The Hershey Company (HSY) 10-Q 29 Jul 21 2021 Q2 Quarterly report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - shares	6 Months Ended
	Jul. 04, 2021	Jul. 23, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 4, 2021
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	2021
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		145,425,767
Class B common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		60,613,777

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Net sales	$ 1,989,422	$ 1,707,329	$ 4,285,370	$ 3,744,646
Cost of sales	1,063,977	914,777	2,310,974	2,085,472
Gross profit	925,445	792,552	1,974,396	1,659,174
Selling, marketing and administrative expense	467,629	408,949	962,294	884,333
Long-lived asset impairment charges	0	1,600	0	9,143
Business realignment costs (benefits)	1,141	(1,370)	2,383	(475)
Operating profit	456,675	383,373	1,009,719	766,173
Interest expense, net	31,065	38,079	67,501	74,334
Other (income) expense, net	7,194	11,217	9,608	22,750
Income before income taxes	418,416	334,077	932,610	669,089
Provision for income taxes	117,186	66,035	234,509	132,264
Net income including noncontrolling interest	301,230	268,042	698,101	536,825
Net gain (loss) attributable to noncontrolling interests	0	(859)	1,072	(3,213)
Net income attributable to The Hershey Company	$ 301,230	$ 268,901	$ 697,029	$ 540,038
Common stock
Net income per share—basic:
Net income per share - basic (USD per share)	$ 1.50	$ 1.33	$ 3.46	$ 2.66
Net income per share—diluted:
Net income per share - diluted (USD per share)	1.45	1.29	3.35	2.58
Dividends paid per share:
Dividends paid per share (USD per share)	0.804	0.773	1.608	1.546
Class B common stock
Net income per share—basic:
Net income per share - basic (USD per share)	1.36	1.21	3.14	2.41
Net income per share—diluted:
Net income per share - diluted (USD per share)	1.36	1.20	3.13	2.41
Dividends paid per share:
Dividends paid per share (USD per share)	$ 0.731	$ 0.702	$ 1.462	$ 1.404

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Statement of Comprehensive Income [Abstract]
Net income including noncontrolling interest	$ 301,230	$ 268,042	$ 698,101	$ 536,825
Other comprehensive (loss) income, net of tax:
Foreign currency translation gains (losses) during period, pre-tax amount	12,996	3,052	14,194	(48,292)
Foreign currency translation gains (losses) during period, tax	0	0	0	0
Foreign currency translation gains (losses) during period, after-tax amount	12,996	3,052	14,194	(48,292)
Reclassification to earnings due to the sale of businesses, tax (expense) benefit, pre-tax amount	0	0	5,210	0
Reclassification to earnings due to the sale of businesses, tax (expense) benefit	0	0	0	0
Reclassification to earnings due to the sale of businesses, after tax	0	0	5,210	0
Pension and post-retirement benefit plans:
Net actuarial gain (loss) and service cost, pre-tax amount	18,481	(16,685)	20,705	(16,685)
Net actuarial gain (loss) and service cost, tax (expense) benefit	(4,399)	3,954	(4,928)	3,954
Net actuarial gain (loss) and service cost, after tax	14,082	(12,731)	15,777	(12,731)
Reclassification to earnings, pre-tax amount	8,936	8,542	15,789	13,297
Reclassification to earnings, tax (expense) benefit	(2,201)	(2,183)	(4,068)	(2,731)
Reclassification to earnings, after-tax amount	6,735	6,359	11,721	10,566
Cash flow hedges:
(Losses) gains on cash flow hedging derivatives, pre-tax amount	(6,344)	675	(7,979)	6,056
(Losses) gains on cash flow hedging derivatives, tax (expense) benefit	(446)	838	(159)	(268)
(Losses) gains on cash flow hedging derivatives, after-tax amount	(6,790)	1,513	(8,138)	5,788
Reclassification to earnings, pre-tax amount	5,681	1,205	8,818	3,297
Reclassification to earnings, tax (expense) benefit	158	(817)	(382)	(1,930)
Reclassification to earnings, after-tax amount	5,839	388	8,436	1,367
Total other comprehensive income (loss), pre-tax amount	39,750	(3,211)	56,737	(42,327)
Total other comprehensive income (loss), tax (expense) benefit	(6,888)	1,792	(9,537)	(975)
Total other comprehensive income (loss), after-tax amount	32,862	(1,419)	47,200	(43,302)
Total comprehensive income including noncontrolling interest	334,092	266,623	745,301	493,523
Comprehensive (loss) income attributable to noncontrolling interest	(8)	(826)	6,326	(3,288)
Comprehensive income attributable to The Hershey Company	$ 334,100	$ 267,449	$ 738,975	$ 496,811

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 04, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 426,201	$ 1,143,987
Accounts receivable—trade, net	532,401	615,233
Inventories	1,060,422	964,207
Prepaid expenses and other	200,157	254,478
Total current assets	2,219,181	2,977,905
Property, plant and equipment, net	2,341,825	2,285,255
Goodwill	2,166,446	1,988,215
Other intangibles	1,509,435	1,295,214
Other non-current assets	612,614	555,887
Deferred income taxes	34,362	29,369
Total assets	8,883,863	9,131,845
Current liabilities:
Accounts payable	615,641	580,058
Accrued liabilities	708,292	781,766
Accrued income taxes	52,035	17,051
Short-term debt	207,564	74,041
Current portion of long-term debt	3,470	438,829
Total current liabilities	1,587,002	1,891,745
Long-term debt	4,095,200	4,089,755
Other long-term liabilities	671,601	683,434
Deferred income taxes	256,167	229,028
Total liabilities	6,609,970	6,893,962
Stockholders’ equity:
Preferred stock, shares issued: none in 2021 and 2020	0	0
Additional paid-in capital	1,218,708	1,191,200
Retained earnings	2,301,805	1,928,673
Treasury—common stock shares, at cost: 15,528,828 at July 4, 2021 and 13,325,898 at December 31, 2020	(1,180,881)	(768,992)
Accumulated other comprehensive loss	(296,136)	(338,082)
Total—The Hershey Company stockholders’ equity	2,265,049	2,234,352
Noncontrolling interest in subsidiary	8,844	3,531
Total stockholders’ equity	2,273,893	2,237,883
Total liabilities and stockholders’ equity	8,883,863	9,131,845
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 (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Jul. 04, 2021	Dec. 31, 2020
Preferred stock, shares issued (shares)	0	0
Treasury stock, shares (shares)	15,528,828	13,325,898
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

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020
Operating Activities
Net income including noncontrolling interest	$ 698,101	$ 536,825
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	153,929	142,524
Stock-based compensation expense	32,482	25,490
Deferred income taxes	5,789	3,309
Impairment of long-lived assets	0	9,143
Write-down of equity investments	7,771	18,550
Other	51,355	27,311
Changes in assets and liabilities, net of business acquisitions and divestitures:
Accounts receivable—trade, net	88,945	11,794
Inventories	(68,968)	(194,396)
Prepaid expenses and other current assets	14,432	15,730
Accounts payable and accrued liabilities	(33,238)	(19,304)
Accrued income taxes	68,317	65,169
Contributions to pension and other benefit plans	(9,338)	(8,333)
Other assets and liabilities	8,075	(19,765)
Net cash provided by operating activities	1,017,652	614,047
Investing Activities
Capital additions (including software)	(227,607)	(185,784)
Equity investments in tax credit qualifying partnerships	(57,445)	(26,392)
Business acquisitions, net of cash and cash equivalents acquired	(418,191)	0
Other investing activities	3,123	2,374
Net cash used in investing activities	(700,120)	(209,802)
Financing Activities
Net increase in short-term debt	137,027	166,017
Long-term borrowings, net of debt issuance costs	0	989,876
Repayment of long-term debt and finance leases	(436,957)	(352,104)
Cash dividends paid	(324,304)	(314,279)
Repurchase of common stock	(434,346)	(211,196)
Exercise of stock options	16,889	17,544
Net cash (used in) provided by financing activities	(1,041,691)	295,858
Effect of exchange rate changes on cash and cash equivalents	(5,061)	(17,351)
(Decrease) increase in cash and cash equivalents, including cash classified as held for sale	(729,220)	682,752
Less: Decrease (increase) in cash and cash equivalents classified as held for sale	11,434	(10,683)
Net (decrease) increase in cash and cash equivalents	(717,786)	672,069
Cash and cash equivalents, beginning of period	1,143,987	493,262
Cash and cash equivalents, end of period	426,201	1,165,331
Supplemental Disclosure
Interest paid	68,345	74,944
Income taxes paid	$ 139,078	$ 71,633

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common stock	Class B common stock	Preferred Stock	Common stockCommon stock	Common stockClass B common stock	Additional Paid-in Capital	Retained Earnings	Retained EarningsCommon stock	Retained EarningsClass B common stock	Treasury Common Stock	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests in Subsidiaries
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	540,038							540,038
Net gain (loss) attributable to noncontrolling interests	(3,213)												(3,213)
Net income including noncontrolling interest	536,825
Other comprehensive (loss) income	(43,302)											(43,227)	(75)
Dividends (including dividend equivalents):
Common Stock		$ (228,854)	$ (85,102)						$ (228,854)	$ (85,102)
Stock-based compensation	25,180						25,180
Exercise of stock options and incentive-based transactions	17,544						(5,512)				23,056
Repurchase of common stock	(211,196)										(211,196)
Ending 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
Dividends (including dividend equivalents):
Dividends paid per share (USD per share)		$ 1.546	$ 1.404
Beginning balance, stockholders' equity at Mar. 29, 2020	1,674,541			0	160,939	60,614	1,153,130	1,404,453			(742,164)	(365,741)	3,310
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to The Hershey Company	268,901							268,901
Net gain (loss) attributable to noncontrolling interests	(859)												(859)
Net income including noncontrolling interest	268,042
Other comprehensive (loss) income	(1,419)											(1,452)	33
Dividends (including dividend equivalents):
Common Stock		$ (114,260)	$ (42,551)						(114,260)	(42,551)
Stock-based compensation	12,612						12,612
Exercise of stock options and incentive-based transactions	1,144						(3,864)				5,008
Repurchase of common stock	(42,020)										(42,020)
Ending 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
Dividends (including dividend equivalents):
Dividends paid per share (USD per share)		$ 0.773	$ 0.702
Beginning balance, stockholders' equity at Dec. 31, 2020	2,237,883			0	160,939	60,614	1,191,200	1,928,673			(768,992)	(338,082)	3,531
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to The Hershey Company	697,029							697,029
Net gain (loss) attributable to noncontrolling interests	1,072												1,072
Net income including noncontrolling interest	698,101
Other comprehensive (loss) income	47,200											41,946	5,254
Dividends (including dividend equivalents):
Common Stock		$ (235,280)	$ (88,617)						(235,280)	(88,617)
Stock-based compensation	33,076						33,076
Exercise of stock options and incentive-based transactions	16,889						(5,568)				22,457
Repurchase of common stock	(434,346)										(434,346)
Divestiture of noncontrolling interest	(1,013)												(1,013)
Ending balance, stockholders' equity at Jul. 04, 2021	2,273,893			0	160,939	60,614	1,218,708	2,301,805			(1,180,881)	(296,136)	8,844
Dividends (including dividend equivalents):
Dividends paid per share (USD per share)		$ 1.608	$ 1.462
Beginning balance, stockholders' equity at Apr. 04, 2021	2,264,846			0	160,939	60,614	1,195,748	2,162,464			(994,765)	(329,006)	8,852
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to The Hershey Company	301,230							301,230
Net gain (loss) attributable to noncontrolling interests	0												0
Net income including noncontrolling interest	301,230
Other comprehensive (loss) income	32,862											32,870	(8)
Dividends (including dividend equivalents):
Common Stock		$ (117,581)	$ (44,308)						$ (117,581)	$ (44,308)
Stock-based compensation	17,121						17,121
Exercise of stock options and incentive-based transactions	13,710						5,839				7,871
Repurchase of common stock	(193,987)										(193,987)
Ending balance, stockholders' equity at Jul. 04, 2021	$ 2,273,893			$ 0	$ 160,939	$ 60,614	$ 1,218,708	$ 2,301,805			$ (1,180,881)	$ (296,136)	$ 8,844
Dividends (including dividend equivalents):
Dividends paid per share (USD per share)		$ 0.804	$ 0.731

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Common stock
Dividends paid per share (USD per share)	$ 0.804	$ 0.773	$ 1.608	$ 1.546
Class B common stock
Dividends paid per share (USD per share)	$ 0.731	$ 0.702	$ 1.462	$ 1.404

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jul. 04, 2021
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 July 4, 2021 may not be indicative of the results that may be expected for the year ending December 31, 2021 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, 2020 (our “2020 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 coronavirus disease 2019 ("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. Since the onset of COVID-19, 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. 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, including COVID-19 variants or potential resurgences, as well as the economic recovery and actions taken in response by local, state and national governments around the world, including the distribution of vaccinations. 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 December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 adopted the provisions of this ASU in the fourth quarter of 2020. Adoption of the new standard did not have a material impact on our consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted 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 DIVEST

