,153,139

Other non-current assets:

Capitalized software, net	$	175,138	$	153,842

Operating lease ROU assets	229,766		220,678
Other non-current assets	149,207		137,480
Total other non-current assets	$	554,111	$	512,000

Accrued liabilities:
Payroll, compensation and benefits	$	191,119	$	230,518
Advertising, promotion and product allowances	329,429		279,440
Operating lease liabilities	35,197		29,209

Other	175,202		163,205
Total accrued liabilities	$	730,947	$	702,372

Other long-term liabilities:
Post-retirement benefits liabilities	$	204,908	$	211,206
Pension benefits liabilities	56,383		58,773
Operating lease liabilities	187,709		184,163
Other	204,587		201,635
Total other long-term liabilities	$	653,587	$	655,777

Accumulated other comprehensive loss:
Foreign currency translation adjustments	$	(125,371)	$	(83,704)
Pension and post-retirement benefit plans, net of tax	(184,414)		(189,187)
Cash flow hedges, net of tax	(42,522)		(51,075)
Total accumulated other comprehensive loss	$	(352,307)	$	(323,966)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 27, 2020
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 minority shareholders do not have substantive participating rights, we have significant control through contractual or economic interests in which we are the primary beneficiary or we have the power to direct the activities that most significantly impact the entity's economic performance. We use the equity method of accounting when we have a 20% to 50% interest in other companies and exercise significant influence. Other investments that are not controlled, and over which we do not have the ability to exercise significant influence, are accounted for under the cost method. Both equity and cost method investments are included as Other non-current assets in the Consolidated Balance Sheets. 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 27, 2020 may not be indicative of the results that may be expected for the year ending December 31, 2020 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, 2019 (our “2019 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 August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 elected to early adopt the provisions of this ASU in the fourth quarter of 2019. Adoption of the new standard did not have a material impact on our consolidated financial statements. 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 adopted the provisions of this ASU in the first quarter of 2020. Adoption of the new standard did not have a material impact on our consolidated financial statements. 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 adopted the provisions of this ASU in the first quarter of 2020. Adoption of the new standard did not 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 adopted the provisions of this ASU in the first quarter of 2020 on a prospective basis. Adoption of the new standard did not have a material impact on our consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU is intended to simplify various aspects related to accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and clarifying certain aspects of the current guidance to promote consistency among reporting entities. ASU 2019-12 is effective for annual periods beginning after December 15, 2020 and interim periods within those annual periods, with early adoption permitted. An entity that elects early adoption must adopt all the amendments in the same period. Most amendments within this ASU are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. We are currently evaluating the impact of the new standard on our consolidated financial statements and related disclosures. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The ASU is intended to provide temporary optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. Entities may apply this ASU upon issuance through December 31, 2022 on a prospective basis. We are currently evaluating the impact of the new standard 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 ACQUISITION AND DIVESTITURES (Tables)

9 Months Ended

Sep. 27, 2020

ONE Brands, LLC

Business Acquisition [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:


	Initial Allocation (1)		Adjustments		Final Allocation
Goodwill	$	179,240	$	825	$	180,065
Other intangible assets	206,800		—		206,800
Other assets acquired, primarily current assets	25,926		(491)		25,435
Other liabilities assumed, primarily current liabilities	(9,806)		(334)		(10,140)
Net assets acquired	$	402,160	$	—	$	402,160

(1)As reported in the Company's 2019 Annual Report on Form 10-K.

GOODWILL AND INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 27, 2020

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 27, 2020 are as follows:


	North America		International and Other		Total
Balance at December 31, 2019	$	1,967,466	$	18,489	$	1,985,955

Measurement period adjustments (see Note 2)	825		—		825

Foreign currency translation	(3,397)		(1,880)		(5,277)
Balance at September 27, 2020	$	1,964,894	$	16,609	$	1,981,503

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 27, 2020				December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Intangible assets subject to amortization:
Trademarks	$	1,208,552	$	(95,547)	$	1,212,172	$	(73,262)
Customer-related	202,431		(45,664)		207,749		(40,544)
Patents	8,138		(8,083)		16,711		(16,525)

Total	1,419,121		(149,294)		1,436,632		(130,331)

Intangible assets not subject to amortization:
Trademarks	33,961				34,865
Total other intangible assets	$	1,303,788			$	1,341,166

SHORT AND LONG-TERM DEBT (Tables)

9 Months Ended

Sep. 27, 2020

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt consisted of the following:


Debt Type and Rate	Maturity Date	September 27, 2020		December 31, 2019
2.900% Notes (1)	May 15, 2020	$	—	$	350,000
4.125% Notes	December 1, 2020	350,000		350,000
8.800% Debentures	February 15, 2021	84,715		84,715
3.100% Notes	May 15, 2021	350,000		350,000
2.625% Notes	May 1, 2023	250,000		250,000
3.375% Notes	May 15, 2023	500,000		500,000
2.050% Notes	November 15, 2024	300,000		300,000
0.900% Notes (2)	June 1, 2025	300,000		—
3.200% Notes	August 21, 2025	300,000		300,000
2.300% Notes	August 15, 2026	500,000		500,000
7.200% Debentures	August 15, 2027	193,639		193,639
2.450% Notes	November 15, 2029	300,000		300,000
1.700% Notes (2)	June 1, 2030	350,000		—
3.375% Notes	August 15, 2046	300,000		300,000
3.125% Notes	November 15, 2049	400,000		400,000
2.650% Notes (2)	June 1, 2050	350,000		—
Finance lease obligations (see Note 7)		79,621		79,643
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts		(26,475)		(23,794)
Total long-term debt		4,881,500		4,234,203
Less—current portion		788,328		703,390
Long-term portion		$	4,093,172	$	3,530,813

(1)In May 2020, we repaid $350,000 of 2.900% Notes due upon their maturity.

Schedule of Net Interest Expense

Net interest expense consists of the following:


	Three Months Ended				Nine Months Ended
	September 27, 2020		September 29, 2019		September 27, 2020		September 29, 2019
Interest expense	$	39,720	$	37,845	$	119,496	$	117,700
Capitalized interest	(1,664)		(1,510)		(4,745)		(4,158)
Interest expense	38,056		36,335		114,751		113,542
Interest income	(798)		(879)		(3,159)		(6,852)
Interest expense, net	$	37,258	$	35,456	$	111,592	$	106,690

- 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.

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+ Details

DERIVATIVE INSTRUMENTS (Tables)

9 Months Ended

Sep. 27, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

The following table presents the classification of derivative assets and liabilities within the Consolidated Balance Sheets as of September 27, 2020 and December 31, 2019:


	September 27, 2020				December 31, 2019
	Assets (1)		Liabilities (1)		Assets (1)		Liabilities (1)
Derivatives designated as cash flow hedging instruments:

Foreign exchange contracts	$	3,367	$	55	$	1,235	$	1,779



Derivatives designated as fair value hedging instruments:
Interest rate swap agreements	5,098		—		555		—

Derivatives not designated as hedging instruments:
Commodities futures and options (2)	213		7,286		9,080		626
Deferred compensation derivatives	2,437		—		2,557		—
Foreign exchange contracts	—		805		1,496		—
	2,650		8,091		13,133		626
Total	$	11,115	$	8,146	$	14,923	$	2,405


Line Item in the Consolidated Balance Sheets in Which the Hedged Item is Included	Carrying Amount of the Hedged Liability				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount Assets
	September 27, 2020		December 31, 2019		September 27, 2020		December 31, 2019
Long-term debt	$	(344,902)	$	(349,445)	$	5,098	$	555

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 27, 2020 and September 29, 2019 was as follows:


	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 ("AOCI") into income (b)

	2020		2019		2020		2019		2020		2019
Commodities futures and options	$	74,279	$	(9,043)	$	—	$	—	$	—	$	—
Foreign exchange contracts	1,404		(1,224)		(807)		1,045		3		(987)
Interest rate swap agreements	—		—		—		—		(2,344)		(2,344)
Deferred compensation derivatives	2,437		165		—		—		—		—
Total	$	78,120	$	(10,102)	$	(807)	$	1,045	$	(2,341)	$	(3,331)

The effect of derivative instruments on the Consolidated Statements of Income for the nine months ended September 27, 2020 and September 29, 2019 was as follows:


	Non-designated Hedges				Cash Flow Hedges
	Gains (losses) recognized in income (a)				Gains (losses) recognized in OCI				Gains (losses) reclassified from AOCI into income (b)

	2020		2019		2020		2019		2020		2019
Commodities futures and options	$	(189)	$	19,847	$	—	$	—	$	—	$	—
Foreign exchange contracts	(2,472)		(1,535)		5,249		(2,291)		1,393		919
Interest rate swap agreements	—		—		—		—		(7,031)		(7,083)
Deferred compensation derivatives	1,304		4,181		—		—		—		—
Total	$	(1,357)	$	22,493	$	5,249	$	(2,291)	$	(5,638)	$	(6,164)