BUSINESS ACQUISITION AND DIVESTITURES	6 Months Ended
	Jul. 04, 2021
Business Combinations [Abstract]
Business Acquisition and Divestitures	BUSINESS ACQUISITION AND DIVESTITURES 2021 Activity Lily's Sweets, LLC On June 25, 2021, we completed the acquisition of Lily's Sweets, LLC ("Lily's"), previously a privately held company that sells a line of sugar-free and low-sugar confectionery foods to retailers and distributors in the United States and Canada. Lily's products include dark and milk chocolate style bars, baking chips, peanut butter cups and other confection products that complement Hershey’s confectionery and confectionery-based portfolio. The initial cash consideration paid for Lily's totaled $418,191 and the Company may be required to pay additional cash consideration if certain defined targets related to net sales and gross margin are exceeded during the period of the closing date through December 31, 2021. As of the acquisition date, the estimated fair value of the contingent consideration obligation was classified as a liability of $5,000 and was determined using a scenario-based analysis on forecasted future results. Acquisition-related costs for the Lily's acquisition were immaterial. The acquisition has been accounted for as a business combination and, accordingly, Lily's has been included within the North America segment from the date of acquisition. The purchase consideration, inclusive of the acquisition date fair value of the contingent consideration, was allocated to assets acquired and liabilities assumed based on their respective fair values as follows: Goodwill $ 174,516 Other intangible assets 235,800 Other assets acquired, primarily current assets 30,383 Other liabilities assumed, primarily current liabilities (9,620) Deferred income taxes (7,888) Net assets acquired $ 423,191 The purchase price allocation presented above is preliminary. We are in the process of refining the valuation of acquired assets and liabilities, including goodwill, and expect to finalize the purchase price allocation by the end of 2021. 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 majority of 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 Lily's products. Other intangible assets include trademarks valued at $151,600 and customer relationships valued at $84,200. Trademarks were assigned an estimated useful life of 33 years and customer relationships were assigned estimated useful lives ranging from 17 to 18 years. Lotte Shanghai Foods Co., Ltd. In January 2021, we completed the divestiture of Lotte Shanghai Foods Co., Ltd. ("LSFC"), which was previously included within the International and Other segment results in our consolidated financial statements. Total proceeds from the divestiture and the impact on our consolidated financial statements were immaterial and were recorded in the selling, marketing and administrative ("SM&A") expense caption within the Consolidated Statements of Income. 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.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	6 Months Ended
	Jul. 04, 2021
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 six months ended July 4, 2021 are as follows: North America International Total Balance at December 31, 2020 $ 1,970,445 $ 17,770 $ 1,988,215 Acquired during the period (see Note 2 ) 174,516 — 174,516 Foreign currency translation 3,876 (161) 3,715 Balance at July 4, 2021 $ 2,148,837 $ 17,609 $ 2,166,446 The following table provides the gross carrying amount and accumulated amortization for each major class of intangible asset: July 4, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Intangible assets subject to amortization: Trademarks $ 1,364,454 $ (122,567) $ 1,211,086 $ (104,939) Customer-related 289,467 (56,495) 204,101 (49,616) Patents 8,848 (8,848) 8,556 (8,542) Total 1,662,769 (187,910) 1,423,743 (163,097) Intangible assets not subject to amortization: Trademarks 34,576 34,568 Total other intangible assets $ 1,509,435 $ 1,295,214 Total amortization expense for the three months ended July 4, 2021 and June 28, 2020 was $11,635 and $11,580, respectively. Total amortization expense for the six months ended July 4, 2021 and June 28, 2020 was $23,256 and $23,220, respectively.

SHORT AND LONG-TERM DEBT

SHORT AND LONG-TERM DEBT	6 Months Ended
	Jul. 04, 2021
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 July 4, 2021, 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 2020 Annual Report on Form 10-K. In addition to the revolving credit facility, we maintain lines of credit with domestic and international commercial banks. Commitment fees relating to our revolving credit facility and lines of credit are not material. Short-term debt consisted of the following: July 4, 2021 December 31, 2020 Short-term foreign bank borrowings against lines of credit $ 57,574 $ 74,041 U.S. commercial paper 149,990 — Total short-term debt $ 207,564 $ 74,041 Weighted average interest rate on outstanding commercial paper 0.1 % N/A Long-term Debt Long-term debt consisted of the following: Debt Type and Rate Maturity Date July 4, 2021 December 31, 2020 8.800% Debentures (1) February 15, 2021 $ — $ 84,715 3.100% Notes (2) May 15, 2021 — 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 June 1, 2025 300,000 300,000 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 June 1, 2030 350,000 350,000 3.375% Notes August 15, 2046 300,000 300,000 3.125% Notes November 15, 2049 400,000 400,000 2.650% Notes June 1, 2050 350,000 350,000 Finance lease obligations (see Note 7 ) 79,603 80,755 Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts (24,572) (30,525) Total long-term debt 4,098,670 4,528,584 Less—current portion 3,470 438,829 Long-term portion $ 4,095,200 $ 4,089,755 (1) In February 2021, we repaid $84,715 of 8.800% Debentures due upon their maturity. (2) In May 2021, we repaid $350,000 of 3.100% Notes due upon their maturity. Interest Expense Net interest expense consists of the following: Three Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Interest expense $ 34,768 $ 40,520 $ 73,531 $ 79,776 Capitalized interest (3,084) (1,664) (4,801) (3,081) Interest expense 31,684 38,856 68,730 76,695 Interest income (619) (777) (1,229) (2,361) Interest expense, net $ 31,065 $ 38,079 $ 67,501 $ 74,334

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	6 Months Ended
	Jul. 04, 2021
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 $387,871 as of July 4, 2021 and $279,843 as of December 31, 2020. Derivatives used to manage commodity price risk are not designated for hedge accounting treatment. Therefore, the changes in fair value of these derivatives are recorded as incurred within cost of sales. As discussed in Note 13 , we define our segment income to exclude gains and losses on commodity derivatives until the related inventory is sold, at which time the related gains and losses are reflected within segment income. This enables us to continue to align the derivative gains and losses with the underlying economic exposure being hedged and thereby eliminate the mark-to-market volatility within our reported segment income. Foreign Exchange Price Risk We are exposed to foreign currency exchange rate risk related to our international operations, including non-functional currency intercompany debt and other non-functional currency transactions of certain subsidiaries. Principal currencies hedged include the euro, Canadian dollar, Japanese yen, British pound, Brazilian real, Malaysian ringgit, Mexican peso and Swiss franc. 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 $183,136 at July 4, 2021 and $130,131 at December 31, 2020. 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 $1,775 at July 4, 2021 and $2,519 at December 31, 2020. 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. In December 2020, our fixed-to-floating interest rate swap matured in connection with the repayment of certain long-term debt upon its maturity. Therefore, as of July 4, 2021 and December 31, 2020, we had no open interest rate swap derivative instruments in a fair value hedging relationship. 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 July 4, 2021 and December 31, 2020 was $22,882 and $30,194, respectively. The following table presents the classification of derivative assets and liabilities within the Consolidated Balance Sheets as of July 4, 2021 and December 31, 2020: July 4, 2021 December 31, 2020 Assets (1) Liabilities (1) Assets (1) Liabilities (1) Derivatives designated as cash flow hedging instruments: Foreign exchange contracts $ 43 $ 8,012 $ 2,388 $ 5,522 Derivatives not designated as hedging instruments: Commodities futures and options (2) 170 3,895 3,299 1,648 Deferred compensation derivatives 1,956 — 3,630 — Foreign exchange contracts 565 — 176 93 2,691 3,895 7,105 1,741 Total $ 2,734 $ 11,907 $ 9,493 $ 7,263 (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 July 4, 2021, amounts reflected on a net basis in liabilities were assets of $51,073 and liabilities of $54,087, 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, 2020 were assets of $32,674 and liabilities of $29,376. At July 4, 2021 and December 31, 2020, 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 July 4, 2021 and June 28, 2020 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) 2021 2020 2021 2020 2021 2020 Commodities futures and options $ 16,877 $ 2,624 $ — $ — $ — $ — Foreign exchange contracts 435 (554) (6,344) 675 (2,972) 1,138 Interest rate swap agreements — — — — (2,709) (2,343) Deferred compensation derivatives 1,956 4,626 — — — — Total $ 19,268 $ 6,696 $ (6,344) $ 675 $ (5,681) $ (1,205) The effect of derivative instruments on the Consolidated Statements of Income for the six months ended July 4, 2021 and June 28, 2020 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) 2021 2020 2021 2020 2021 2020 Commodities futures and options $ 30,556 $ (74,468) $ — $ — $ — $ — Foreign exchange contracts 573 (3,876) (7,979) 6,056 (3,144) 1,390 Interest rate swap agreements — — — — (5,674) (4,687) Deferred compensation derivatives 3,510 (1,133) — — — — Total $ 34,639 $ (79,477) $ (7,979) $ 6,056 $ (8,818) $ (3,297) (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 $19,317 as of July 4, 2021. This amount is primarily associated with interest rate swap agreements. Fair Value Hedging Relationships For the three and six months ended July 4, 2021, we had no interest rate swap derivative instruments in a fair value hedging relationship. For the three and six months ended June 28, 2020, we recognized a net pretax benefit to interest expense of $608 and $759, respectively, relating to our fixed-to-floating interest swap arrangements.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jul. 04, 2021
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 July 4, 2021 and December 31, 2020: Assets (Liabilities) Level 1 Level 2 Level 3 Total July 4, 2021: Derivative Instruments: Assets: Foreign exchange contracts (1) $ — $ 608 $ — $ 608 Deferred compensation derivatives (2) — 1,956 — 1,956 Commodities futures and options (3) 170 — — 170 Liabilities: Foreign exchange contracts (1) — 8,012 — 8,012 Commodities futures and options (3) 3,895 — — 3,895 December 31, 2020: Assets: Foreign exchange contracts (1) $ — $ 2,564 $ — $ 2,564 Deferred compensation derivatives (2) — 3,630 — 3,630 Commodities futures and options (3) 3,299 — — 3,299 Liabilities: Foreign exchange contracts (1) — 5,615 — 5,615 Commodities futures and options (3) 1,648 — — 1,648 (1) The fair value of foreign currency forward exchange contracts is the difference between the contract and current market foreign currency exchange rates at the end of the period. We estimate the fair value of foreign currency forward exchange contracts on a quarterly basis by obtaining market quotes of spot and forward rates for contracts with similar terms, adjusted where necessary for maturity differences. (2) The fair value of deferred compensation derivatives is based on quoted prices for market interest rates and a broad market equity index. (3) The fair value of commodities futures and options contracts is based on quoted market prices. Other Financial Instruments The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and short-term debt approximated fair values as of July 4, 2021 and December 31, 2020 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 July 4, 2021 December 31, 2020 July 4, 2021 December 31, 2020 Current portion of long-term debt $ 3,470 $ 443,215 $ 3,470 $ 438,829 Long-term debt 4,338,773 4,479,499 4,095,200 4,089,755 Total $ 4,342,243 $ 4,922,714 $ 4,098,670 $ 4,528,584 Other Fair Value Measurements In addition to assets and liabilities that are recorded at fair value on a recurring basis, GAAP requires that, under certain circumstances, we also record assets and liabilities at fair value on a nonrecurring basis. In connection with the acquisition of Lily's in the second quarter of 2021, as discussed in Note 2 , we used various valuation techniques to determine fair value, with the primary techniques being discounted cash flow analysis, relief-from-royalty and a form of the multi-period excess earnings, which use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy. During the six months ended July 4, 2021, we recorded no impairment charges. During the six months ended June 28, 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 the sale of the LSFC joint venture (disposal group previously classified as held for sale), 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. The sale of the LSFC joint venture was completed in January 2021. (2) In connection with a previous sale, the Company wrote-down certain receivables deemed uncollectible.

LEASES

LEASES	6 Months Ended
	Jul. 04, 2021
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. The components of lease expense for the three months ended July 4, 2021 and June 28, 2020 were as follows: Three Months Ended Lease expense Classification July 4, 2021 June 28, 2020 Operating lease cost Cost of sales or SM&A (1) $ 11,088 $ 10,673 Finance lease cost: Amortization of ROU assets Depreciation and amortization (1) 1,999 1,949 Interest on lease liabilities Interest expense, net 1,109 1,112 Net lease cost (2) $ 14,196 $ 13,734 The components of lease expense for the six months ended July 4, 2021 and June 28, 2020 were as follows: Six Months Ended Lease expense Classification July 4, 2021 June 28, 2020 Operating lease cost Cost of sales or SM&A (1) $ 22,554 $ 21,217 Finance lease cost: Amortization of ROU assets Depreciation and amortization (1) 4,061 3,979 Interest on lease liabilities Interest expense, net 2,221 2,234 Net lease cost (2) $ 28,836 $ 27,430 (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: July 4, 2021 December 31, 2020 Weighted-average remaining lease term (years) Operating leases 12.8 12.5 Finance leases 30.3 30.1 Weighted-average discount rate Operating leases 3.7 % 3.8 % Finance leases 5.9 % 5.9 % Supplemental balance sheet information related to leases were as follows: Leases Classification July 4, 2021 December 31, 2020 Assets Operating lease ROU assets Other non-current assets $ 206,068 $ 224,268 Finance lease ROU assets, at cost Property, plant and equipment, gross 99,939 101,426 Accumulated amortization Accumulated depreciation (16,287) (13,361) Finance lease ROU assets, net Property, plant and equipment, net 83,652 88,065 Total leased assets $ 289,720 $ 312,333 Liabilities Current Operating Accrued liabilities $ 28,559 $ 36,578 Finance Current portion of long-term debt 4,188 4,868 Non-current Operating Other long-term liabilities 172,352 181,871 Finance Long-term debt 75,415 75,887 Total lease liabilities $ 280,514 $ 299,204 The maturity of our lease liabilities as of July 4, 2021 were as follows: Operating leases Finance leases Total 2021 (rest of year) $ 20,512 $ 4,349 $ 24,861 2022 28,643 7,391 36,034 2023 20,818 5,285 26,103 2024 15,748 4,709 20,457 2025 14,200 4,741 18,941 Thereafter 160,392 161,625 322,017 Total lease payments 260,313 188,100 448,413 Less: Imputed interest 59,402 108,497 167,899 Total lease liabilities $ 200,911 $ 79,603 $ 280,514 As of July 4, 2021, the Company had entered in an additional lease as a lessee, primarily for real estate. This lease has not yet commenced and will result in ROU assets and corresponding lease liabilities of approximately $20,000. This lease is expected to commence during the second half of 2021, with a lease term of approximately 8 years. Supplemental cash flow and other information related to leases were as follows: Six Months Ended July 4, 2021 June 28, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 21,773 $ 21,335 Operating cash flows from finance leases 2,221 2,234 Financing cash flows from finance leases 2,240 2,105 ROU assets obtained in exchange for lease liabilities: Operating leases $ 6,190 $ 20,814 Finance leases 436 2,076

INVESTMENTS IN UNCONSOLIDATED A

INVESTMENTS IN UNCONSOLIDATED AFFILIATES	6 Months Ended
	Jul. 04, 2021
Business Combinations [Abstract]
INVESTMENTS IN UNCONSOLIDATED AFFILIATES	INVESTMENTS IN UNCONSOLIDATED AFFILIATES We invest in partnerships which make equity investments in projects eligible to receive federal historic and renewable energy tax credits. The tax credits, when realized, are recognized as a reduction of tax expense under the flow-through method, at which time the corresponding equity investment is written-down to reflect the remaining value of the future benefits to be realized. The equity investment write-down is reflected within other (income) expense, net in the Consolidated Statements of Income (see Note 18 ). Additionally, we acquire ownership interests in emerging snacking businesses and startup companies, which vary in method of accounting based on our percentage of ownership and ability to exercise significant influence over decisions relating to operating and financial affairs. These investments afford the Company the rights to distribute brands that the Company does not own to third-party customers primarily in North America. Net sales and expenses of our equity method investees are not consolidated into our financial statements; rather, our proportionate share of earnings or losses are recorded on a net basis within other (income) expense, net in the Consolidated Statements of Income. Both equity and cost method investments are reported within other non-current assets in our Consolidated Balance Sheets. We regularly review our investments and adjust accordingly for capital contributions, dividends received and other-than-temporary impairments. Total investments in unconsolidated affiliates was $81,606 and $52,351 as of July 4, 2021 and December 31, 2020, respectively.

BUSINESS REALIGNMENT ACTIVITIES

BUSINESS REALIGNMENT ACTIVITIES	3 Months Ended
	Jul. 04, 2021
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 Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Cost of sales $ 1,042 $ — $ 5,037 $ — Selling, marketing and administrative expense 1,286 2,645 2,976 2,645 Business realignment costs (benefits) 1,141 (1,370) 2,383 (475) Costs associated with business realignment activities $ 3,469 $ 1,275 $ 10,396 $ 2,170 Costs recorded by program during the six months ended July 4, 2021 and June 28, 2020 related to these activities were as follows: Three Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 International Optimization Program: Severance $ 1,198 $ — $ 2,822 $ — Other program costs 2,271 — 7,574 — Margin for Growth Program: Severance — (1,410) — (653) Other program costs — 2,685 — 2,823 Total $ 3,469 $ 1,275 $ 10,396 $ 2,170 The following table presents the liability activity for costs qualifying as exit and disposal costs for the six months ended July 4, 2021: Total Liability balance at December 31, 2020 (1) $ 12,748 2021 business realignment charges (2) 4,700 Cash payments (14,913) Liability balance at July 4, 2021 (1) $ 2,535 (1) The liability balances reflected above are reported within accrued liabilities and other long-term liabilities. (2) The costs reflected in the liability roll-forward represent employee-related and certain third-party service provider charges. 2020 International Optimization Program In the fourth quarter of 2020, we commenced a program ("International Optimization Program") to streamline resources and investments in select international markets, including the optimization of our China operating model that will improve our operational efficiency and provide for a strong, sustainable and simplified base going forward. The International Optimization Program is expected to be completed by mid-2022, with total pre-tax costs anticipated to be $50,000 to $75,000. Cash costs are expected to be $40,000 to $65,000, primarily related to workforce reductions of approximately 350 positions outside of the United States, costs to consolidate and relocate production, and third-party costs incurred to execute these activities. The costs and related benefits of the International Optimization Program relate 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. For the three and six months ended July 4, 2021, we recognized total costs associated with the International Optimization Program of $3,469 and $10,396, respectively. These charges predominantly included third-party charges in support of our initiative to transform our China operating model, as well as severance and employee benefit costs. Since inception, we have incurred pre-tax charges to execute the program totaling $39,739. Margin for Growth Program In the first quarter of 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. This project was completed in mid-2020. For the three and six months ended June 28, 2020, we recognized total costs associated with the Margin for Growth Program of $1,275 and $2,170, 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

INCOME TAXES	6 Months Ended
	Jul. 04, 2021
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 six months ended July 4, 2021 and June 28, 2020 were 25.1% and 19.8%, respectively. Relative to the statutory rate, the 2021 effective tax rate was impacted by incremental tax reserves incurred as a result of an adverse ruling in connection with a non-U.S. tax litigation matter as well as state taxes, partially offset by investment tax credits and the benefit of employee share-based payments. The Company 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 disputes are currently underway, including multi-year controversies at various stages of review, negotiation and litigation 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. During the second quarter of 2021, we recorded incremental tax reserves as a result of an adverse ruling in connection with a non-U.S. tax litigation matter. 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 $22,387 within the next 12 months because of the expiration of statutes of limitations and settlements of tax audits. American Rescue Plan Act On March 11, 2021, the American Rescue Plan Act ("ARPA") was signed into law. The ARPA strengthens and extends certain federal programs enacted through the CARES Act and other COVID-19 relief measures, and establishes new federal programs, including provisions on taxes, healthcare and unemployment benefits. The ARPA did not have a material impact on our consolidated financial statements for the six months ended July 4, 2021. 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 six months ended July 4, 2021 and June 28, 2020.

PENSION AND OTHER POST-RETIREME

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS	6 Months Ended
	Jul. 04, 2021
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 July 4, 2021 and June 28, 2020 were as follows: Pension Benefits Other Benefits Three Months Ended Three Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Service cost $ 5,433 $ 5,411 $ 45 $ 41 Interest cost 4,536 6,966 965 1,505 Expected return on plan assets (12,193) (13,142) — — Amortization of prior service (credit) cost (1,535) (1,824) — 75 Amortization of net loss (gain) 5,604 6,582 — (10) Settlement loss 4,932 3,653 — — Total net periodic benefit cost $ 6,777 $ 7,646 $ 1,010 $ 1,611 We made contributions of $325 and $4,000 to the pension plans and other benefits plans, respectively, during the second quarter of 2021. In the second quarter of 2020, we made contributions of $248 and $3,976 to our pension plans and other benefit plans, respectively. The contributions in 2021 and 2020 also included benefit payments from our non-qualified pension plans and post-retirement benefit plans. The components of net periodic benefit cost for the six months ended July 4, 2021 and June 28, 2020 were as follows: Pension Benefits Other Benefits Six Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Service cost $ 10,922 $ 10,843 $ 90 $ 80 Interest cost 8,726 13,956 1,929 3,012 Expected return on plan assets (24,612) (26,310) — — Amortization of prior service (credit) cost (3,071) (3,651) — 150 Amortization of net loss (gain) 11,420 13,164 — (19) Settlement loss 7,440 3,653 — — Total net periodic benefit cost $ 10,825 $ 11,655 $ 2,019 $ 3,223 We made contributions of $1,183 and $8,155 to the pension plans and other benefits plans, respectively, during the first six months of 2021. In the first six months of 2020, we made contributions of $1,005 and $7,328 to our pension plans and other benefit plans, respectively. The contributions in 2021 and 2020 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 ).

STOCK COMPENSATION PLANS

STOCK COMPENSATION PLANS	6 Months Ended
	Jul. 04, 2021
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 Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Pre-tax compensation expense $ 16,826 $ 12,915 $ 32,482 $ 25,490 Related income tax benefit 4,500 2,492 8,023 4,894 Compensation expenses for stock compensation plans are primarily included in selling, marketing and administrative expense. As of July 4, 2021, total stock-based compensation expense related to non-vested awards not yet recognized was $101,018 and the weighted-average period over which this amount is expected to be recognized was approximately 2.2 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 July 4, 2021 is as follows: Stock Options Shares Weighted-Average Weighted-Average Remaining Aggregate Intrinsic Value Outstanding at beginning of the period 1,839,811 $99.72 4.8 years Granted 32,155 $147.98 Exercised (338,047) $96.46 Forfeited (3,009) $102.58 Outstanding as of July 4, 2021 1,530,910 $101.44 4.6 years $ 111,076 Options exercisable as of July 4, 2021 1,344,804 $100.00 4.3 years $ 99,512 The weighted-average fair value of options granted was $24.12 and $21.31 per share for the periods ended July 4, 2021 and June 28, 2020, respectively. The fair value was estimated on the date of grant using a Black-Scholes option-pricing model and the following weighted-average assumptions: Six Months Ended July 4, 2021 June 28, 2020 Dividend yields 2.2 % 2.1 % Expected volatility 21.8 % 17.5 % Risk-free interest rates 1.0 % 1.3 % Expected term in years 6.3 6.7 The total intrinsic value of options exercised was $21,453 and $23,597 for the periods ended July 4, 2021 and June 28, 2020, 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 six months ended July 4, 2021 and June 28, 2020 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 six months ended July 4, 2021 and June 28, 2020, 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 July 4, 2021 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 1,053,332 $135.11 Granted 382,841 $153.39 Performance assumption change (1) 144,722 $142.56 Vested (308,664) $115.57 Forfeited (35,938) $124.56 Outstanding as of July 4, 2021 1,236,293 $146.11 (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. Six Months Ended July 4, 2021 June 28, 2020 Units granted 382,841 326,283 Weighted-average fair value at date of grant $ 153.39 $ 163.30 Monte Carlo simulation assumptions: Estimated values $ 66.44 $ 80.08 Dividend yields 2.2 % 2.0 % Expected volatility 26.4 % 17.3 % The fair value of shares vested totaled $46,352 and $41,874 for the periods ended July 4, 2021 and June 28, 2020, respectively. Deferred PSUs, deferred RSUs and deferred stock units representing directors’ fees totaled 263,269 units as of July 4, 2021. Each unit is equivalent to one share of the Company’s Common Stock.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jul. 04, 2021
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 90% 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 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 Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Net sales: North America $ 1,779,193 $ 1,583,787 $ 3,861,065 $ 3,428,608 International and Other 210,229 123,542 424,305 316,038 Total $ 1,989,422 $ 1,707,329 $ 4,285,370 $ 3,744,646 Segment income (loss): North America $ 565,905 $ 497,587 $ 1,227,465 $ 1,079,142 International and Other 42,183 (3,969) 76,023 12,035 Total segment income 608,088 493,618 1,303,488 1,091,177 Unallocated corporate expense (1) 151,329 106,883 289,042 231,450 Unallocated mark-to-market (gains) losses on commodity derivatives (3,385) 487 (5,669) 82,241 Long-lived asset impairment charges (see Note 6 ) — 1,600 — 9,143 Costs associated with business realignment activities (see Note 9 ) 3,469 1,275 10,396 2,170 Operating profit 456,675 383,373 1,009,719 766,173 Interest expense, net (see Note 4 ) 31,065 38,079 67,501 74,334 Other (income) expense, net (see Note 18 ) 7,194 11,217 9,608 22,750 Income before income taxes $ 418,416 $ 334,077 $ 932,610 $ 669,089 (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 Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Net (gains) losses on mark-to-market valuation of commodity derivative positions recognized in income $ (16,877) $ (2,624) $ (30,556) $ 74,468 Net gains on commodity derivative positions reclassified from unallocated to segment income 13,492 3,111 24,887 7,773 Net (gains) losses on mark-to-market valuation of commodity derivative positions recognized in unallocated derivative (gains) losses $ (3,385) $ 487 $ (5,669) $ 82,241 As of July 4, 2021, 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 $68,207. 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 $52,970 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 Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 North America $ 56,913 $ 54,379 $ 116,022 $ 108,081 International and Other 6,921 7,037 13,748 14,246 Corporate 12,198 10,484 24,159 20,197 Total $ 76,032 $ 71,900 $ 153,929 $ 142,524 Additional information regarding our net sales disaggregated by geographical region is as follows: Three Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Net sales: United States $ 1,681,397 $ 1,504,266 $ 3,664,120 $ 3,271,542 All other countries 308,025 203,063 621,250 473,104 Total $ 1,989,422 $ 1,707,329 $ 4,285,370 $ 3,744,646 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 Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Net sales: Confectionery and confectionery-based portfolio $ 1,837,881 $ 1,592,181 $ 3,993,518 $ 3,500,415 Snacks portfolio 151,541 115,148 291,852 244,231 Total $ 1,989,422 $ 1,707,329 $ 4,285,370 $ 3,744,646

TREASURY STOCK ACTIVITY TREASUR

TREASURY STOCK ACTIVITY TREASURY STOCK ACTIVITY (Notes)	6 Months Ended
	Jul. 04, 2021
Equity [Abstract]
Treasury Stock Activity	TREASURY STOCK ACTIVITY A summary of our treasury stock activity is as follows: Six Months Ended July 4, 2021 Shares Dollars In thousands Shares repurchased in the open market under pre-approved share repurchase programs 871,144 $ 150,017 Shares repurchased to replace Treasury Stock issued for stock options and incentive compensation 1,871,500 $ 284,329 Total share repurchases 2,742,644 434,346 Shares issued for stock options and incentive compensation (539,714) (22,457) Net change 2,202,930 $ 411,889 In July 2018, our Board of Directors approved a $500,000 share repurchase authorization to repurchase shares of our Common Stock. As of July 4, 2021, $109,983 remained available for repurchases of our Common Stock under this program. In May 2021, our Board of Directors approved an additional $500,000 share repurchase authorization. This program is to commence after the existing 2018 authorization is completed and is to be utilized at management's discretion. We are authorized to purchase our outstanding shares in open market and privately negotiated transactions. The program has no expiration date and acquired shares of Common Stock will be held as treasury shares. Purchases under approved share repurchase authorizations are in addition to our practice of buying back shares sufficient to offset those issued under incentive compensation plans.