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 27, 2020

FAIR VALUE MEASUREMENTS [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

The following table presents assets and liabilities that were measured at fair value in the Consolidated Balance Sheets on a recurring basis as of September 27, 2020 and December 31, 2019:


	Assets (Liabilities)
	Level 1		Level 2		Level 3		Total
September 27, 2020:
Derivative Instruments:
Assets:
Foreign exchange contracts (1)	$	—	$	3,367	$	—	$	3,367
Interest rate swap agreements (2)	—		5,098		—		5,098
Deferred compensation derivatives (3)	—		2,437		—		2,437
Commodities futures and options (4)	213		—		—		213
Liabilities:
Foreign exchange contracts (1)	—		860		—		860


Commodities futures and options (4)	7,286		—		—		7,286
December 31, 2019:
Assets:
Foreign exchange contracts (1)	$	—	$	2,731	$	—	$	2,731
Interest rate swap agreements (2)	—		555		—		555
Deferred compensation derivatives (3)	—		2,557		—		2,557
Commodities futures and options (4)	9,080		—		—		9,080
Liabilities:
Foreign exchange contracts (1)	—		1,779		—		1,779


Commodities futures and options (4)	626		—		—		626

(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 27, 2020		December 31, 2019		September 27, 2020		December 31, 2019
Current portion of long-term debt	$	799,470	$	712,863	$	788,328	$	703,390
Long-term debt	4,433,329		3,656,540		4,093,172		3,530,813
Total	$	5,232,799	$	4,369,403	$	4,881,500	$	4,234,203

Schedule of Impairment Charges


	2020
Adjustment to disposal group (1)	$	6,200
Other asset write-down (2)	2,943
Long-lived asset impairment charges	$	9,143

(2)In connection with a previous sale, the Company wrote-down certain receivables deemed uncollectible.

LEASES (Tables)

9 Months Ended

Sep. 27, 2020

Leases [Abstract]

Schedule of Components of Lease Expense

The components of lease expense for the three months ended September 27, 2020 and September 29, 2019 were as follows:


		Three Months Ended
Lease expense	Classification	September 27, 2020		September 29, 2019
Operating lease cost	Cost of sales or SM&A (1)	$	11,485	$	10,623
Finance lease cost:
Amortization of ROU assets	Depreciation and amortization (1)	1,959		1,799
Interest on lease liabilities	Interest expense, net	1,106		1,106
Net lease cost (2)		$	14,550	$	13,528

The components of lease expense for the nine months ended September 27, 2020 and September 29, 2019 were as follows:


		Nine Months Ended
Lease expense	Classification	September 27, 2020		September 29, 2019
Operating lease cost	Cost of sales or SM&A (1)	$	32,702	$	31,110
Finance lease cost:
Amortization of ROU assets	Depreciation and amortization (1)	5,938		5,617
Interest on lease liabilities	Interest expense, net	3,340		3,319
Net lease cost (2)		$	41,980	$	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 27, 2020		December 31, 2019
Weighted-average remaining lease term (years)
Operating leases	12.6		14.3
Finance leases	30.5		31.4

Weighted-average discount rate
Operating leases	3.8	%	3.8	%
Finance leases	5.9	%	6.0	%

Schedule of Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases were as follows:


Leases	Classification	September 27, 2020		December 31, 2019
Assets
Operating lease ROU assets	Other non-current assets	$	229,766	$	220,678

Finance lease ROU assets, at cost	Property, plant and equipment, gross	100,004		101,142
Accumulated amortization	Accumulated depreciation	(8,403)		(7,225)
Finance lease ROU assets, net	Property, plant and equipment, net	91,601		93,917

Total leased assets		$	321,367	$	314,595

Liabilities
Current
Operating	Accrued liabilities	$	35,197	$	29,209
Finance	Current portion of long-term debt	4,412		4,079
Non-current
Operating	Other long-term liabilities	187,709		184,163
Finance	Long-term debt	75,209		75,564
Total lease liabilities		$	302,527	$	293,015

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


	September 27, 2020		December 31, 2019
Inventories:
Raw materials	$	326,556	$	271,125
Goods in process	120,132		98,842
Finished goods	686,999		614,698
Inventories at FIFO	1,133,687		984,665
Adjustment to LIFO	(175,204)		(169,414)
Total inventories	$	958,483	$	815,251

Prepaid expenses and other:
Prepaid expenses	$	56,115	$	84,058

Other current assets	157,096		156,022
Total prepaid expenses and other	$	213,211	$	240,080

Property, plant and equipment:
Land	$	116,334	$	105,627
Buildings	1,369,028		1,298,985
Machinery and equipment	3,156,300		3,120,003
Construction in progress	196,930		209,788
Property, plant and equipment, gross	4,838,592		4,734,403
Accumulated depreciation	(2,655,216)		(2,581,264)
Property, plant and equipment, net	$	2,183,376	$	2,153,139

Other non-current assets:

Capitalized software, net	$	175,138	$	153,842

Operating lease ROU assets	229,766		220,678
Other non-current assets	149,207		137,480
Total other non-current assets	$	554,111	$	512,000

Accrued liabilities:
Payroll, compensation and benefits	$	191,119	$	230,518
Advertising, promotion and product allowances	329,429		279,440
Operating lease liabilities	35,197		29,209

Other	175,202		163,205
Total accrued liabilities	$	730,947	$	702,372

Other long-term liabilities:
Post-retirement benefits liabilities	$	204,908	$	211,206
Pension benefits liabilities	56,383		58,773
Operating lease liabilities	187,709		184,163
Other	204,587		201,635
Total other long-term liabilities	$	653,587	$	655,777

Accumulated other comprehensive loss:
Foreign currency translation adjustments	$	(125,371)	$	(83,704)
Pension and post-retirement benefit plans, net of tax	(184,414)		(189,187)
Cash flow hedges, net of tax	(42,522)		(51,075)
Total accumulated other comprehensive loss	$	(352,307)	$	(323,966)

Schedule of Maturity of Operating Lease Liabilities

The maturity of our lease liabilities as of September 27, 2020 were as follows:


	Operating leases		Finance leases		Total
2020 (rest of year)	$	10,526	$	2,129	$	12,655
2021	42,447		7,938		50,385
2022	28,568		6,328		34,896
2023	18,391		4,637		23,028
2024	14,797		4,594		19,391
Thereafter	173,371		165,336		338,707
Total lease payments	288,100		190,962		479,062
Less: Imputed interest	65,194		111,341		176,535
Total lease liabilities	$	222,906	$	79,621	$	302,527

Schedule of Maturity of Finance Lease Liabilities

The maturity of our lease liabilities as of September 27, 2020 were as follows:


	Operating leases		Finance leases		Total
2020 (rest of year)	$	10,526	$	2,129	$	12,655
2021	42,447		7,938		50,385
2022	28,568		6,328		34,896
2023	18,391		4,637		23,028
2024	14,797		4,594		19,391
Thereafter	173,371		165,336		338,707
Total lease payments	288,100		190,962		479,062
Less: Imputed interest	65,194		111,341		176,535
Total lease liabilities	$	222,906	$	79,621	$	302,527

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 27, 2020		September 29, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	32,010	$	29,054
Operating cash flows from finance leases	3,341		3,319
Financing cash flows from finance leases	3,136		2,761

ROU assets obtained in exchange for lease liabilities:
Operating leases	$	36,629	$	21,998
Finance leases	2,076		3,498

BUSINESS REALIGNMENT ACTIVITIES (Tables)

9 Months Ended

Sep. 27, 2020

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 27, 2020		September 29, 2019		September 27, 2020		September 29, 2019
Selling, marketing and administrative expense	$	—	$	466	$	2,645	$	1,126
Business realignment costs (benefits)	—		1,140		(475)		7,342
Costs associated with business realignment activities	$	—	$	1,606	$	2,170	$	8,468

Costs recorded by program during the three and nine months ended September 27, 2020 and September 29, 2019 related to these activities were as follows:


	Three Months Ended				Nine Months Ended
	September 27, 2020		September 29, 2019		September 27, 2020		September 29, 2019
Margin for Growth Program:
Severance	$	—	$	—	$	(653)	$	5,823
Other program costs	—		1,606		2,823		2,645
Total	$	—	$	1,606	$	2,170	$	8,468

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 27, 2020:


	Total
Liability balance at December 31, 2019	$	9,118
2020 business realignment charges (1)	2,170
Cash payments	(8,920)

Liability balance at September 27, 2020 (reported within accrued liabilities)	$	2,368

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

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS (Tables)

3 Months Ended

9 Months Ended

Sep. 27, 2020

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Benefit Cost

The components of net periodic benefit cost for the three months ended September 27, 2020 and September 29, 2019 were as follows:


	Pension Benefits				Other Benefits
	Three Months Ended				Three Months Ended
	September 27, 2020		September 29, 2019		September 27, 2020		September 29, 2019
Service cost	$	5,431	$	5,209	$	39	$	39
Interest cost	6,125		9,153		1,508		1,958
Expected return on plan assets	(13,243)		(13,494)		—		—
Amortization of prior service (credit) cost	(1,823)		(1,808)		75		203
Amortization of net loss (gain)	7,026		8,421		(10)		(96)
Settlement loss	1,282		4,817		—		—
Total net periodic benefit cost	$	4,798	$	12,298	$	1,612	$	2,104

The components of net periodic benefit cost for the nine months ended September 27, 2020 and September 29, 2019 were as follows:


	Pension Benefits				Other Benefits
	Nine Months Ended				Nine Months Ended
	September 27, 2020		September 29, 2019		September 27, 2020		September 29, 2019
Service cost	$	16,274	$	15,626	$	119	$	114
Interest cost	20,081		27,459		4,520		5,876
Expected return on plan assets	(39,553)		(40,483)		—		—
Amortization of prior service (credit) cost	(5,474)		(5,425)		225		609
Amortization of net loss (gain)	20,190		25,262		(29)		(288)
Settlement loss	4,935		4,817		—		—
Total net periodic benefit cost	$	16,453	$	27,256	$	4,835	$	6,311

STOCK COMPENSATION PLANS (Tables)

9 Months Ended

Sep. 27, 2020

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 27, 2020		September 29, 2019		September 27, 2020		September 29, 2019
Pre-tax compensation expense	$	12,407	$	15,867	$	37,897	$	39,579
Related income tax benefit	2,723		5,317		7,617		7,639

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 27, 2020 is as follows:


Stock Options	Shares	Weighted-Average Exercise Price (per share)	Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at beginning of the period	2,420,461	$97.80	5.7 years
Granted	15,260	$157.32
Exercised	(470,308)	$92.41
Forfeited	(40,549)	$102.49
Outstanding as of September 27, 2020	1,924,864	$99.49	5.1 years	$	77,326
Options exercisable as of September 27, 2020	1,475,833	$98.02	4.4 years	$	61,246

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 27, 2020		September 29, 2019
Dividend yields	2.1	%	2.7	%
Expected volatility	17.5	%	17.0	%
Risk-free interest rates	1.3	%	2.5	%
Expected term in years	6.7		6.5

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 27, 2020 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	1,089,916	$112.52
Granted	340,526	$162.08
Performance assumption change (1)	(65,066)	$149.73
Vested	(350,776)	$108.83
Forfeited	(115,570)	$120.19
Outstanding as of September 27, 2020	899,030	$133.85

(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 27, 2020			September 29, 2019
Units granted	340,526			478,145
Weighted-average fair value at date of grant	$	162.08		$	115.29
Monte Carlo simulation assumptions:
Estimated values	$	80.08		$	48.40
Dividend yields	2.0		%	2.6		%
Expected volatility	17.3		%	20.3		%

SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 27, 2020

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 27, 2020		September 29, 2019		September 27, 2020		September 29, 2019
Net sales:
North America	$	2,014,152	$	1,894,033	$	5,442,760	$	5,269,031
International and Other	205,677		240,389		521,715		649,096
Total	$	2,219,829	$	2,134,422	$	5,964,475	$	5,918,127

Segment income:
North America	$	647,109	$	570,388	$	1,726,251	$	1,606,047
International and Other	24,477		39,444		36,512		81,631
Total segment income	671,586		609,832		1,762,763		1,687,678
Unallocated corporate expense (1)	131,934		135,273		363,384		378,162
Unallocated mark-to-market (gains) losses on commodity derivatives	(71,758)		12,138		10,483		(13,447)
Long-lived asset impairment charges (see Note 6)	—		—		9,143		4,741
Costs associated with business realignment activities (see Note 9)	—		1,606		2,170		8,468


Operating profit	611,410		460,815		1,377,583		1,309,754
Interest expense, net (see Note 4)	37,258		35,456		111,592		106,690
Other (income) expense, net (see Note 18)	11,644		17,999		34,394		36,601
Income before income taxes	$	562,508	$	407,360	$	1,231,597	$	1,166,463

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

Activity within the unallocated mark-to-market adjustment for commodity derivatives is as follows:


	Three Months Ended				Nine Months Ended
	September 27, 2020		September 29, 2019		September 27, 2020		September 29, 2019
Net (gains) losses on mark-to-market valuation of commodity derivative positions recognized in income	$	(74,279)	$	9,043	$	189	$	(19,847)
Net gains on commodity derivative positions reclassified from unallocated to segment income	2,521		3,095		10,294		6,400
Net (gains) losses on mark-to-market valuation of commodity derivative positions recognized in unallocated derivative (gains) losses	$	(71,758)	$	12,138	$	10,483	$	(13,447)

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 27, 2020		September 29, 2019		September 27, 2020		September 29, 2019
North America	$	56,518	$	56,895	$	164,599	$	165,977
International and Other	6,956		7,202		21,202		21,866
Corporate	11,691		10,398		31,888		30,998
Total	$	75,165	$	74,495	$	217,689	$	218,841

Schedule of Segment Information by Geography

Additional information regarding our net sales disaggregated by geographical region is as follows:


	Three Months Ended				Nine Months Ended
	September 27, 2020		September 29, 2019		September 27, 2020		September 29, 2019
Net sales:
United States	$	1,914,316	$	1,797,576	$	5,185,858	$	5,019,119
All other countries	305,513		336,846		778,617		899,008
Total	$	2,219,829	$	2,134,422	$	5,964,475	$	5,918,127

Schedule of Additional Product Line Sales


	Three Months Ended				Nine Months Ended
	September 27, 2020		September 29, 2019		September 27, 2020		September 29, 2019
Net sales:
Confectionery and confectionery-based portfolio	$	2,078,582	$	2,022,641	$	5,578,997	$	5,609,796
Snacks portfolio	141,247		111,781		385,478		308,331
Total	$	2,219,829	$	2,134,422	$	5,964,475	$	5,918,127

TREASURY STOCK ACTIVITY TREASURY STOCK ACTIVITY (Tables)

9 Months Ended

Sep. 27, 2020

Equity [Abstract]

Schedule of Treasury Stock Activity

A summary of our treasury stock activity is as follows:


	Nine Months Ended September 27, 2020
	Shares	Dollars
		In thousands
Shares repurchased in the open market under pre-approved share repurchase programs	951,138	$	150,000

Shares repurchased to replace Treasury Stock issued for stock options and incentive compensation	450,000	61,196
Total share repurchases	1,401,138	211,196
Shares issued for stock options and incentive compensation	(698,637)	(29,071)
Net change	702,501	$	182,125

NONCONTROLLING INTEREST (Tables)

9 Months Ended

Sep. 27, 2020

Equity [Abstract]

Schedule of Activity Relating to the Noncontrolling Interest

A roll-forward showing the 2020 activity relating to the noncontrolling interest follows:


	Noncontrolling Interest
Balance, December 31, 2019	$	5,772
Net loss attributable to noncontrolling interest	(3,238)
Other comprehensive income - foreign currency translation adjustments	425
Balance, September 27, 2020	$	2,959

EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 27, 2020

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 27, 2020				September 29, 2019
	Common Stock		Class B Common Stock		Common Stock		Class B Common Stock
Basic earnings per share:
Numerator:
Allocation of distributed earnings (cash dividends paid)	$	119,431	$	44,308	$	115,176	$	42,551
Allocation of undistributed earnings	206,491		77,053		122,424		45,156
Total earnings—basic	$	325,922	$	121,361	$	237,600	$	87,707

Denominator (shares in thousands):
Total weighted-average shares—basic	147,688		60,614		149,239		60,614

Earnings Per Share—basic	$	2.21	$	2.00	$	1.59	$	1.45

Diluted earnings per share:
Numerator:
Allocation of total earnings used in basic computation	$	325,922	$	121,361	$	237,600	$	87,707
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	121,361		—		87,707		—
Reallocation of undistributed earnings	—		(317)		—		(320)
Total earnings—diluted	$	447,283	$	121,044	$	325,307	$	87,387

Denominator (shares in thousands):
Number of shares used in basic computation	147,688		60,614		149,239		60,614
Weighted-average effect of dilutive securities:
Conversion of Class B common stock to Common shares outstanding	60,614		—		60,614		—
Employee stock options	557		—		949		—
Performance and restricted stock units	281		—		510		—
Total weighted-average shares—diluted	209,140		60,614		211,312		60,614