NONCONTROLLING INTEREST

NONCONTROLLING INTEREST	6 Months Ended
	Jul. 04, 2021
Equity [Abstract]
Noncontrolling Interest	NONCONTROLLING INTEREST Noncontrolling Interest in Subsidiary As discussed in Note 2 , in January 2021 we completed the divestiture of LSFC, a joint venture originally established in 2007 in China for the purpose of manufacturing and selling product to the joint venture partners. Prior to the sale, we owned a 50% controlling interest in LSFC. A roll-forward showing the 2021 activity relating to the noncontrolling interest follows: Noncontrolling Interest Balance, December 31, 2020 $ 3,531 Net gain attributable to noncontrolling interest 1,072 Divestiture of noncontrolling interest (1,013) Other comprehensive income - foreign currency translation adjustments 5,254 Balance, July 4, 2021 $ 8,844

CONTINGENCIES

CONTINGENCIES	6 Months Ended
	Jul. 04, 2021
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

EARNINGS PER SHARE	6 Months Ended
	Jul. 04, 2021
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. Three Months Ended July 4, 2021 June 28, 2020 Common Stock Class B Common Stock Common Stock Class B Common Stock Basic earnings per share: Numerator: Allocation of distributed earnings (cash dividends paid) $ 117,257 $ 44,308 $ 113,925 $ 42,551 Allocation of undistributed earnings 101,414 38,251 81,891 30,534 Total earnings—basic $ 218,671 $ 82,559 $ 195,816 $ 73,085 Denominator (shares in thousands): Total weighted-average shares—basic 146,111 60,614 147,635 60,614 Earnings Per Share—basic $ 1.50 $ 1.36 $ 1.33 $ 1.21 Diluted earnings per share: Numerator: Allocation of total earnings used in basic computation $ 218,671 $ 82,559 $ 195,816 $ 73,085 Reallocation of total earnings as a result of conversion of Class B common stock to Common stock 82,559 — 73,085 — Reallocation of undistributed earnings — (179) — (123) Total earnings—diluted $ 301,230 $ 82,380 $ 268,901 $ 72,962 Denominator (shares in thousands): Number of shares used in basic computation 146,111 60,614 147,635 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 622 — 521 — Performance and restricted stock units 324 — 300 — Total weighted-average shares—diluted 207,671 60,614 209,070 60,614 Earnings Per Share—diluted $ 1.45 $ 1.36 $ 1.29 $ 1.20 The earnings per share calculations for the three months ended July 4, 2021 and June 28, 2020 excluded 43 and 15 stock options (in thousands), respectively, that would have been antidilutive. Six Months Ended July 4, 2021 June 28, 2020 Common Stock Class B Common Stock Common Stock Class B Common Stock Basic earnings per share: Numerator: Allocation of distributed earnings (cash dividends paid) $ 235,687 $ 88,617 $ 229,177 $ 85,102 Allocation of undistributed earnings 270,866 101,859 164,541 61,218 Total earnings—basic $ 506,553 $ 190,476 $ 393,718 $ 146,320 Denominator (shares in thousands): Total weighted-average shares—basic 146,550 60,614 147,954 60,614 Earnings Per Share—basic $ 3.46 $ 3.14 $ 2.66 $ 2.41 Diluted earnings per share: Numerator: Allocation of total earnings used in basic computation $ 506,553 $ 190,476 $ 393,718 $ 146,320 Reallocation of total earnings as a result of conversion of Class B common stock to Common stock 190,476 — 146,320 — Reallocation of undistributed earnings — (484) — (309) Total earnings—diluted $ 697,029 $ 189,992 $ 540,038 $ 146,011 Denominator (shares in thousands): Number of shares used in basic computation 146,550 60,614 147,954 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 606 — 620 — Performance and restricted stock units 356 — 408 — Total weighted-average shares—diluted 208,126 60,614 209,596 60,614 Earnings Per Share—diluted $ 3.35 $ 3.13 $ 2.58 $ 2.41 The earnings per share calculations for the six months ended July 4, 2021 and June 28, 2020 excluded 43 and 15 stock options (in thousands), respectively, that would have been antidilutive.

OTHER (INCOME) EXPENSE, NET OTH

OTHER (INCOME) EXPENSE, NET OTHER (INCOME) EXPENSE, NET	6 Months Ended
	Jul. 04, 2021
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 Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Write-down of equity investments in partnerships qualifying for historic and renewable energy tax credits (see Note 8 ) $ 4,880 $ 7,447 $ 7,771 $ 18,550 Non-service cost components of net periodic benefit cost relating to pension and other post-retirement benefit plans (see Note 11 ) 2,304 3,806 1,820 3,955 Other (income) expense, net 10 (36) 17 245 Total $ 7,194 $ 11,217 $ 9,608 $ 22,750

SUPPLEMENTAL BALANCE SHEET INFO

SUPPLEMENTAL BALANCE SHEET INFORMATION	6 Months Ended
	Jul. 04, 2021
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: July 4, 2021 December 31, 2020 Inventories: Raw materials $ 412,728 $ 388,600 Goods in process 140,868 104,841 Finished goods 677,254 645,664 Inventories at First In First Out 1,230,850 1,139,105 Adjustment to Last In First Out (170,428) (174,898) Total inventories $ 1,060,422 $ 964,207 Prepaid expenses and other: Prepaid expenses $ 64,153 $ 95,669 Other current assets 136,004 158,809 Total prepaid expenses and other $ 200,157 $ 254,478 Property, plant and equipment: Land $ 132,515 $ 131,513 Buildings 1,412,232 1,387,106 Machinery and equipment 3,271,692 3,169,754 Construction in progress 278,057 276,514 Property, plant and equipment, gross 5,094,496 4,964,887 Accumulated depreciation (2,752,671) (2,679,632) Property, plant and equipment, net $ 2,341,825 $ 2,285,255 Other non-current assets: Capitalized software, net $ 215,264 $ 187,673 Operating lease ROU assets 206,068 224,268 Investments in unconsolidated affiliates 81,606 52,351 Other non-current assets 109,676 91,595 Total other non-current assets $ 612,614 $ 555,887 Accrued liabilities: Payroll, compensation and benefits $ 195,224 $ 237,342 Advertising, promotion and product allowances 309,437 309,537 Operating lease liabilities 28,559 36,578 Other 175,072 198,309 Total accrued liabilities $ 708,292 $ 781,766 Other long-term liabilities: Post-retirement benefits liabilities $ 217,776 $ 223,507 Pension benefits liabilities 55,615 70,727 Operating lease liabilities 172,352 181,871 Other 225,858 207,329 Total other long-term liabilities $ 671,601 $ 683,434 Accumulated other comprehensive loss: Foreign currency translation adjustments $ (84,375) $ (98,525) Pension and post-retirement benefit plans, net of tax (166,707) (194,205) Cash flow hedges, net of tax (45,054) (45,352) Total accumulated other comprehensive loss $ (296,136) $ (338,082)

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jul. 04, 2021
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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 adopted the provisions of this ASU in the fourth quarter of 2020. Adoption of the new standard did not have a material impact on our consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted 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 DIVE_2

BUSINESS ACQUISITION AND DIVESTITURES (Tables)	3 Months Ended
	Jul. 04, 2021
Business Combinations [Abstract]
Schedule of Purchase Consideration Allocation to Assets Acquired and Liabilities Assumed	The purchase consideration, inclusive of the acquisition date fair value of the contingent consideration, was allocated to assets acquired and liabilities assumed based on their respective fair values as follows: Goodwill $ 174,516 Other intangible assets 235,800 Other assets acquired, primarily current assets 30,383 Other liabilities assumed, primarily current liabilities (9,620) Deferred income taxes (7,888) Net assets acquired $ 423,191

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jul. 04, 2021
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 six months ended July 4, 2021 are as follows: North America International Total Balance at December 31, 2020 $ 1,970,445 $ 17,770 $ 1,988,215 Acquired during the period (see Note 2 ) 174,516 — 174,516 Foreign currency translation 3,876 (161) 3,715 Balance at July 4, 2021 $ 2,148,837 $ 17,609 $ 2,166,446
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: July 4, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Intangible assets subject to amortization: Trademarks $ 1,364,454 $ (122,567) $ 1,211,086 $ (104,939) Customer-related 289,467 (56,495) 204,101 (49,616) Patents 8,848 (8,848) 8,556 (8,542) Total 1,662,769 (187,910) 1,423,743 (163,097) Intangible assets not subject to amortization: Trademarks 34,576 34,568 Total other intangible assets $ 1,509,435 $ 1,295,214

SHORT AND LONG-TERM DEBT (Table

SHORT AND LONG-TERM DEBT (Tables)	6 Months Ended
	Jul. 04, 2021
Debt Disclosure [Abstract]
Schedule of Short-term Debt	Short-term debt consisted of the following: July 4, 2021 December 31, 2020 Short-term foreign bank borrowings against lines of credit $ 57,574 $ 74,041 U.S. commercial paper 149,990 — Total short-term debt $ 207,564 $ 74,041 Weighted average interest rate on outstanding commercial paper 0.1 % N/A
Schedule of Long-term Debt Instruments	Long-term debt consisted of the following: Debt Type and Rate Maturity Date July 4, 2021 December 31, 2020 8.800% Debentures (1) February 15, 2021 $ — $ 84,715 3.100% Notes (2) May 15, 2021 — 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 June 1, 2025 300,000 300,000 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 June 1, 2030 350,000 350,000 3.375% Notes August 15, 2046 300,000 300,000 3.125% Notes November 15, 2049 400,000 400,000 2.650% Notes June 1, 2050 350,000 350,000 Finance lease obligations (see Note 7 ) 79,603 80,755 Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts (24,572) (30,525) Total long-term debt 4,098,670 4,528,584 Less—current portion 3,470 438,829 Long-term portion $ 4,095,200 $ 4,089,755 (1) In February 2021, we repaid $84,715 of 8.800% Debentures due upon their maturity. (2) In May 2021, we repaid $350,000 of 3.100% Notes due upon their maturity.
Schedule of Net Interest Expense	Net interest expense consists of the following: Three Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Interest expense $ 34,768 $ 40,520 $ 73,531 $ 79,776 Capitalized interest (3,084) (1,664) (4,801) (3,081) Interest expense 31,684 38,856 68,730 76,695 Interest income (619) (777) (1,229) (2,361) Interest expense, net $ 31,065 $ 38,079 $ 67,501 $ 74,334

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	6 Months Ended
	Jul. 04, 2021
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 July 4, 2021 and December 31, 2020: July 4, 2021 December 31, 2020 Assets (1) Liabilities (1) Assets (1) Liabilities (1) Derivatives designated as cash flow hedging instruments: Foreign exchange contracts $ 43 $ 8,012 $ 2,388 $ 5,522 Derivatives not designated as hedging instruments: Commodities futures and options (2) 170 3,895 3,299 1,648 Deferred compensation derivatives 1,956 — 3,630 — Foreign exchange contracts 565 — 176 93 2,691 3,895 7,105 1,741 Total $ 2,734 $ 11,907 $ 9,493 $ 7,263 (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.
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 July 4, 2021 and June 28, 2020 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) 2021 2020 2021 2020 2021 2020 Commodities futures and options $ 16,877 $ 2,624 $ — $ — $ — $ — Foreign exchange contracts 435 (554) (6,344) 675 (2,972) 1,138 Interest rate swap agreements — — — — (2,709) (2,343) Deferred compensation derivatives 1,956 4,626 — — — — Total $ 19,268 $ 6,696 $ (6,344) $ 675 $ (5,681) $ (1,205) The effect of derivative instruments on the Consolidated Statements of Income for the six months ended July 4, 2021 and June 28, 2020 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) 2021 2020 2021 2020 2021 2020 Commodities futures and options $ 30,556 $ (74,468) $ — $ — $ — $ — Foreign exchange contracts 573 (3,876) (7,979) 6,056 (3,144) 1,390 Interest rate swap agreements — — — — (5,674) (4,687) Deferred compensation derivatives 3,510 (1,133) — — — — Total $ 34,639 $ (79,477) $ (7,979) $ 6,056 $ (8,818) $ (3,297) (a) Gains (losses) recognized in income for non-designated commodities futures and options contracts were included in cost of sales. Gains (losses) recognized in income for non-designated foreign currency forward exchange contracts and deferred compensation derivatives were included in selling, marketing and administrative expenses. (b) Gains (losses) reclassified from AOCI into income for foreign currency forward exchange contracts were included in selling, marketing and administrative expenses. Losses reclassified from AOCI into income for interest rate swap agreements were included in interest expense.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jul. 04, 2021
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 July 4, 2021 and December 31, 2020: Assets (Liabilities) Level 1 Level 2 Level 3 Total July 4, 2021: Derivative Instruments: Assets: Foreign exchange contracts (1) $ — $ 608 $ — $ 608 Deferred compensation derivatives (2) — 1,956 — 1,956 Commodities futures and options (3) 170 — — 170 Liabilities: Foreign exchange contracts (1) — 8,012 — 8,012 Commodities futures and options (3) 3,895 — — 3,895 December 31, 2020: Assets: Foreign exchange contracts (1) $ — $ 2,564 $ — $ 2,564 Deferred compensation derivatives (2) — 3,630 — 3,630 Commodities futures and options (3) 3,299 — — 3,299 Liabilities: Foreign exchange contracts (1) — 5,615 — 5,615 Commodities futures and options (3) 1,648 — — 1,648 (1) The fair value of foreign currency forward exchange contracts is the difference between the contract and current market foreign currency exchange rates at the end of the period. We estimate the fair value of foreign currency forward exchange contracts on a quarterly basis by obtaining market quotes of spot and forward rates for contracts with similar terms, adjusted where necessary for maturity differences. (2) The fair value of deferred compensation derivatives is based on quoted prices for market interest rates and a broad market equity index. (3) The fair value of commodities futures and options contracts is based on quoted market prices.
Schedule of Fair Values and Carrying Values of Long-Term Debt	The fair values and carrying values of long-term debt, including the current portion, were as follows: Fair Value Carrying Value July 4, 2021 December 31, 2020 July 4, 2021 December 31, 2020 Current portion of long-term debt $ 3,470 $ 443,215 $ 3,470 $ 438,829 Long-term debt 4,338,773 4,479,499 4,095,200 4,089,755 Total $ 4,342,243 $ 4,922,714 $ 4,098,670 $ 4,528,584
Schedule of Impairment Charges	During the six months ended June 28, 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 the sale of the LSFC joint venture (disposal group previously classified as held for sale), 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. The sale of the LSFC joint venture was completed in January 2021. (2) In connection with a previous sale, the Company wrote-down certain receivables deemed uncollectible.