Earnings Per Share—diluted	$	2.14	$	2.00	$	1.54	$	1.44


	Nine Months Ended
	September 27, 2020				September 29, 2019
	Common Stock		Class B Common Stock		Common Stock		Class B Common Stock
Basic earnings per share:
Numerator:
Allocation of distributed earnings (cash dividends paid)	$	348,608	$	129,410	$	331,134	$	122,076
Allocation of undistributed earnings	371,084		138,219		357,259		132,036
Total earnings—basic	$	719,692	$	267,629	$	688,393	$	254,112

Denominator (shares in thousands):
Total weighted-average shares—basic	147,845		60,614		148,989		60,614

Earnings Per Share—basic	$	4.87	$	4.42	$	4.62	$	4.19

Diluted earnings per share:
Numerator:
Allocation of total earnings used in basic computation	$	719,692	$	267,629	$	688,393	$	254,112
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	267,629		—		254,112		—
Reallocation of undistributed earnings	—		(654)		—		(781)
Total earnings—diluted	$	987,321	$	266,975	$	942,505	$	253,331

Denominator (shares in thousands):
Number of shares used in basic computation	147,845		60,614		148,989		60,614
Weighted-average effect of dilutive securities:
Conversion of Class B common stock to Common shares outstanding	60,614		—		60,614		—
Employee stock options	599		—		783		—
Performance and restricted stock units	366		—		431		—
Total weighted-average shares—diluted	209,424		60,614		210,817		60,614

Earnings Per Share—diluted	$	4.71	$	4.40	$	4.47	$	4.18

OTHER (INCOME) EXPENSE, NET OTHER (INCOME) EXPENSE, NET (Tables)

9 Months Ended

Sep. 27, 2020

Other Income and Expenses [Abstract]

Schedule of Other (Income) Expense, Net

A summary of the components of other (income) expense, net is as follows:


	Three Months Ended				Nine Months Ended
	September 27, 2020		September 29, 2019		September 27, 2020		September 29, 2019
Write-down of equity investments in partnership qualifying for historic and solar tax credits (see Note 10)	$	10,707	$	8,779	$	29,257	$	18,564
Non-service cost components of net periodic benefit cost relating to pension and other post-retirement benefit plans (see Note 11)	940		9,154		4,895		17,827

Other (income) expense, net	(3)		66		242		210
Total	$	11,644	$	17,999	$	34,394	$	36,601

SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables)

9 Months Ended

Sep. 27, 2020

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 27, 2020		December 31, 2019
Assets
Operating lease ROU assets	Other non-current assets	$	229,766	$	220,678

Finance lease ROU assets, at cost	Property, plant and equipment, gross	100,004		101,142
Accumulated amortization	Accumulated depreciation	(8,403)		(7,225)
Finance lease ROU assets, net	Property, plant and equipment, net	91,601		93,917

Total leased assets		$	321,367	$	314,595

Liabilities
Current
Operating	Accrued liabilities	$	35,197	$	29,209
Finance	Current portion of long-term debt	4,412		4,079
Non-current
Operating	Other long-term liabilities	187,709		184,163
Finance	Long-term debt	75,209		75,564
Total lease liabilities		$	302,527	$	293,015

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


	September 27, 2020		December 31, 2019
Inventories:
Raw materials	$	326,556	$	271,125
Goods in process	120,132		98,842
Finished goods	686,999		614,698
Inventories at FIFO	1,133,687		984,665
Adjustment to LIFO	(175,204)		(169,414)
Total inventories	$	958,483	$	815,251

Prepaid expenses and other:
Prepaid expenses	$	56,115	$	84,058

Other current assets	157,096		156,022
Total prepaid expenses and other	$	213,211	$	240,080

Property, plant and equipment:
Land	$	116,334	$	105,627
Buildings	1,369,028		1,298,985
Machinery and equipment	3,156,300		3,120,003
Construction in progress	196,930		209,788
Property, plant and equipment, gross	4,838,592		4,734,403
Accumulated depreciation	(2,655,216)		(2,581,264)
Property, plant and equipment, net	$	2,183,376	$	2,153,139

Other non-current assets:

Capitalized software, net	$	175,138	$	153,842

Operating lease ROU assets	229,766		220,678
Other non-current assets	149,207		137,480
Total other non-current assets	$	554,111	$	512,000

Accrued liabilities:
Payroll, compensation and benefits	$	191,119	$	230,518
Advertising, promotion and product allowances	329,429		279,440
Operating lease liabilities	35,197		29,209

Other	175,202		163,205
Total accrued liabilities	$	730,947	$	702,372

Other long-term liabilities:
Post-retirement benefits liabilities	$	204,908	$	211,206
Pension benefits liabilities	56,383		58,773
Operating lease liabilities	187,709		184,163
Other	204,587		201,635
Total other long-term liabilities	$	653,587	$	655,777

Accumulated other comprehensive loss:
Foreign currency translation adjustments	$	(125,371)	$	(83,704)
Pension and post-retirement benefit plans, net of tax	(184,414)		(189,187)
Cash flow hedges, net of tax	(42,522)		(51,075)
Total accumulated other comprehensive loss	$	(352,307)	$	(323,966)

BUSINESS ACQUISITION AND DIVESTITURES - ONE BRANDS, LLC NARRATIVE (Details) - ONE Brands, LLC - USD ($) $ in Thousands	Sep. 23, 2019	Mar. 29, 2020
Business Acquisition [Line Items]
Business combination, consideration transferred	$ 402,160
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
Noncompete Agreements
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 ACQUISITION AND DIVESTITURES - ONE BRANDS, LLC ASSETS ACQUIRED AND LIABILITIES ASSUMED ALLOCATION (Details) - USD ($) $ in Thousands	6 Months Ended	9 Months Ended
	Mar. 29, 2020	Sep. 27, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill		$ 1,981,503	$ 1,985,955
Goodwill, adjustments		$ 825
ONE Brands, LLC
Business Acquisition [Line Items]
Goodwill	$ 180,065		179,240
Goodwill, adjustments	825
Other intangible assets	206,800		206,800
Other intangible assets, adjustments	0
Other current assets	25,435		25,926
Other current assets, adjustments	(491)
Other current liabilities	(10,140)		(9,806)
Other current liabilities, adjustments	(334)
Net assets acquired	402,160		$ 402,160
Net assets acquired, adjustments	$ 0

GOODWILL AND INTANGIBLE ASSETS - SCHEDULE OF CHANGES IN CARRYING VALUE OF GOODWILL BY REPORTABLE SEGMENT (Details) $ in Thousands	9 Months Ended
	Sep. 27, 2020 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,985,955
Measurement period adjustments	825
Foreign currency translation	(5,277)
Goodwill, ending balance	1,981,503
Operating Segments \| North America
Goodwill [Roll Forward]
Goodwill, beginning balance	1,967,466
Measurement period adjustments	825
Foreign currency translation	(3,397)
Goodwill, ending balance	1,964,894
Operating Segments \| International and Other
Goodwill [Roll Forward]
Goodwill, beginning balance	18,489
Measurement period adjustments	0
Foreign currency translation	(1,880)
Goodwill, ending balance	$ 16,609

GOODWILL AND INTANGIBLE ASSETS - SCHEDULE OF GROSS CARRYING AMOUNT AND ACCUMULATED AMORTIZATION FOR EACH MAJOR CLASS OF INTANGIBLE ASSET (Details) - USD ($) $ in Thousands	Sep. 27, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 1,419,121	$ 1,436,632
Finite-lived intangible assets, accumulated amortization	(149,294)	(130,331)
Total other intangible assets	1,303,788	1,341,166
Trademarks
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, excluding goodwill	33,961	34,865
Trademarks
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	1,208,552	1,212,172
Finite-lived intangible assets, accumulated amortization	(95,547)	(73,262)
Customer-related
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	202,431	207,749
Finite-lived intangible assets, accumulated amortization	(45,664)	(40,544)
Patents
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	8,138	16,711
Finite-lived intangible assets, accumulated amortization	$ (8,083)	$ (16,525)

GOODWILL AND INTANGIBLE ASSETS - NARRATIVE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 11,618	$ 12,684	$ 34,838	$ 37,593

SHORT AND LONG-TERM DEBT - SHORT-TERM DEBT NARRATIVE (Details) - USD ($) $ in Thousands	Sep. 27, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Short-term debt	$ 45,680	$ 32,282
Commercial Paper
Line of Credit Facility [Line Items]
Short-term debt	0	0
Revolving Credit Facility \| Foreign Line of Credit [Member]
Line of Credit Facility [Line Items]
Short-term foreign bank loans against the lines of credit	45,680	$ 32,282
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
Line Of Credit Facility, Accordion Feature Increase Limit	$ 500,000