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jul. 04, 2021
Leases [Abstract]
Schedule of Components of Lease Expense	The components of lease expense for the three months ended July 4, 2021 and June 28, 2020 were as follows: Three Months Ended Lease expense Classification July 4, 2021 June 28, 2020 Operating lease cost Cost of sales or SM&A (1) $ 11,088 $ 10,673 Finance lease cost: Amortization of ROU assets Depreciation and amortization (1) 1,999 1,949 Interest on lease liabilities Interest expense, net 1,109 1,112 Net lease cost (2) $ 14,196 $ 13,734 The components of lease expense for the six months ended July 4, 2021 and June 28, 2020 were as follows: Six Months Ended Lease expense Classification July 4, 2021 June 28, 2020 Operating lease cost Cost of sales or SM&A (1) $ 22,554 $ 21,217 Finance lease cost: Amortization of ROU assets Depreciation and amortization (1) 4,061 3,979 Interest on lease liabilities Interest expense, net 2,221 2,234 Net lease cost (2) $ 28,836 $ 27,430 (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: July 4, 2021 December 31, 2020 Weighted-average remaining lease term (years) Operating leases 12.8 12.5 Finance leases 30.3 30.1 Weighted-average discount rate Operating leases 3.7 % 3.8 % Finance leases 5.9 % 5.9 %
Schedule of Supplemental Balance Sheet Information	Supplemental balance sheet information related to leases were as follows: Leases Classification July 4, 2021 December 31, 2020 Assets Operating lease ROU assets Other non-current assets $ 206,068 $ 224,268 Finance lease ROU assets, at cost Property, plant and equipment, gross 99,939 101,426 Accumulated amortization Accumulated depreciation (16,287) (13,361) Finance lease ROU assets, net Property, plant and equipment, net 83,652 88,065 Total leased assets $ 289,720 $ 312,333 Liabilities Current Operating Accrued liabilities $ 28,559 $ 36,578 Finance Current portion of long-term debt 4,188 4,868 Non-current Operating Other long-term liabilities 172,352 181,871 Finance Long-term debt 75,415 75,887 Total lease liabilities $ 280,514 $ 299,204 The components of certain Consolidated Balance Sheet accounts are as follows: July 4, 2021 December 31, 2020 Inventories: Raw materials $ 412,728 $ 388,600 Goods in process 140,868 104,841 Finished goods 677,254 645,664 Inventories at First In First Out 1,230,850 1,139,105 Adjustment to Last In First Out (170,428) (174,898) Total inventories $ 1,060,422 $ 964,207 Prepaid expenses and other: Prepaid expenses $ 64,153 $ 95,669 Other current assets 136,004 158,809 Total prepaid expenses and other $ 200,157 $ 254,478 Property, plant and equipment: Land $ 132,515 $ 131,513 Buildings 1,412,232 1,387,106 Machinery and equipment 3,271,692 3,169,754 Construction in progress 278,057 276,514 Property, plant and equipment, gross 5,094,496 4,964,887 Accumulated depreciation (2,752,671) (2,679,632) Property, plant and equipment, net $ 2,341,825 $ 2,285,255 Other non-current assets: Capitalized software, net $ 215,264 $ 187,673 Operating lease ROU assets 206,068 224,268 Investments in unconsolidated affiliates 81,606 52,351 Other non-current assets 109,676 91,595 Total other non-current assets $ 612,614 $ 555,887 Accrued liabilities: Payroll, compensation and benefits $ 195,224 $ 237,342 Advertising, promotion and product allowances 309,437 309,537 Operating lease liabilities 28,559 36,578 Other 175,072 198,309 Total accrued liabilities $ 708,292 $ 781,766 Other long-term liabilities: Post-retirement benefits liabilities $ 217,776 $ 223,507 Pension benefits liabilities 55,615 70,727 Operating lease liabilities 172,352 181,871 Other 225,858 207,329 Total other long-term liabilities $ 671,601 $ 683,434 Accumulated other comprehensive loss: Foreign currency translation adjustments $ (84,375) $ (98,525) Pension and post-retirement benefit plans, net of tax (166,707) (194,205) Cash flow hedges, net of tax (45,054) (45,352) Total accumulated other comprehensive loss $ (296,136) $ (338,082)
Schedule of Maturity of Operating Lease Liabilities	The maturity of our lease liabilities as of July 4, 2021 were as follows: Operating leases Finance leases Total 2021 (rest of year) $ 20,512 $ 4,349 $ 24,861 2022 28,643 7,391 36,034 2023 20,818 5,285 26,103 2024 15,748 4,709 20,457 2025 14,200 4,741 18,941 Thereafter 160,392 161,625 322,017 Total lease payments 260,313 188,100 448,413 Less: Imputed interest 59,402 108,497 167,899 Total lease liabilities $ 200,911 $ 79,603 $ 280,514
Schedule of Maturity of Finance Lease Liabilities	The maturity of our lease liabilities as of July 4, 2021 were as follows: Operating leases Finance leases Total 2021 (rest of year) $ 20,512 $ 4,349 $ 24,861 2022 28,643 7,391 36,034 2023 20,818 5,285 26,103 2024 15,748 4,709 20,457 2025 14,200 4,741 18,941 Thereafter 160,392 161,625 322,017 Total lease payments 260,313 188,100 448,413 Less: Imputed interest 59,402 108,497 167,899 Total lease liabilities $ 200,911 $ 79,603 $ 280,514
Schedule of Supplemental Cash Flow Information Related To Leases	Supplemental cash flow and other information related to leases were as follows: Six Months Ended July 4, 2021 June 28, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 21,773 $ 21,335 Operating cash flows from finance leases 2,221 2,234 Financing cash flows from finance leases 2,240 2,105 ROU assets obtained in exchange for lease liabilities: Operating leases $ 6,190 $ 20,814 Finance leases 436 2,076

BUSINESS REALIGNMENT ACTIVITI_2

BUSINESS REALIGNMENT ACTIVITIES (Tables)	6 Months Ended
	Jul. 04, 2021
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 Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Cost of sales $ 1,042 $ — $ 5,037 $ — Selling, marketing and administrative expense 1,286 2,645 2,976 2,645 Business realignment costs (benefits) 1,141 (1,370) 2,383 (475) Costs associated with business realignment activities $ 3,469 $ 1,275 $ 10,396 $ 2,170 Costs recorded by program during the six months ended July 4, 2021 and June 28, 2020 related to these activities were as follows: Three Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 International Optimization Program: Severance $ 1,198 $ — $ 2,822 $ — Other program costs 2,271 — 7,574 — Margin for Growth Program: Severance — (1,410) — (653) Other program costs — 2,685 — 2,823 Total $ 3,469 $ 1,275 $ 10,396 $ 2,170
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 six months ended July 4, 2021: Total Liability balance at December 31, 2020 (1) $ 12,748 2021 business realignment charges (2) 4,700 Cash payments (14,913) Liability balance at July 4, 2021 (1) $ 2,535 (1) The liability balances reflected above are reported within accrued liabilities and other long-term liabilities.

PENSION AND OTHER POST-RETIRE_2

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS (Tables)	6 Months Ended
	Jul. 04, 2021
Retirement Benefits [Abstract]
Schedule of Components of Net Periodic Benefit Cost	The components of net periodic benefit cost for the three months ended July 4, 2021 and June 28, 2020 were as follows: Pension Benefits Other Benefits Three Months Ended Three Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Service cost $ 5,433 $ 5,411 $ 45 $ 41 Interest cost 4,536 6,966 965 1,505 Expected return on plan assets (12,193) (13,142) — — Amortization of prior service (credit) cost (1,535) (1,824) — 75 Amortization of net loss (gain) 5,604 6,582 — (10) Settlement loss 4,932 3,653 — — Total net periodic benefit cost $ 6,777 $ 7,646 $ 1,010 $ 1,611 The components of net periodic benefit cost for the six months ended July 4, 2021 and June 28, 2020 were as follows: Pension Benefits Other Benefits Six Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Service cost $ 10,922 $ 10,843 $ 90 $ 80 Interest cost 8,726 13,956 1,929 3,012 Expected return on plan assets (24,612) (26,310) — — Amortization of prior service (credit) cost (3,071) (3,651) — 150 Amortization of net loss (gain) 11,420 13,164 — (19) Settlement loss 7,440 3,653 — — Total net periodic benefit cost $ 10,825 $ 11,655 $ 2,019 $ 3,223

STOCK COMPENSATION PLANS (Table

STOCK COMPENSATION PLANS (Tables)	6 Months Ended
	Jul. 04, 2021
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 Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Pre-tax compensation expense $ 16,826 $ 12,915 $ 32,482 $ 25,490 Related income tax benefit 4,500 2,492 8,023 4,894
Schedule of Activity Relating to the Grants of Stock Options	A summary of activity relating to grants of stock options for the period ended July 4, 2021 is as follows: Stock Options Shares Weighted-Average Weighted-Average Remaining Aggregate Intrinsic Value Outstanding at beginning of the period 1,839,811 $99.72 4.8 years Granted 32,155 $147.98 Exercised (338,047) $96.46 Forfeited (3,009) $102.58 Outstanding as of July 4, 2021 1,530,910 $101.44 4.6 years $ 111,076 Options exercisable as of July 4, 2021 1,344,804 $100.00 4.3 years $ 99,512
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: Six Months Ended July 4, 2021 June 28, 2020 Dividend yields 2.2 % 2.1 % Expected volatility 21.8 % 17.5 % Risk-free interest rates 1.0 % 1.3 % Expected term in years 6.3 6.7
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 July 4, 2021 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 1,053,332 $135.11 Granted 382,841 $153.39 Performance assumption change (1) 144,722 $142.56 Vested (308,664) $115.57 Forfeited (35,938) $124.56 Outstanding as of July 4, 2021 1,236,293 $146.11 (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	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. Six Months Ended July 4, 2021 June 28, 2020 Units granted 382,841 326,283 Weighted-average fair value at date of grant $ 153.39 $ 163.30 Monte Carlo simulation assumptions: Estimated values $ 66.44 $ 80.08 Dividend yields 2.2 % 2.0 % Expected volatility 26.4 % 17.3 %

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jul. 04, 2021
Segment Reporting [Abstract]
Schedule of Net Sales and Earnings by Segment	Our segment net sales and earnings were as follows: Three Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Net sales: North America $ 1,779,193 $ 1,583,787 $ 3,861,065 $ 3,428,608 International and Other 210,229 123,542 424,305 316,038 Total $ 1,989,422 $ 1,707,329 $ 4,285,370 $ 3,744,646 Segment income (loss): North America $ 565,905 $ 497,587 $ 1,227,465 $ 1,079,142 International and Other 42,183 (3,969) 76,023 12,035 Total segment income 608,088 493,618 1,303,488 1,091,177 Unallocated corporate expense (1) 151,329 106,883 289,042 231,450 Unallocated mark-to-market (gains) losses on commodity derivatives (3,385) 487 (5,669) 82,241 Long-lived asset impairment charges (see Note 6 ) — 1,600 — 9,143 Costs associated with business realignment activities (see Note 9 ) 3,469 1,275 10,396 2,170 Operating profit 456,675 383,373 1,009,719 766,173 Interest expense, net (see Note 4 ) 31,065 38,079 67,501 74,334 Other (income) expense, net (see Note 18 ) 7,194 11,217 9,608 22,750 Income before income taxes $ 418,416 $ 334,077 $ 932,610 $ 669,089 (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.
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 Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Net (gains) losses on mark-to-market valuation of commodity derivative positions recognized in income $ (16,877) $ (2,624) $ (30,556) $ 74,468 Net gains on commodity derivative positions reclassified from unallocated to segment income 13,492 3,111 24,887 7,773 Net (gains) losses on mark-to-market valuation of commodity derivative positions recognized in unallocated derivative (gains) losses $ (3,385) $ 487 $ (5,669) $ 82,241
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 Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 North America $ 56,913 $ 54,379 $ 116,022 $ 108,081 International and Other 6,921 7,037 13,748 14,246 Corporate 12,198 10,484 24,159 20,197 Total $ 76,032 $ 71,900 $ 153,929 $ 142,524
Schedule of Segment Information by Geography	Additional information regarding our net sales disaggregated by geographical region is as follows: Three Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Net sales: United States $ 1,681,397 $ 1,504,266 $ 3,664,120 $ 3,271,542 All other countries 308,025 203,063 621,250 473,104 Total $ 1,989,422 $ 1,707,329 $ 4,285,370 $ 3,744,646
Schedule of Additional Product Line Sales	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 Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Net sales: Confectionery and confectionery-based portfolio $ 1,837,881 $ 1,592,181 $ 3,993,518 $ 3,500,415 Snacks portfolio 151,541 115,148 291,852 244,231 Total $ 1,989,422 $ 1,707,329 $ 4,285,370 $ 3,744,646

TREASURY STOCK ACTIVITY TREAS_2

TREASURY STOCK ACTIVITY TREASURY STOCK ACTIVITY (Tables)	6 Months Ended
	Jul. 04, 2021
Equity [Abstract]
Schedule of Treasury Stock Activity	A summary of our treasury stock activity is as follows: Six Months Ended July 4, 2021 Shares Dollars In thousands Shares repurchased in the open market under pre-approved share repurchase programs 871,144 $ 150,017 Shares repurchased to replace Treasury Stock issued for stock options and incentive compensation 1,871,500 $ 284,329 Total share repurchases 2,742,644 434,346 Shares issued for stock options and incentive compensation (539,714) (22,457) Net change 2,202,930 $ 411,889