SHORT AND LONG-TERM DEBT - SCHEDULE OF LONG-TERM DEBT INSTRUMENTS (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	May 24, 2020	Sep. 27, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total long-term debt		$ 4,881,500	$ 4,234,203
Total finance lease liabilities		79,621	79,643
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts		(26,475)	(23,794)
Less—current portion		788,328	703,390
Long-term portion		4,093,172	3,530,813
Proceeds from Issuance of Other Long-term Debt		989,876
Corporate Debt Securities \| 2.900% Notes (1)
Debt Instrument [Line Items]
Total long-term debt		$ 0	$ 350,000
Interest rate, stated percentage		2.90%	2.90%
Repayments of Debt	$ 350,000
Corporate Debt Securities \| 4.125% Notes
Debt Instrument [Line Items]
Total long-term debt		$ 350,000	$ 350,000
Interest rate, stated percentage		4.125%	4.125%
Corporate Debt Securities \| 8.800% Debentures
Debt Instrument [Line Items]
Total long-term debt		$ 84,715	$ 84,715
Interest rate, stated percentage		8.80%	8.80%
Corporate Debt Securities \| 3.100% Notes
Debt Instrument [Line Items]
Total long-term debt		$ 350,000	$ 350,000
Interest rate, stated percentage		3.10%	3.10%
Corporate Debt Securities \| 2.625% Notes
Debt Instrument [Line Items]
Total long-term debt		$ 250,000	$ 250,000
Interest rate, stated percentage		2.625%	2.625%
Corporate Debt Securities \| 3.375% Notes
Debt Instrument [Line Items]
Total long-term debt		$ 500,000	$ 500,000
Interest rate, stated percentage		3.375%	3.375%
Corporate Debt Securities \| 2.050% Notes
Debt Instrument [Line Items]
Total long-term debt		$ 300,000	$ 300,000
Interest rate, stated percentage		2.05%	2.05%
Corporate Debt Securities \| 0.900% Notes (2)
Debt Instrument [Line Items]
Total long-term debt		$ 300,000	$ 0
Interest rate, stated percentage		0.90%	0.90%
Corporate Debt Securities \| 3.200% Notes
Debt Instrument [Line Items]
Total long-term debt		$ 300,000	$ 300,000
Interest rate, stated percentage		3.20%	3.20%
Corporate Debt Securities \| 2.300% Notes
Debt Instrument [Line Items]
Total long-term debt		$ 500,000	$ 500,000
Interest rate, stated percentage		2.30%	2.30%
Corporate Debt Securities \| 7.200% Debentures
Debt Instrument [Line Items]
Total long-term debt		$ 193,639	$ 193,639
Interest rate, stated percentage		7.20%	7.20%
Corporate Debt Securities \| 2.450% Notes
Debt Instrument [Line Items]
Total long-term debt		$ 300,000	$ 300,000
Interest rate, stated percentage		2.45%	2.45%
Corporate Debt Securities \| 1.700% Notes (2)
Debt Instrument [Line Items]
Total long-term debt		$ 350,000	$ 0
Interest rate, stated percentage		1.70%	1.70%
Corporate Debt Securities \| 3.375% Notes
Debt Instrument [Line Items]
Total long-term debt		$ 300,000	$ 300,000
Interest rate, stated percentage		3.375%	3.375%
Corporate Debt Securities \| 3.125% Notes
Debt Instrument [Line Items]
Total long-term debt		$ 400,000	$ 400,000
Interest rate, stated percentage		3.125%	3.125%
Corporate Debt Securities \| 2.650% Notes (2)
Debt Instrument [Line Items]
Total long-term debt		$ 350,000	$ 0
Interest rate, stated percentage		2.65%	2.65%

SHORT AND LONG-TERM DEBT - LONG TERM DEBT INTEREST RATES (Details) - Corporate Debt Securities	Sep. 27, 2020	Dec. 31, 2019
2.900% Notes (1)
Debt Instrument [Line Items]
Interest rate, stated percentage	2.90%	2.90%
4.125% Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.125%	4.125%
8.800% Debentures
Debt Instrument [Line Items]
Interest rate, stated percentage	8.80%	8.80%
3.100% Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.10%	3.10%
2.625% Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.625%	2.625%
3.375% Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.375%	3.375%
2.050% Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.05%	2.05%
0.900% Notes (2)
Debt Instrument [Line Items]
Interest rate, stated percentage	0.90%	0.90%
3.200% Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.20%	3.20%
2.300% Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.30%	2.30%
7.200% Debentures
Debt Instrument [Line Items]
Interest rate, stated percentage	7.20%	7.20%
2.450% Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.45%	2.45%
1.700% Notes (2)
Debt Instrument [Line Items]
Interest rate, stated percentage	1.70%	1.70%
3.375% Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.375%	3.375%
3.125% Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.125%	3.125%
2.650% Notes (2)
Debt Instrument [Line Items]
Interest rate, stated percentage	2.65%	2.65%

SHORT AND LONG-TERM DEBT - SCHEDULE OF NET INTEREST EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Debt Disclosure [Abstract]
Interest expense	$ 39,720	$ 37,845	$ 119,496	$ 117,700
Capitalized interest	(1,664)	(1,510)	(4,745)	(4,158)
Interest expense	38,056	36,335	114,751	113,542
Interest income	(798)	(879)	(3,159)	(6,852)
Interest expense, net	$ 37,258	$ 35,456	$ 111,592	$ 106,690

DERIVATIVE INSTRUMENTS - NARRATIVE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019	Dec. 31, 2019
Derivative [Line Items]
Cash flow hedge gain (loss) to be reclassified within twelve months			$ 6,062
Commodities futures and options \| Non-designated Hedges
Derivative [Line Items]
Derivative, notional amount	$ 594,041		$ 594,041		$ 589,662
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	106,753		$ 106,753		65,826
Foreign exchange contracts \| Non-designated Hedges
Derivative [Line Items]
Derivative, notional amount	35,488		35,488		50,831
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	27,719		$ 27,719		$ 28,187
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 benefit (expense)	$ 1,389	$ (458)	$ 2,148	$ (1,672)

DERIVATIVE INSTRUMENTS - SCHEDULE OF THE CLASSIFICATION OF DERIVATIVE ASSETS AND LIABILITIES WITHIN THE CONSOLIDATED BALANCE SHEETS (Details) - USD ($) $ in Thousands	Sep. 27, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Derivative asset	$ 11,115	$ 14,923
Derivative liability	8,146	2,405
Designated as Hedging Instrument \| Cash Flow Hedges \| Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Derivative asset	3,367	1,235
Derivative liability	55	1,779
Designated as Hedging Instrument \| Fair Value Hedging \| Interest rate swap agreements
Derivatives, Fair Value [Line Items]
Derivative asset	5,098	555
Derivative liability	0	0
Non-designated Hedges
Derivatives, Fair Value [Line Items]
Derivative asset	2,650	13,133
Derivative liability	8,091	626
Non-designated Hedges \| Commodities futures and options
Derivatives, Fair Value [Line Items]
Derivative asset	213	9,080
Derivative liability	7,286	626
Gross derivative assets, included within derivative liabilities	70,064	46,075
Derivative liability, gross liabilities	74,530	37,606
Non-designated Hedges \| Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Derivative asset	0	1,496
Derivative liability	805	0
Non-designated Hedges \| Deferred compensation derivatives
Derivatives, Fair Value [Line Items]
Derivative asset	2,437	2,557
Derivative liability	$ 0	$ 0

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. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 78,120	$ (10,102)	$ (1,357)	$ 22,493
(Losses) gains on cash flow hedging derivatives, pre-tax amount	(807)	1,045	5,249	(2,291)
Commodities futures and options
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	74,279	(9,043)	(189)	19,847
Foreign exchange contracts
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	1,404	(1,224)	(2,472)	(1,535)
Interest rate swap agreements
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	0	0	0	0
Deferred compensation derivatives
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	2,437	165	1,304	4,181
Designated as Hedging Instrument \| Cash Flow Hedges
Derivative [Line Items]
(Losses) gains on cash flow hedging derivatives, pre-tax amount	(807)	1,045	5,249	(2,291)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	(2,341)	(3,331)	(5,638)	(6,164)
Designated as Hedging Instrument \| Cash Flow Hedges \| Commodities futures and options
Derivative [Line Items]
(Losses) gains on cash flow hedging derivatives, pre-tax amount	0	0	0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	0	0	0	0
Designated as Hedging Instrument \| Cash Flow Hedges \| Foreign exchange contracts
Derivative [Line Items]
(Losses) gains on cash flow hedging derivatives, pre-tax amount	(807)	1,045	5,249	(2,291)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	3	(987)	1,393	919
Designated as Hedging Instrument \| Cash Flow Hedges \| Interest rate swap agreements
Derivative [Line Items]
(Losses) gains on cash flow hedging derivatives, pre-tax amount	0	0	0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	(2,344)	(2,344)	(7,031)	(7,083)
Designated as Hedging Instrument \| Cash Flow Hedges \| Deferred compensation derivatives
Derivative [Line Items]
(Losses) gains on cash flow hedging derivatives, pre-tax amount	0	0	0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	$ 0	$ 0	$ 0	$ 0

DERIVATIVE INSTRUMENTS - SCHEDULE OF CUMULATIVE BASIS ADJUSTMENTS FOR INTEREST RATE SWAP DERIVATIVES (Details) - USD ($) $ in Thousands	Sep. 27, 2020	Dec. 31, 2019
Derivative [Line Items]
Derivative asset	$ 11,115	$ 14,923
Designated as Hedging Instrument \| Fair Value Hedging \| Interest rate swap
Derivative [Line Items]
Derivative, Fair Value, Net	(344,902)	(349,445)
Derivative asset	$ 5,098	$ 555

FAIR VALUE MEASUREMENTS - NARRATIVE (Details) - USD ($)	3 Months Ended			9 Months Ended
FAIR VALUE MEASUREMENTS - NARRATIVE (Details) - USD ($)	Sep. 27, 2020	Sep. 29, 2019	Jun. 30, 2019	Sep. 27, 2020	Sep. 29, 2019	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-lived asset impairment charges	$ 0	$ 0	$ 4,741,000	$ 9,143,000	$ 4,741,000
Significant other unobservable inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value, net asset (liability)	$ 0			$ 0		$ 0

FAIR VALUE MEASUREMENTS - SCHEDULE OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE (Details) - USD ($) $ in Thousands	Sep. 27, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	$ 11,115	$ 14,923
Derivative liability	8,146	2,405
Fair Value, Measurements, Recurring \| Foreign exchange contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	3,367	2,731
Derivative liability	860	1,779
Fair Value, Measurements, Recurring \| Foreign exchange contracts \| Quoted prices in active markets of identical assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	0	0
Derivative liability	0	0
Fair Value, Measurements, Recurring \| Foreign exchange contracts \| Significant other observable inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	3,367	2,731
Derivative liability	860	1,779
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	5,098	555
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	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	5,098	555
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	0
Fair Value, Measurements, Recurring \| Deferred compensation derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	2,437	2,557
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	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	2,437	2,557
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	0
Fair Value, Measurements, Recurring \| Commodities futures and options
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	213	9,080
Derivative liability	7,286	626
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	213	9,080
Derivative liability	7,286	626
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. 27, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current portion of long-term debt	$ 788,328	$ 703,390
Long-term portion	4,093,172	3,530,813
Total long-term debt, carrying value	4,881,500	4,234,203
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	799,470	712,863
Long-term debt, fair value	4,433,329	3,656,540
Total long-term debt, fair value	5,232,799	4,369,403
Current portion of long-term debt	788,328	703,390
Long-term portion	4,093,172	3,530,813
Total long-term debt, carrying value	$ 4,881,500	$ 4,234,203

FAIR VALUE MEASUREMENTS - SCHEDULE OF IMPAIRMENT CHARGES (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Jun. 30, 2019	Sep. 27, 2020	Sep. 29, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Adjustment to disposal group				$ 6,200
Long-lived asset impairment charges	$ 0	$ 0	$ 4,741	9,143	$ 4,741
Other Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived asset impairment charges				$ 2,943

LEASES - SCHEDULE OF COMPONENETS OF LEASE EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Leases [Abstract]
Operating lease cost	$ 11,485	$ 10,623	$ 32,702	$ 31,110
Amortization of ROU assets, Finance lease cost	1,959	1,799	5,938	5,617
Interest on lease liabilities, Finance lease cost	1,106	1,106	3,340	3,319
Net lease cost (2)	$ 14,550	$ 13,528	$ 41,980	$ 40,046

LEASES - SCHEDULE OF INFORMATION REGARDING OUR LEASE TERMS AND DISCOUNT RATES (Details)	Sep. 27, 2020	Dec. 31, 2019
Leases [Abstract]
Operating leases, Weighted-average remaining lease term (years)	12 years 7 months 6 days	14 years 3 months 18 days
Finance leases, Weighted-average remaining lease term (years)	30 years 6 months	31 years 4 months 24 days
Operating leases, Weighted-average remaining discount rate	3.80%	3.80%
Finance leases, Weighted-average remaining discount rate	5.90%	6.00%

LEASES - SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES (Details) - USD ($) $ in Thousands	Sep. 27, 2020	Dec. 31, 2019
Lease, Description [Line Items]
Operating lease ROU assets	$ 229,766	$ 220,678
Total leased assets	321,367	314,595
Operating lease liabilities	35,197	29,209
Finance lease liabilities, curent	4,412	4,079
Operating lease liabilities	187,709	184,163
Finance lease liabilities, non-current	75,209	75,564
Total leased liabilities	302,527	293,015
Property, plant and equipment, gross
Lease, Description [Line Items]
Finance lease ROU assets, net	100,004	101,142
Accumulated depreciation
Lease, Description [Line Items]
Accumulated amortization	(8,403)	(7,225)
Property, plant and equipment, net
Lease, Description [Line Items]
Finance lease ROU assets, net	$ 91,601	$ 93,917

LEASES - SCHEDULE OF MATURITIES OF LEASE LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 27, 2020	Dec. 31, 2019
Operating leases
2020 (rest of year)	$ 10,526
2021	42,447
2022	28,568
2023	18,391
2024	14,797
Thereafter	173,371
Total lease payments	288,100
Less: Imputed interest	65,194
Total operating lease liabilities	222,906
Finance leases
2020 (rest of year)	2,129
2021	7,938
2022	6,328
2023	4,637
2024	4,594
Thereafter	165,336
Total lease payments	190,962
Less: Imputed interest	111,341
Total finance lease liabilities	79,621	$ 79,643
2020 (rest of year)	12,655
2021	50,385
2022	34,896
2023	23,028
2024	19,391
Thereafter	338,707
Total lease payments	479,062
Less: Imputed interest	176,535
Total lease liabilities	$ 302,527

LEASES - SCHEDULE OF SUPPLEMENTAL CASH FLOW INFORMATION RELATED TO LEASES (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019
Leases [Abstract]
Operating cash flows from operating leases	$ 32,010	$ 29,054
Operating cash flows from finance leases	3,341	3,319
Financing cash flows from finance leases	3,136	2,761
Operating leases	36,629	21,998
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$ 2,076	$ 3,498

BUSINESS REALIGNMENT ACTIVITIES - SCHEDULE OF BUSINESS REALIGNMENT ACTIVITY (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Restructuring Cost and Reserve [Line Items]
Business realignment costs	$ 0	$ 1,606	$ 2,170	$ 8,468
Margin for Growth Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs		1,606	2,170	8,468
Severance \| Margin for Growth Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs	0	0	(653)	5,823
Other program costs \| Margin for Growth Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs	0	1,606	2,823	2,645
Selling, marketing and administrative expense
Restructuring Cost and Reserve [Line Items]
Business realignment costs	0	466	2,645	1,126
Business realignment costs (benefits)
Restructuring Cost and Reserve [Line Items]
Business realignment costs	$ 0	$ 1,140	$ (475)	$ 7,342

BUSINESS REALIGNMENT ACTIVITIES - SCHEDULE OF LIABILITY ACTIVITY FOR COSTS QUALIFYING AS EXIT AND DISPOSAL COSTS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Restructuring and Related Activities [Abstract]
Business realignment costs	$ 0	$ 1,606	$ 2,170	$ 8,468
Restructuring Reserve [Roll Forward]
Liability balance at December 31, 2019			9,118
2020 business realignment charges			2,170
Cash payments			(8,920)
Liability balance at September 27, 2020	$ 2,368		$ 2,368

BUSINESS REALIGNMENT ACTIVITIES - NARRATIVE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Restructuring Cost and Reserve [Line Items]
Business realignment costs	$ 0	$ 1,606	$ 2,170	$ 8,468
Margin for Growth Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs		$ 1,606	$ 2,170	$ 8,468
Business realignment costs (benefits) \| Geographic Concentration Risk \| North America \| Margin for Growth Program
Restructuring Cost and Reserve [Line Items]
Concentration Risk, Percentage			63.00%
Business realignment costs (benefits) \| Geographic Concentration Risk \| International and Other \| Margin for Growth Program
Restructuring Cost and Reserve [Line Items]
Concentration Risk, Percentage			37.00%