NONCONTROLLING INTEREST (Tables

NONCONTROLLING INTEREST (Tables)	6 Months Ended
	Jul. 04, 2021
Equity [Abstract]
Schedule of Activity Relating to the Noncontrolling Interest	A roll-forward showing the 2021 activity relating to the noncontrolling interest follows: Noncontrolling Interest Balance, December 31, 2020 $ 3,531 Net gain attributable to noncontrolling interest 1,072 Divestiture of noncontrolling interest (1,013) Other comprehensive income - foreign currency translation adjustments 5,254 Balance, July 4, 2021 $ 8,844

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jul. 04, 2021
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	Three Months Ended July 4, 2021 June 28, 2020 Common Stock Class B Common Stock Common Stock Class B Common Stock Basic earnings per share: Numerator: Allocation of distributed earnings (cash dividends paid) $ 117,257 $ 44,308 $ 113,925 $ 42,551 Allocation of undistributed earnings 101,414 38,251 81,891 30,534 Total earnings—basic $ 218,671 $ 82,559 $ 195,816 $ 73,085 Denominator (shares in thousands): Total weighted-average shares—basic 146,111 60,614 147,635 60,614 Earnings Per Share—basic $ 1.50 $ 1.36 $ 1.33 $ 1.21 Diluted earnings per share: Numerator: Allocation of total earnings used in basic computation $ 218,671 $ 82,559 $ 195,816 $ 73,085 Reallocation of total earnings as a result of conversion of Class B common stock to Common stock 82,559 — 73,085 — Reallocation of undistributed earnings — (179) — (123) Total earnings—diluted $ 301,230 $ 82,380 $ 268,901 $ 72,962 Denominator (shares in thousands): Number of shares used in basic computation 146,111 60,614 147,635 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 622 — 521 — Performance and restricted stock units 324 — 300 — Total weighted-average shares—diluted 207,671 60,614 209,070 60,614 Earnings Per Share—diluted $ 1.45 $ 1.36 $ 1.29 $ 1.20 Six Months Ended July 4, 2021 June 28, 2020 Common Stock Class B Common Stock Common Stock Class B Common Stock Basic earnings per share: Numerator: Allocation of distributed earnings (cash dividends paid) $ 235,687 $ 88,617 $ 229,177 $ 85,102 Allocation of undistributed earnings 270,866 101,859 164,541 61,218 Total earnings—basic $ 506,553 $ 190,476 $ 393,718 $ 146,320 Denominator (shares in thousands): Total weighted-average shares—basic 146,550 60,614 147,954 60,614 Earnings Per Share—basic $ 3.46 $ 3.14 $ 2.66 $ 2.41 Diluted earnings per share: Numerator: Allocation of total earnings used in basic computation $ 506,553 $ 190,476 $ 393,718 $ 146,320 Reallocation of total earnings as a result of conversion of Class B common stock to Common stock 190,476 — 146,320 — Reallocation of undistributed earnings — (484) — (309) Total earnings—diluted $ 697,029 $ 189,992 $ 540,038 $ 146,011 Denominator (shares in thousands): Number of shares used in basic computation 146,550 60,614 147,954 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 606 — 620 — Performance and restricted stock units 356 — 408 — Total weighted-average shares—diluted 208,126 60,614 209,596 60,614 Earnings Per Share—diluted $ 3.35 $ 3.13 $ 2.58 $ 2.41

OTHER (INCOME) EXPENSE, NET O_2

OTHER (INCOME) EXPENSE, NET OTHER (INCOME) EXPENSE, NET (Tables)	6 Months Ended
	Jul. 04, 2021
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 Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Write-down of equity investments in partnerships qualifying for historic and renewable energy tax credits (see Note 8 ) $ 4,880 $ 7,447 $ 7,771 $ 18,550 Non-service cost components of net periodic benefit cost relating to pension and other post-retirement benefit plans (see Note 11 ) 2,304 3,806 1,820 3,955 Other (income) expense, net 10 (36) 17 245 Total $ 7,194 $ 11,217 $ 9,608 $ 22,750

SUPPLEMENTAL BALANCE SHEET IN_2

SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables)	6 Months Ended
	Jul. 04, 2021
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 July 4, 2021 December 31, 2020 Assets Operating lease ROU assets Other non-current assets $ 206,068 $ 224,268 Finance lease ROU assets, at cost Property, plant and equipment, gross 99,939 101,426 Accumulated amortization Accumulated depreciation (16,287) (13,361) Finance lease ROU assets, net Property, plant and equipment, net 83,652 88,065 Total leased assets $ 289,720 $ 312,333 Liabilities Current Operating Accrued liabilities $ 28,559 $ 36,578 Finance Current portion of long-term debt 4,188 4,868 Non-current Operating Other long-term liabilities 172,352 181,871 Finance Long-term debt 75,415 75,887 Total lease liabilities $ 280,514 $ 299,204 The components of certain Consolidated Balance Sheet accounts are as follows: July 4, 2021 December 31, 2020 Inventories: Raw materials $ 412,728 $ 388,600 Goods in process 140,868 104,841 Finished goods 677,254 645,664 Inventories at First In First Out 1,230,850 1,139,105 Adjustment to Last In First Out (170,428) (174,898) Total inventories $ 1,060,422 $ 964,207 Prepaid expenses and other: Prepaid expenses $ 64,153 $ 95,669 Other current assets 136,004 158,809 Total prepaid expenses and other $ 200,157 $ 254,478 Property, plant and equipment: Land $ 132,515 $ 131,513 Buildings 1,412,232 1,387,106 Machinery and equipment 3,271,692 3,169,754 Construction in progress 278,057 276,514 Property, plant and equipment, gross 5,094,496 4,964,887 Accumulated depreciation (2,752,671) (2,679,632) Property, plant and equipment, net $ 2,341,825 $ 2,285,255 Other non-current assets: Capitalized software, net $ 215,264 $ 187,673 Operating lease ROU assets 206,068 224,268 Investments in unconsolidated affiliates 81,606 52,351 Other non-current assets 109,676 91,595 Total other non-current assets $ 612,614 $ 555,887 Accrued liabilities: Payroll, compensation and benefits $ 195,224 $ 237,342 Advertising, promotion and product allowances 309,437 309,537 Operating lease liabilities 28,559 36,578 Other 175,072 198,309 Total accrued liabilities $ 708,292 $ 781,766 Other long-term liabilities: Post-retirement benefits liabilities $ 217,776 $ 223,507 Pension benefits liabilities 55,615 70,727 Operating lease liabilities 172,352 181,871 Other 225,858 207,329 Total other long-term liabilities $ 671,601 $ 683,434 Accumulated other comprehensive loss: Foreign currency translation adjustments $ (84,375) $ (98,525) Pension and post-retirement benefit plans, net of tax (166,707) (194,205) Cash flow hedges, net of tax (45,054) (45,352) Total accumulated other comprehensive loss $ (296,136) $ (338,082)

BUSINESS ACQUISITION AND DIVE_3

BUSINESS ACQUISITION AND DIVESTITURES (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 04, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 2,166,446	$ 1,988,215
Lily's Sweets, LLC
Business Acquisition [Line Items]
Business combination, consideration transferred	418,191
Business combination, contingent consideration, liability	5,000
Goodwill	174,516
Other intangible assets	235,800
Other current assets	30,383
Other liabilities assumed, primarily current liabilities	(9,620)
Deferred income taxes	(7,888)
Net assets acquired	423,191
Finite-lived trademarks, gross	151,600
Finite-lived customer relationships, gross	$ 84,200
Lily's Sweets, LLC | Trademarks
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life	33 years
Lily's Sweets, LLC | Customer Relationships | Minimum
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life	17 years
Lily's Sweets, LLC | Customer Relationships | Maximum
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life	18 years

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - SCHEDULE OF CHANGES IN CARRYING VALUE OF GOODWILL BY REPORTABLE SEGMENT (Details) $ in Thousands	6 Months Ended
	Jul. 04, 2021USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,988,215
Foreign currency translation	3,715
Goodwill, ending balance	2,166,446
Goodwill, Acquired During Period	174,516
Operating Segments | North America
Goodwill [Roll Forward]
Goodwill, beginning balance	1,970,445
Foreign currency translation	3,876
Goodwill, ending balance	2,148,837
Goodwill, Acquired During Period	174,516
Operating Segments | International and Other
Goodwill [Roll Forward]
Goodwill, beginning balance	17,770
Foreign currency translation	(161)
Goodwill, ending balance	17,609
Goodwill, Acquired During Period	$ 0

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - SCHEDULE OF GROSS CARRYING AMOUNT AND ACCUMULATED AMORTIZATION FOR EACH MAJOR CLASS OF INTANGIBLE ASSET (Details) - USD ($) $ in Thousands	Jul. 04, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 1,662,769	$ 1,423,743
Finite-lived intangible assets, accumulated amortization	(187,910)	(163,097)
Total other intangible assets	1,509,435	1,295,214
Trademarks
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, excluding goodwill	34,576	34,568
Trademarks
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	1,364,454	1,211,086
Finite-lived intangible assets, accumulated amortization	(122,567)	(104,939)
Customer-related
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	289,467	204,101
Finite-lived intangible assets, accumulated amortization	(56,495)	(49,616)
Patents
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	8,848	8,556
Finite-lived intangible assets, accumulated amortization	$ (8,848)	$ (8,542)

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - NARRATIVE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 11,635	$ 11,580	$ 23,256	$ 23,220

SHORT AND LONG-TERM DEBT - SHOR

SHORT AND LONG-TERM DEBT - SHORT-TERM DEBT NARRATIVE (Details) - USD ($) $ in Thousands	Jul. 04, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Short-term debt	$ 207,564	$ 74,041
Commercial Paper
Line of Credit Facility [Line Items]
Short-term debt	$ 149,990	0
Short-term Debt, Weighted Average Interest Rate, at Point in Time	0.10%
Revolving Credit Facility | Foreign Line of Credit [Member]
Line of Credit Facility [Line Items]
Short-term foreign bank loans against the lines of credit	$ 57,574	$ 74,041
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 - SCHE

SHORT AND LONG-TERM DEBT - SCHEDULE OF LONG-TERM DEBT INSTRUMENTS (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 04, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total finance lease liabilities	$ 79,603	$ 80,755
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts	(24,572)	(30,525)
Total long-term debt	4,098,670	4,528,584
Less—current portion	3,470	438,829
Long-term portion	4,095,200	4,089,755
Corporate Debt Securities | 8.800% Debentures (1)
Debt Instrument [Line Items]
Total long-term debt	0	$ 84,715
Repayments of Debt	$ 84,715
Interest rate, stated percentage	8.80%	8.80%
Corporate Debt Securities | 3.100% Notes (2)
Debt Instrument [Line Items]
Total long-term debt	$ 0	$ 350,000
Repayments of Debt	$ 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
Debt Instrument [Line Items]
Total long-term debt	$ 300,000	$ 300,000
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
Debt Instrument [Line Items]
Total long-term debt	$ 350,000	$ 350,000
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
Debt Instrument [Line Items]
Total long-term debt	$ 350,000	$ 350,000
Interest rate, stated percentage	2.65%	2.65%

SHORT AND LONG-TERM DEBT - LONG

SHORT AND LONG-TERM DEBT - LONG TERM DEBT INTEREST RATES (Details) - Corporate Debt Securities	Jul. 04, 2021	Dec. 31, 2020
8.800% Debentures (1)
Debt Instrument [Line Items]
Interest rate, stated percentage	8.80%	8.80%
3.100% Notes (2)
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
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
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
Debt Instrument [Line Items]
Interest rate, stated percentage	2.65%	2.65%

SHORT AND LONG-TERM DEBT - SC_2

SHORT AND LONG-TERM DEBT - SCHEDULE OF NET INTEREST EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Debt Disclosure [Abstract]
Interest expense	$ 34,768	$ 40,520	$ 73,531	$ 79,776
Capitalized interest	(3,084)	(1,664)	(4,801)	(3,081)
Interest expense	31,684	38,856	68,730	76,695
Interest income	(619)	(777)	(1,229)	(2,361)
Interest expense, net	$ 31,065	$ 38,079	$ 67,501	$ 74,334

DERIVATIVE INSTRUMENTS - NARRAT

DERIVATIVE INSTRUMENTS - NARRATIVE (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020	Dec. 31, 2020
Derivative [Line Items]
Cash flow hedge gain (loss) to be reclassified within twelve months			$ 19,317
Employee stock options
Derivative [Line Items]
Antidilutive securities excluded from computation of earnings per share (shares)	43	15	43	15
Commodities futures and options | Non-designated Hedges
Derivative [Line Items]
Derivative, notional amount	$ 387,871		$ 387,871		$ 279,843
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	183,136		$ 183,136		130,131
Foreign exchange contracts | Non-designated Hedges
Derivative [Line Items]
Derivative, notional amount	1,775		1,775		2,519
Interest rate swap agreements | Designated as Hedging Instrument | Fair Value Hedging
Derivative [Line Items]
Derivative, notional amount	0		0		0
Deferred compensation derivatives
Derivative [Line Items]
Derivative, notional amount	22,882		$ 22,882		$ 30,194
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)	$ 0	$ 608	$ 0	$ (759)

DERIVATIVE INSTRUMENTS - SCHEDU

DERIVATIVE INSTRUMENTS - SCHEDULE OF THE CLASSIFICATION OF DERIVATIVE ASSETS AND LIABILITIES WITHIN THE CONSOLIDATED BALANCE SHEETS (Details) - USD ($) $ in Thousands	Jul. 04, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Derivative asset	$ 2,734	$ 9,493
Derivative liability	11,907	7,263
Designated as Hedging Instrument | Cash Flow Hedges | Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Derivative asset	43	2,388
Derivative liability	8,012	5,522
Non-designated Hedges
Derivatives, Fair Value [Line Items]
Derivative asset	2,691	7,105
Derivative liability	3,895	1,741
Non-designated Hedges | Commodities futures and options
Derivatives, Fair Value [Line Items]
Derivative asset	170	3,299
Derivative liability	3,895	1,648
Gross derivative assets, included within derivative liabilities	51,073	32,674
Derivative liability, gross liabilities	54,087	29,376
Non-designated Hedges | Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Derivative asset	565	176
Derivative liability	0	93
Non-designated Hedges | Deferred compensation derivatives
Derivatives, Fair Value [Line Items]
Derivative asset	1,956	3,630
Derivative liability	$ 0	$ 0