INCOME TAXES - NARRATIVE (Details) - USD ($) $ in Thousands	9 Months Ended
INCOME TAXES - NARRATIVE (Details) - USD ($) $ in Thousands	Sep. 27, 2020	Sep. 29, 2019
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%
Effective Income Tax Rate Reconciliation, Percent	20.10%	19.20%
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ 3,236

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. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 5,431	$ 5,209	$ 16,274	$ 15,626
Interest cost	6,125	9,153	20,081	27,459
Expected return on plan assets	(13,243)	(13,494)	(39,553)	(40,483)
Amortization of prior service (credit) cost	(1,823)	(1,808)	(5,474)	(5,425)
Amortization of net loss (gain)	7,026	8,421	20,190	25,262
Settlement loss	1,282	4,817	4,935	4,817
Total net periodic benefit cost	4,798	12,298	16,453	27,256
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	39	39	119	114
Interest cost	1,508	1,958	4,520	5,876
Expected return on plan assets	0	0	0	0
Amortization of prior service (credit) cost	75	203	225	609
Amortization of net loss (gain)	(10)	(96)	(29)	(288)
Settlement loss	0	0	0	0
Total net periodic benefit cost	$ 1,612	$ 2,104	$ 4,835	$ 6,311

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS - NARRATIVE (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020 USD ($)	Sep. 29, 2019 USD ($)	Sep. 27, 2020 USD ($)	Sep. 29, 2019 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Remeasurement, Basis Spread on Discount Rate (Basis Points)			0.0078
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets			5.30%
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 748	$ 901	$ 1,753	$ 2,071
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 3,157	$ 4,039	$ 10,485	$ 11,788

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

STOCK COMPENSATION PLANS - SCHEDULE OF COMPENSATION EXPENSE AND INCOME TAX BENEFITS FOR STOCK-BASED COMPENSATION PROGRAMS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Share-based Payment Arrangement [Abstract]
Pre-tax compensation expense	$ 12,407	$ 15,867	$ 37,897	$ 39,579
Related income tax benefit	$ 2,723	$ 5,317	$ 7,617	$ 7,639

STOCK COMPENSATION PLANS - NARRATIVE (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized	$ 61,679
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition	2 years
Intrinsic value of share-based liabilities paid, combined with the fair value of shares vested (in millions of dollars)	$ 52,181	$ 48,355
Deferred performance stock units, deferred restricted stock units, and directors' fees and accumulated dividend amounts representing deferred stock units outstanding	251,246
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	$ 21.31	$ 15.25
Intrinsic value of options exercised (in millions of dollars)	$ 27,394	$ 110,304
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. 27, 2020	Sep. 29, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding shares at beginning of year (shares)	2,420,461
Granted (shares)	15,260
Exercised (shares)	(470,308)
Forfeited (shares)	(40,549)
Outstanding as of September 27, 2020 (shares)	1,924,864
Options exercisable as of September 27, 2020 (shares)	1,475,833
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding (USD per share)	$ 97.80
Granted (USD per share)	157.32
Exercises (USD per share)	92.41
Forfeited (USD per share)	102.49
Outstanding (USD per share)	99.49
Options exercisable (USD per share)	$ 98.02
Options outstanding, weighted-average remaining contractual term	5 years 1 month 6 days	5 years 8 months 12 days
Options exercisable, weighted aver remaining contractual term	4 years 4 months 24 days
Aggregate intrinsic value of options outstanding	$ 77,326
Aggregate intrinsic value of options exercisable	$ 61,246

STOCK COMPENSATION PLANS - SCHEDULE OF FAIR VALUE WEIGHTED-AVERAGE ASSUMPTIONS (Details)	9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019
Share-based Payment Arrangement [Abstract]
Dividend yields	2.10%	2.70%
Expected volatility	17.50%	17.00%
Risk-free interest rates	1.30%	2.50%
Expected term in years	6 years 8 months 12 days	6 years 6 months

STOCK COMPENSATION PLANS - SCHEDULE OF PSUs AND RSUs ACTIVITY (Details) - Performance and restricted stock units - $ / shares	9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at beginning of year (shares)	1,089,916
Granted (shares)	340,526	478,145
Performance assumption change (shares)	(65,066)
Vested (shares)	(350,776)
Forfeited (shares)	(115,570)
Outstanding as of September 27, 2020	899,030
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)	$ 112.52
Weighted-average fair value at date of grant (USD per share)	162.08	$ 115.29
Performance assumption change (USD per share)	149.73
Vested (USD per share)	108.83
Forfeited (USD per share)	120.19
Outstanding as of September 27, 2020 (USD per share)	$ 133.85

STOCK COMPENSATION PLANS - SCHEDULE OF PSUs AND RSUS FAIR VALUE WEIGHTED-AVERAGE ASSUMPTIONS (Details) - $ / shares	9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yields	2.10%	2.70%
Performance and restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (shares)	340,526	478,145
Weighted-average fair value at date of grant (USD per share)	$ 162.08	$ 115.29
Estimated values (USD per share)	$ 80.08	$ 48.40
Dividend yields	2.00%	2.60%
Expected volatility	17.30%	20.30%

SEGMENT INFORMATION - NARRATIVE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Oct. 03, 2021	Sep. 27, 2020	Sep. 29, 2019
North America \| Geographic Concentration Risk \| Revenue from Contract with Customer Benchmark
Revenue, Major Customer [Line Items]
Concentration Risk, Percentage				91.00%
Operating Segments \| Commodities futures and options
Revenue, Major Customer [Line Items]
Net Gain (Loss) On Commodity Derivative Positions Reclassified From Unallocated Derivative To Segment Income	$ 2,521	$ 3,095		$ 10,294	$ 6,400
Scenario, Forecast \| Operating Segments \| Commodities futures and options
Revenue, Major Customer [Line Items]
Net Gain (Loss) On Commodity Derivative Positions Reclassified From Unallocated Derivative To Segment Income			$ 28,708
Cost of Sales \| Commodities futures and options
Revenue, Major Customer [Line Items]
Derivative, Gain (Loss) on Derivative, Net				$ (58,484)

SEGMENT INFORMATION - SCHEDULE OF NET SALES AND EARNINGS BY SEGMENT (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Jun. 30, 2019	Sep. 27, 2020	Sep. 29, 2019
Segment Reporting Information [Line Items]
Net sales	$ 2,219,829	$ 2,134,422		$ 5,964,475	$ 5,918,127
Operating profit	611,410	460,815		1,377,583	1,309,754
Long-lived asset impairment charges	0	0	$ 4,741	9,143	4,741
Cost associated with business realignment activities	0	1,606		2,170	8,468
Interest expense, net	37,258	35,456		111,592	106,690
Other (income) expense, net	11,644	17,999		34,394	36,601
Income before income taxes	562,508	407,360		1,231,597	1,166,463
Operating Segments
Segment Reporting Information [Line Items]
Operating profit	671,586	609,832		1,762,763	1,687,678
Operating Segments \| North America
Segment Reporting Information [Line Items]
Net sales	2,014,152	1,894,033		5,442,760	5,269,031
Operating profit	647,109	570,388		1,726,251	1,606,047
Operating Segments \| International and Other
Segment Reporting Information [Line Items]
Net sales	205,677	240,389		521,715	649,096
Operating profit	24,477	39,444		36,512	81,631
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Unallocated corporate expense	131,934	135,273		363,384	378,162
Segment Reconciling Items
Segment Reporting Information [Line Items]
Unallocated mark-to-market (gains) losses on commodity derivatives	(71,758)	12,138		10,483	(13,447)
Long-lived asset impairment charges	0	0		9,143	4,741
Cost associated with business realignment activities	$ 0	$ 1,606		$ 2,170	$ 8,468

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. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Segment Reconciling Items
Segment Reporting Information [Line Items]
Net (gains) losses on mark-to-market valuation of commodity derivative positions recognized in unallocated derivative (gains) losses	$ (71,758)	$ 12,138	$ 10,483	$ (13,447)
Operating Segments
Segment Reporting Information [Line Items]
Net gains on commodity derivative positions reclassified from unallocated to segment income	(2,521)	(3,095)	(10,294)	(6,400)
Non-designated Hedges
Segment Reporting Information [Line Items]
Unallocated mark-to-market (gains) losses on commodity derivatives	$ (74,279)	$ 9,043	$ 189	$ (19,847)

SEGMENT INFORMATION - SCHEDULE OF DEPRECIATION AND AMORTIZATION EXPENSE INCLUDED WITHIN SEGMENT INCOME (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 75,165	$ 74,495	$ 217,689	$ 218,841
Operating Segments \| North America
Segment Reporting Information [Line Items]
Depreciation and amortization	56,518	56,895	164,599	165,977
Operating Segments \| International and Other
Segment Reporting Information [Line Items]
Depreciation and amortization	6,956	7,202	21,202	21,866
Corporate, Non-Segment \| Corporate
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 11,691	$ 10,398	$ 31,888	$ 30,998