DERIVATIVE INSTRUMENTS - SCHE_2

DERIVATIVE INSTRUMENTS - SCHEDULE OF THE EFFECT OF DERIVATIVE INSTRUMENTS ON THE CONSOLIDATED STATEMENTS OF INCOME (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 19,268	$ 6,696	$ 34,639	$ (79,477)
(Losses) gains on cash flow hedging derivatives, pre-tax amount	(6,344)	675	(7,979)	6,056
Commodities futures and options
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	16,877	2,624	30,556	(74,468)
Foreign exchange contracts
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	435	(554)	573	(3,876)
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	1,956	4,626	3,510	(1,133)
Designated as Hedging Instrument | Cash Flow Hedges
Derivative [Line Items]
(Losses) gains on cash flow hedging derivatives, pre-tax amount	(6,344)	675	(7,979)	6,056
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	(5,681)	(1,205)	(8,818)	(3,297)
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	(6,344)	675	(7,979)	6,056
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	(2,972)	1,138	(3,144)	1,390
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	(2,709)	(2,343)	(5,674)	(4,687)
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

FAIR VALUE MEASUREMENTS - NARRA

FAIR VALUE MEASUREMENTS - NARRATIVE (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-lived asset impairment charges	$ 0	$ 1,600,000	$ 0	$ 9,143,000
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 - SCHED

FAIR VALUE MEASUREMENTS - SCHEDULE OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE (Details) - USD ($) $ in Thousands	Jul. 04, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	$ 2,734	$ 9,493
Derivative liability	11,907	7,263
Fair Value, Measurements, Recurring | Foreign exchange contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	608	2,564
Derivative liability	8,012	5,615
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	608	2,564
Derivative liability	8,012	5,615
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 | Deferred compensation derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	1,956	3,630
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	1,956	3,630
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	170	3,299
Derivative liability	3,895	1,648
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	170	3,299
Derivative liability	3,895	1,648
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 - SCH_2

FAIR VALUE MEASUREMENTS - SCHEDULE OF FAIR VALUES AND CARRYING VALUES OF LONG-TERM DEBT (Details) - USD ($) $ in Thousands	Jul. 04, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current portion of long-term debt	$ 3,470	$ 438,829
Long-term portion	4,095,200	4,089,755
Total long-term debt, carrying value	4,098,670	4,528,584
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	3,470	443,215
Long-term debt, fair value	4,338,773	4,479,499
Total long-term debt, fair value	4,342,243	4,922,714
Current portion of long-term debt	3,470	438,829
Long-term portion	4,095,200	4,089,755
Total long-term debt, carrying value	$ 4,098,670	$ 4,528,584

FAIR VALUE MEASUREMENTS - SCH_3

FAIR VALUE MEASUREMENTS - SCHEDULE OF IMPAIRMENT CHARGES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
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	$ 1,600	$ 0	9,143
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 COMPONENET

LEASES - SCHEDULE OF COMPONENETS OF LEASE EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Leases [Abstract]
Operating lease cost	$ 11,088	$ 10,673	$ 22,554	$ 21,217
Amortization of ROU assets, Finance lease cost	1,999	1,949	4,061	3,979
Interest on lease liabilities, Finance lease cost	1,109	1,112	2,221	2,234
Net lease cost (2)	$ 14,196	$ 13,734	$ 28,836	$ 27,430

LEASES - SCHEDULE OF INFORMATIO

LEASES - SCHEDULE OF INFORMATION REGARDING OUR LEASE TERMS AND DISCOUNT RATES (Details)	Jul. 04, 2021	Dec. 31, 2020
Leases [Abstract]
Operating leases, Weighted-average remaining lease term (years)	12 years 9 months 18 days	12 years 6 months
Finance leases, Weighted-average remaining lease term (years)	30 years 3 months 18 days	30 years 1 month 6 days
Operating leases, Weighted-average remaining discount rate	3.70%	3.80%
Finance leases, Weighted-average remaining discount rate	5.90%	5.90%

LEASES - SUPPLEMENTAL BALANCE S

LEASES - SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES (Details) - USD ($) $ in Thousands	Jul. 04, 2021	Dec. 31, 2020
Lease, Description [Line Items]
Operating lease ROU assets	$ 206,068	$ 224,268
Total leased assets	289,720	312,333
Operating lease liabilities	28,559	36,578
Finance lease liabilities, curent	4,188	4,868
Operating lease liabilities	172,352	181,871
Finance lease liabilities, non-current	75,415	75,887
Total leased liabilities	280,514	299,204
Property, plant and equipment, gross
Lease, Description [Line Items]
Finance lease ROU assets, net	99,939	101,426
Accumulated depreciation
Lease, Description [Line Items]
Accumulated amortization	(16,287)	(13,361)
Property, plant and equipment, net
Lease, Description [Line Items]
Finance lease ROU assets, net	$ 83,652	$ 88,065

LEASES - SCHEDULE OF MATURITIES

LEASES - SCHEDULE OF MATURITIES OF LEASE LIABILITIES (Details) - USD ($) $ in Thousands	Jul. 04, 2021	Dec. 31, 2020
Operating leases
2021 (rest of year)	$ 20,512
2022	28,643
2023	20,818
2024	15,748
2025	14,200
Thereafter	160,392
Total lease payments	260,313
Less: Imputed interest	59,402
Total operating lease liabilities	200,911
Finance leases
2021 (rest of year)	4,349
2022	7,391
2023	5,285
2024	4,709
2025	4,741
Thereafter	161,625
Total lease payments	188,100
Less: Imputed interest	108,497
Total finance lease liabilities	79,603	$ 80,755
2021 (rest of year)	24,861
2022	36,034
2023	26,103
2024	20,457
2025	18,941
Thereafter	322,017
Total lease payments	448,413
Less: Imputed interest	167,899
Total lease liabilities	$ 280,514

LEASES - SCHEDULE OF SUPPLEMENT

LEASES - SCHEDULE OF SUPPLEMENTAL CASH FLOW INFORMATION RELATED TO LEASES (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020
Leases [Abstract]
Operating cash flows from operating leases	$ 21,773	$ 21,335
Operating cash flows from finance leases	2,221	2,234
Financing cash flows from finance leases	2,240	2,105
Operating leases	6,190	20,814
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$ 436	$ 2,076

LEASES - NARRATIVE (Details)

LEASES - NARRATIVE (Details) $ in Thousands	Jul. 04, 2021USD ($)
Lease, Description [Line Items]
Lessee, operating lease, lease not yet commenced	$ 20,000
Maximum
Lease, Description [Line Items]
Lessee, operating lease, lease not yet commenced, term of contract	8 years

INVESTMENTS IN UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED AFFILIATES (Details) - USD ($) $ in Thousands	Jul. 04, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Investments in unconsolidated affiliates	$ 81,606	$ 52,351
Other non-current assets
Business Acquisition [Line Items]
Investments in unconsolidated affiliates	$ 81,606	$ 52,351

BUSINESS REALIGNMENT ACTIVITI_3

BUSINESS REALIGNMENT ACTIVITIES - SCHEDULE OF BUSINESS REALIGNMENT ACTIVITY (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Restructuring Cost and Reserve [Line Items]
Business realignment costs	$ 3,469	$ 1,275	$ 10,396	$ 2,170
Cost of Sales
Restructuring Cost and Reserve [Line Items]
Business realignment costs	1,042	0	5,037	0
Selling, marketing and administrative expense
Restructuring Cost and Reserve [Line Items]
Business realignment costs	1,286	2,645	2,976	2,645
Business realignment costs (benefits)
Restructuring Cost and Reserve [Line Items]
Business realignment costs	1,141	(1,370)	2,383	(475)
International Optimization Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs	3,469		10,396
Margin for Growth Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs		1,275		2,170
Severance | International Optimization Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs	1,198	0	2,822	0
Severance | Margin for Growth Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs	0	(1,410)	0	(653)
Other program costs | International Optimization Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs	2,271	0	7,574	0
Other program costs | Margin for Growth Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs	$ 0	$ 2,685	$ 0	$ 2,823

BUSINESS REALIGNMENT ACTIVITI_4

BUSINESS REALIGNMENT ACTIVITIES - SCHEDULE OF LIABILITY ACTIVITY FOR COSTS QUALIFYING AS EXIT AND DISPOSAL COSTS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Restructuring and Related Activities [Abstract]
Business realignment costs	$ 3,469	$ 1,275	$ 10,396	$ 2,170
Restructuring Reserve [Roll Forward]
Liability balance at December 31, 2020			12,748
2021 business realignment charges			4,700
Cash payments			(14,913)
Liability balance at July 4, 2021	$ 2,535		$ 2,535

BUSINESS REALIGNMENT ACTIVITI_5

BUSINESS REALIGNMENT ACTIVITIES - NARRATIVE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Restructuring Cost and Reserve [Line Items]
Business realignment costs	$ 3,469	$ 1,275	$ 10,396	$ 2,170
International Optimization Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs	3,469		10,396
Restructuring and Related Cost, Cost Incurred to Date	39,739		39,739
International Optimization Program | Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	50,000		50,000
Restructuring and related cost, expected cost, cash portion	40,000		40,000
International Optimization Program | Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	75,000		75,000
Restructuring and related cost, expected cost, cash portion	$ 65,000		$ 65,000
Margin for Growth Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs		$ 1,275		$ 2,170
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%
Business realignment costs (benefits) | Geographic Concentration Risk | North America | Margin for Growth Program
Restructuring Cost and Reserve [Line Items]
Concentration Risk, Percentage			63.00%

INCOME TAXES - NARRATIVE (Detai

INCOME TAXES - NARRATIVE (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%
Effective Income Tax Rate Reconciliation, Percent	25.10%	19.80%
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ 22,387

PENSION AND OTHER POST-RETIRE_3

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS - SCHEDULE OF COMPONENTS OF NET PERIODIC BENEFIT COST (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 5,433	$ 5,411	$ 10,922	$ 10,843
Interest cost	4,536	6,966	8,726	13,956
Expected return on plan assets	(12,193)	(13,142)	(24,612)	(26,310)
Amortization of prior service (credit) cost	(1,535)	(1,824)	(3,071)	(3,651)
Amortization of net loss (gain)	5,604	6,582	11,420	13,164
Settlement loss	4,932	3,653	7,440	3,653
Total net periodic benefit cost	6,777	7,646	10,825	11,655
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	45	41	90	80
Interest cost	965	1,505	1,929	3,012
Expected return on plan assets	0	0	0	0
Amortization of prior service (credit) cost	0	75	0	150
Amortization of net loss (gain)	0	(10)	0	(19)
Settlement loss	0	0	0	0
Total net periodic benefit cost	$ 1,010	$ 1,611	$ 2,019	$ 3,223

PENSION AND OTHER POST-RETIRE_4

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS - NARRATIVE (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021USD ($)	Jun. 28, 2020USD ($)	Jul. 04, 2021USD ($)	Jun. 28, 2020USD ($)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Remeasurement, Basis Spread on Discount Rate (Basis Points)			0.0034
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets			4.80%
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 325	$ 248	$ 1,183	$ 1,005
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 4,000	$ 3,976	$ 8,155	$ 7,328

STOCK COMPENSATION PLANS - SCHE

STOCK COMPENSATION PLANS - SCHEDULE OF COMPENSATION EXPENSE AND INCOME TAX BENEFITS FOR STOCK-BASED COMPENSATION PROGRAMS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Share-based Payment Arrangement [Abstract]
Pre-tax compensation expense	$ 16,826	$ 12,915	$ 32,482	$ 25,490
Related income tax benefit	$ 4,500	$ 2,492	$ 8,023	$ 4,894

STOCK COMPENSATION PLANS - NARR

STOCK COMPENSATION PLANS - NARRATIVE (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized	$ 101,018
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition	2 years 2 months 12 days
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period	3 years
Intrinsic value of share-based liabilities paid, combined with the fair value of shares vested (in millions of dollars)	$ 46,352	$ 41,874
Deferred performance stock units, deferred restricted stock units, and directors' fees and accumulated dividend amounts representing deferred stock units outstanding	263,269
Employee stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 24.12	$ 21.31
Intrinsic value of options exercised (in millions of dollars)	$ 21,453	$ 23,597
Performance stock units and restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, conversion basis (shares)	1
Performance stock units and restricted stock units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Performance Score, Target Amounts	0.00%	0.00%
Performance stock units and restricted stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Performance Score, Target Amounts	250.00%	250.00%

STOCK COMPENSATION PLANS - SC_2

STOCK COMPENSATION PLANS - SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding shares at beginning of year (shares)	1,839,811
Granted (shares)	32,155
Exercised (shares)	(338,047)
Forfeited (shares)	(3,009)
Outstanding as of July 4, 2021 (shares)	1,530,910
Options exercisable as of July 4, 2021 (shares)	1,344,804
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding (USD per share)	$ 99.72
Granted (USD per share)	147.98
Exercises (USD per share)	96.46
Forfeited (USD per share)	102.58
Outstanding (USD per share)	101.44
Options exercisable (USD per share)	$ 100
Options outstanding, weighted-average remaining contractual term	4 years 7 months 6 days	4 years 9 months 18 days
Options exercisable, weighted aver remaining contractual term	4 years 3 months 18 days
Aggregate intrinsic value of options outstanding	$ 111,076
Aggregate intrinsic value of options exercisable	$ 99,512

STOCK COMPENSATION PLANS - SC_3

STOCK COMPENSATION PLANS - SCHEDULE OF FAIR VALUE WEIGHTED-AVERAGE ASSUMPTIONS (Details)	6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020
Share-based Payment Arrangement [Abstract]
Dividend yields	2.20%	2.10%
Expected volatility	21.80%	17.50%
Risk-free interest rates	1.00%	1.30%
Expected term in years	6 years 3 months 18 days	6 years 8 months 12 days