SEGMENT INFORMATION - SCHEDULE OF SEGMENT INFORMATION BY GEOGRAPHY (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Revenue, Major Customer [Line Items]
Net sales	$ 2,219,829	$ 2,134,422	$ 5,964,475	$ 5,918,127
United States
Revenue, Major Customer [Line Items]
Net sales	1,914,316	1,797,576	5,185,858	5,019,119
All other countries
Revenue, Major Customer [Line Items]
Net sales	$ 305,513	$ 336,846	$ 778,617	$ 899,008

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

SEGMENT INFORMATION - SCHEDULE OF ADDITIONAL PRODUCT LINE SALES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Segment Reporting Information [Line Items]
Net sales	$ 2,219,829	$ 2,134,422	$ 5,964,475	$ 5,918,127
Confectionery and confectionery-based portfolio
Segment Reporting Information [Line Items]
Net sales	2,078,582	2,022,641	5,578,997	5,609,796
Snacks portfolio
Segment Reporting Information [Line Items]
Net sales	$ 141,247	$ 111,781	$ 385,478	$ 308,331

- Definition

+ References

+ Details

TREASURY STOCK ACTIVITY - NARRATIVE (Details) - USD ($) $ in Thousands	Sep. 27, 2020	Jul. 24, 2018
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 260,000
2018 Share Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Authorized Amount		$ 500,000

TREASURY STOCK ACTIVITY - SCHEDULE OF TREASURY STOCK ACTIVITY (Details)	9 Months Ended
	Sep. 27, 2020 USD ($) shares
Class of Stock [Line Items]
Treasury Stock, Shares, Acquired \| shares	1,401,138
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture \| shares	(698,637)
Treasury Stock Change in Shares	$ 702,501
Stock Repurchased During Period, Value	211,196,000
Shares Issued, Value, Share-based Payment Arrangement, before Forfeiture	(29,071,000)
Treasury Stock Change in Value	$ 182,125,000
Hershey Common Stock [Member]
Class of Stock [Line Items]
Treasury Stock, Shares, Acquired \| shares	951,138
Stock Repurchased During Period, Value	$ 150,000,000
Employee stock options
Class of Stock [Line Items]
Treasury Stock, Shares, Acquired \| shares	450,000
Stock Repurchased During Period, Value	$ 61,196,000

NONCONTROLLING INTEREST - NARRATIVE (Details)	Sep. 27, 2020
Lotte Shanghai Food Company \| Noncontrolling Interests in Subsidiaries
Class of Stock [Line Items]
Noncontrolling interest, ownership percentage by parent	50.00%

NONCONTROLLING INTEREST - SCHEDULE OF ACTIVITY RELATING TO THE NONCONTROLLING INTEREST (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance, December 31, 2019			$ 5,772
Net loss attributable to noncontrolling interests	$ (25)	$ (125)	(3,238)	$ (171)
Balance, September 27, 2020	2,959		2,959
Noncontrolling Interests in Subsidiaries
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance, December 31, 2019			5,772
Net loss attributable to noncontrolling interests	(25)	$ (125)	(3,238)	$ (171)
Other comprehensive income - foreign currency translation adjustments			425
Balance, September 27, 2020	$ 2,959		$ 2,959

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).

+ References + Details

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. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Common stock
Basic earnings per share:
Allocation of distributed earnings (cash dividends paid)	$ 119,431	$ 115,176	$ 348,608	$ 331,134
Allocation of undistributed earnings	206,491	122,424	371,084	357,259
Total earnings—basic	$ 325,922	$ 237,600	$ 719,692	$ 688,393
Total weighted-average shares—basic (shares)	147,688	149,239	147,845	148,989
Earnings Per Share—basic (USD per share)	$ 2.21	$ 1.59	$ 4.87	$ 4.62
Diluted earnings per share:
Allocation of total earnings used in basic computation	$ 325,922	$ 237,600	$ 719,692	$ 688,393
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	121,361	87,707	267,629	254,112
Reallocation of undistributed earnings	0	0	0	0
Total earnings—diluted	$ 447,283	$ 325,307	$ 987,321	$ 942,505
Conversion of Class B common stock to Common shares outstanding	60,614	60,614	60,614	60,614
Total weighted-average shares—diluted (shares)	209,140	211,312	209,424	210,817
Earnings Per Share—diluted (USD per share)	$ 2.14	$ 1.54	$ 4.71	$ 4.47
Common stock \| Employee stock options
Diluted earnings per share:
Incremental common shares attributable to dilutive effect of share-based payment arrangements	557	949	599	783
Common stock \| Performance and restricted stock units
Diluted earnings per share:
Incremental common shares attributable to dilutive effect of share-based payment arrangements	281	510	366	431
Class B common stock
Basic earnings per share:
Allocation of distributed earnings (cash dividends paid)	$ 44,308	$ 42,551	$ 129,410	$ 122,076
Allocation of undistributed earnings	77,053	45,156	138,219	132,036
Total earnings—basic	$ 121,361	$ 87,707	$ 267,629	$ 254,112
Total weighted-average shares—basic (shares)	60,614	60,614	60,614	60,614
Earnings Per Share—basic (USD per share)	$ 2.00	$ 1.45	$ 4.42	$ 4.19
Diluted earnings per share:
Allocation of total earnings used in basic computation	$ 121,361	$ 87,707	$ 267,629	$ 254,112
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	(317)	(320)	(654)	(781)
Total earnings—diluted	$ 121,044	$ 87,387	$ 266,975	$ 253,331
Conversion of Class B common stock to Common shares outstanding	0	0	0	0
Total weighted-average shares—diluted (shares)	60,614	60,614	60,614	60,614
Earnings Per Share—diluted (USD per share)	$ 2.00	$ 1.44	$ 4.40	$ 4.18
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

EARNINGS PER SHARE - NARRATIVE (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Employee stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (shares)	15	0	15	1,476

OTHER (INCOME) EXPENSE, NET - SCHEDULE OF OTHER (INCOME) AND EXPENSE, NET (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Other Income and Expenses [Abstract]
Write-down of equity investments	$ 10,707	$ 8,779	$ 29,257	$ 18,564
Non-service cost components of net periodic benefit cost relating to pension and other post-retirement benefit plans	940	9,154	4,895	17,827
Other (income) expense, net	(3)	66	242	210
Other Nonoperating Income (Expense)	$ 11,644	$ 17,999	$ 34,394	$ 36,601

SUPPLEMENTAL BALANCE SHEET INFORMATION - SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION (Details) - USD ($) $ in Thousands	Sep. 27, 2020	Dec. 31, 2019
Inventory, Net [Abstract]
Raw materials	$ 326,556	$ 271,125
Goods in process	120,132	98,842
Finished goods	686,999	614,698
Inventories at FIFO	1,133,687	984,665
Adjustment to LIFO	(175,204)	(169,414)
Total inventories	958,483	815,251
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	56,115	84,058
Other current assets	157,096	156,022
Total prepaid expenses and other	213,211	240,080
Property, Plant and Equipment [Abstract]
Land	116,334	105,627
Buildings	1,369,028	1,298,985
Machinery and equipment	3,156,300	3,120,003
Construction in progress	196,930	209,788
Property, plant and equipment, gross	4,838,592	4,734,403
Accumulated depreciation	(2,655,216)	(2,581,264)
Property, plant and equipment, net	2,183,376	2,153,139
Other Assets, Noncurrent [Abstract]
Capitalized software, net	175,138	153,842
Operating lease ROU assets	229,766	220,678
Other non-current assets	149,207	137,480
Total other non-current assets	554,111	512,000
Accrued Liabilities, Current [Abstract]
Payroll, compensation and benefits	191,119	230,518
Advertising, promotion and product allowances	329,429	279,440
Operating lease liabilities	$ 35,197	29,209
Operating lease liabilities, extensible list	us-gaap:AccruedLiabilitiesCurrent
Other	$ 175,202	163,205
Total accrued liabilities	730,947	702,372
Other Liabilities, Noncurrent [Abstract]
Post-retirement benefits liabilities	204,908	211,206
Pension benefits liabilities	56,383	58,773
Operating lease liabilities	$ 187,709	184,163
Operating lease liabilities, extensible list	us-gaap:OtherLiabilitiesNoncurrent
Other	$ 204,587	201,635
Total other long-term liabilities	653,587	655,777
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Foreign currency translation adjustments	(125,371)	(83,704)
Pension and post-retirement benefit plans, net of tax	(184,414)	(189,187)
Cash flow hedges, net of tax	(42,522)	(51,075)
Total accumulated other comprehensive loss	$ (352,307)	$ (323,966)