STOCK COMPENSATION PLANS - SC_4

STOCK COMPENSATION PLANS - SCHEDULE OF PSUs AND RSUs ACTIVITY (Details) - Performance and restricted stock units - $ / shares	6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at beginning of year (shares)	1,053,332
Granted (shares)	382,841	326,283
Performance assumption change (shares)	144,722
Vested (shares)	(308,664)
Forfeited (shares)	(35,938)
Outstanding as of July 4, 2021	1,236,293
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)	$ 135.11
Weighted-average fair value at date of grant (USD per share)	153.39	$ 163.30
Performance assumption change (USD per share)	142.56
Vested (USD per share)	115.57
Forfeited (USD per share)	124.56
Outstanding as of July 4, 2021 (USD per share)	$ 146.11

STOCK COMPENSATION PLANS - SC_5

STOCK COMPENSATION PLANS - SCHEDULE OF PSUs AND RSUS FAIR VALUE WEIGHTED-AVERAGE ASSUMPTIONS (Details) - $ / shares	6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yields	2.20%	2.10%
Performance and restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (shares)	382,841	326,283
Weighted-average fair value at date of grant (USD per share)	$ 153.39	$ 163.30
Estimated values (USD per share)	$ 66.44	$ 80.08
Dividend yields	2.20%	2.00%
Expected volatility	26.40%	17.30%

SEGMENT INFORMATION - NARRATIVE

SEGMENT INFORMATION - NARRATIVE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 03, 2022	Jul. 04, 2021	Jun. 28, 2020
North America | Geographic Concentration Risk | Revenue from Contract with Customer Benchmark
Revenue, Major Customer [Line Items]
Concentration Risk, Percentage				90.00%
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	$ (13,492)	$ (3,111)		$ (24,887)	$ (7,773)
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			$ 52,970
Cost of Sales | Commodities futures and options
Revenue, Major Customer [Line Items]
Cumulative Amount of Mark-to-Market Gaines (Losses) on Commodity Derivatives				$ 68,207

SEGMENT INFORMATION - SCHEDULE

SEGMENT INFORMATION - SCHEDULE OF NET SALES AND EARNINGS BY SEGMENT (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Segment Reporting Information [Line Items]
Net sales	$ 1,989,422	$ 1,707,329	$ 4,285,370	$ 3,744,646
Operating profit	456,675	383,373	1,009,719	766,173
Long-lived asset impairment charges	0	1,600	0	9,143
Cost associated with business realignment activities	3,469	1,275	10,396	2,170
Interest expense, net	31,065	38,079	67,501	74,334
Other (income) expense, net	7,194	11,217	9,608	22,750
Income before income taxes	418,416	334,077	932,610	669,089
Operating Segments
Segment Reporting Information [Line Items]
Operating profit	608,088	493,618	1,303,488	1,091,177
Operating Segments | North America
Segment Reporting Information [Line Items]
Net sales	1,779,193	1,583,787	3,861,065	3,428,608
Operating profit	565,905	497,587	1,227,465	1,079,142
Operating Segments | International and Other
Segment Reporting Information [Line Items]
Net sales	210,229	123,542	424,305	316,038
Operating profit	42,183	(3,969)	76,023	12,035
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Unallocated corporate expense	151,329	106,883	289,042	231,450
Segment Reconciling Items
Segment Reporting Information [Line Items]
Unallocated mark-to-market (gains) losses on commodity derivatives	(3,385)	487	(5,669)	82,241
Long-lived asset impairment charges	0	1,600	0	9,143
Cost associated with business realignment activities	$ 3,469	$ 1,275	$ 10,396	$ 2,170

SEGMENT INFORMATION - SCHEDUL_2

SEGMENT INFORMATION - SCHEDULE OF UNALLOCATED MARK-TO-MARKET (GAINS) LOSSES ON COMMODITY DERIVATIVES (Details) - Commodities futures and options - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Segment Reporting Information [Line Items]
Net (gains) losses on mark-to-market valuation of commodity derivative positions recognized in unallocated derivative (gains) losses	$ (3,385)	$ 487	$ (5,669)	$ 82,241
Operating Segments
Segment Reporting Information [Line Items]
Net gains on commodity derivative positions reclassified from unallocated to segment income	13,492	3,111	24,887	7,773
Non-designated Hedges
Segment Reporting Information [Line Items]
Unallocated mark-to-market (gains) losses on commodity derivatives	$ (16,877)	$ (2,624)	$ (30,556)	$ 74,468

SEGMENT INFORMATION - SCHEDUL_3

SEGMENT INFORMATION - SCHEDULE OF DEPRECIATION AND AMORTIZATION EXPENSE INCLUDED WITHIN SEGMENT INCOME (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 76,032	$ 71,900	$ 153,929	$ 142,524
Operating Segments | North America
Segment Reporting Information [Line Items]
Depreciation and amortization	56,913	54,379	116,022	108,081
Operating Segments | International and Other
Segment Reporting Information [Line Items]
Depreciation and amortization	6,921	7,037	13,748	14,246
Corporate, Non-Segment | Corporate
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 12,198	$ 10,484	$ 24,159	$ 20,197

SEGMENT INFORMATION - SCHEDUL_4

SEGMENT INFORMATION - SCHEDULE OF SEGMENT INFORMATION BY GEOGRAPHY (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Revenue, Major Customer [Line Items]
Net sales	$ 1,989,422	$ 1,707,329	$ 4,285,370	$ 3,744,646
United States
Revenue, Major Customer [Line Items]
Net sales	1,681,397	1,504,266	3,664,120	3,271,542
All other countries
Revenue, Major Customer [Line Items]
Net sales	$ 308,025	$ 203,063	$ 621,250	$ 473,104

SEGMENT INFORMATION - SCHEDUL_5

SEGMENT INFORMATION - SCHEDULE OF ADDITIONAL PRODUCT LINE SALES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Segment Reporting Information [Line Items]
Net sales	$ 1,989,422	$ 1,707,329	$ 4,285,370	$ 3,744,646
Confectionery and confectionery-based portfolio
Segment Reporting Information [Line Items]
Net sales	1,837,881	1,592,181	3,993,518	3,500,415
Snacks portfolio
Segment Reporting Information [Line Items]
Net sales	$ 151,541	$ 115,148	$ 291,852	$ 244,231

TREASURY STOCK ACTIVITY - SCHED

TREASURY STOCK ACTIVITY - SCHEDULE OF TREASURY STOCK ACTIVITY (Details) $ in Thousands	6 Months Ended
	Jul. 04, 2021USD ($)shares
Class of Stock [Line Items]
Treasury Stock, Shares, Acquired | shares	2,742,644
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture | shares	(539,714)
Treasury Stock Change in Shares | shares	2,202,930
Stock Repurchased During Period, Value | $	$ 434,346
Shares Issued, Value, Share-based Payment Arrangement, before Forfeiture | $	(22,457)
Treasury Stock Change in Value | $	$ 411,889
Employee stock options
Class of Stock [Line Items]
Treasury Stock, Shares, Acquired | shares	1,871,500
Stock Repurchased During Period, Value | $	$ 284,329
Hershey Common Stock
Class of Stock [Line Items]
Treasury Stock, Shares, Acquired | shares	871,144
Stock Repurchased During Period, Value | $	$ 150,017

TREASURY STOCK ACTIVITY - NARRA

TREASURY STOCK ACTIVITY - NARRATIVE (Details) - USD ($) $ in Thousands	Jul. 04, 2021	May 31, 2021
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, remaining authorized repurchase amount	$ 109,983
2018 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount	$ 500,000
2021 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount		$ 500,000

NONCONTROLLING INTEREST - NARRA

NONCONTROLLING INTEREST - NARRATIVE (Details)	Jan. 19, 2021
Lotte Shanghai Food Company | Noncontrolling Interests in Subsidiaries
Class of Stock [Line Items]
Noncontrolling interest, ownership percentage by parent	50.00%

NONCONTROLLING INTEREST - SCHED

NONCONTROLLING INTEREST - SCHEDULE OF ACTIVITY RELATING TO THE NONCONTROLLING INTEREST (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance, December 31, 2020			$ 3,531
Net gain (loss) attributable to noncontrolling interests	$ 0	$ (859)	1,072	$ (3,213)
Divestiture of noncontrolling interest			(1,013)
Balance, July 4, 2021	8,844		8,844
Noncontrolling Interests in Subsidiaries
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance, December 31, 2020			3,531
Net gain (loss) attributable to noncontrolling interests	0	$ (859)	1,072	$ (3,213)
Divestiture of noncontrolling interest			(1,013)
Other comprehensive income - foreign currency translation adjustments			5,254
Balance, July 4, 2021	$ 8,844		$ 8,844

EARNINGS PER SHARE - SCHEDULE O

EARNINGS PER SHARE - SCHEDULE OF BASIC AND DILUTED EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Common stock
Basic earnings per share:
Allocation of distributed earnings (cash dividends paid)	$ 117,257	$ 113,925	$ 235,687	$ 229,177
Allocation of undistributed earnings	101,414	81,891	270,866	164,541
Total earnings—basic	$ 218,671	$ 195,816	$ 506,553	$ 393,718
Total weighted-average shares—basic (shares)	146,111	147,635	146,550	147,954
Earnings Per Share—basic (USD per share)	$ 1.50	$ 1.33	$ 3.46	$ 2.66
Diluted earnings per share:
Allocation of total earnings used in basic computation	$ 218,671	$ 195,816	$ 506,553	$ 393,718
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	82,559	73,085	190,476	146,320
Reallocation of undistributed earnings	0	0	0	0
Total earnings—diluted	$ 301,230	$ 268,901	$ 697,029	$ 540,038
Conversion of Class B common stock to Common shares outstanding	60,614	60,614	60,614	60,614
Total weighted-average shares—diluted (shares)	207,671	209,070	208,126	209,596
Earnings Per Share—diluted (USD per share)	$ 1.45	$ 1.29	$ 3.35	$ 2.58
Common stock | Employee stock options
Diluted earnings per share:
Incremental common shares attributable to dilutive effect of share-based payment arrangements	622	521	606	620
Common stock | Performance and restricted stock units
Diluted earnings per share:
Incremental common shares attributable to dilutive effect of share-based payment arrangements	324	300	356	408
Class B common stock
Basic earnings per share:
Allocation of distributed earnings (cash dividends paid)	$ 44,308	$ 42,551	$ 88,617	$ 85,102
Allocation of undistributed earnings	38,251	30,534	101,859	61,218
Total earnings—basic	$ 82,559	$ 73,085	$ 190,476	$ 146,320
Total weighted-average shares—basic (shares)	60,614	60,614	60,614	60,614
Earnings Per Share—basic (USD per share)	$ 1.36	$ 1.21	$ 3.14	$ 2.41
Diluted earnings per share:
Allocation of total earnings used in basic computation	$ 82,559	$ 73,085	$ 190,476	$ 146,320
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	(179)	(123)	(484)	(309)
Total earnings—diluted	$ 82,380	$ 72,962	$ 189,992	$ 146,011
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)	$ 1.36	$ 1.20	$ 3.13	$ 2.41
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

EARNINGS PER SHARE - NARRATIVE (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Employee stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (shares)	43	15	43	15

OTHER (INCOME) EXPENSE, NET - S

OTHER (INCOME) EXPENSE, NET - SCHEDULE OF OTHER (INCOME) AND EXPENSE, NET (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Other Income and Expenses [Abstract]
Write-down of equity investments	$ 4,880	$ 7,447	$ 7,771	$ 18,550
Non-service cost components of net periodic benefit cost relating to pension and other post-retirement benefit plans	2,304	3,806	1,820	3,955
Other (income) expense, net	10	(36)	17	245
Other Nonoperating Income (Expense)	$ 7,194	$ 11,217	$ 9,608	$ 22,750

SUPPLEMENTAL BALANCE SHEET IN_3

SUPPLEMENTAL BALANCE SHEET INFORMATION - SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION (Details) - USD ($) $ in Thousands	Jul. 04, 2021	Dec. 31, 2020
Inventory, Net [Abstract]
Raw materials	$ 412,728	$ 388,600
Goods in process	140,868	104,841
Finished goods	677,254	645,664
Inventories at First In First Out	1,230,850	1,139,105
Adjustment to Last In First Out	(170,428)	(174,898)
Total inventories	1,060,422	964,207
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	64,153	95,669
Other current assets	136,004	158,809
Total prepaid expenses and other	200,157	254,478
Property, Plant and Equipment [Abstract]
Land	132,515	131,513
Buildings	1,412,232	1,387,106
Machinery and equipment	3,271,692	3,169,754
Construction in progress	278,057	276,514
Property, plant and equipment, gross	5,094,496	4,964,887
Accumulated depreciation	(2,752,671)	(2,679,632)
Property, plant and equipment, net	2,341,825	2,285,255
Other Assets, Noncurrent [Abstract]
Capitalized software, net	215,264	187,673
Operating lease ROU assets	206,068	224,268
Investments in unconsolidated affiliates	81,606	52,351
Other non-current assets	109,676	91,595
Total other non-current assets	612,614	555,887
Accrued Liabilities, Current [Abstract]
Payroll, compensation and benefits	195,224	237,342
Advertising, promotion and product allowances	309,437	309,537
Operating lease liabilities	$ 28,559	$ 36,578
Operating lease liabilities, extensible list	Total accrued liabilities	Total accrued liabilities
Other	$ 175,072	$ 198,309
Total accrued liabilities	708,292	781,766
Other Liabilities, Noncurrent [Abstract]
Post-retirement benefits liabilities	217,776	223,507
Pension benefits liabilities	55,615	70,727
Operating lease liabilities	$ 172,352	$ 181,871
Operating lease liabilities, extensible list	Total other long-term liabilities	Total other long-term liabilities
Other	$ 225,858	$ 207,329
Total other long-term liabilities	671,601	683,434
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Foreign currency translation adjustments	(84,375)	(98,525)
Pension and post-retirement benefit plans, net of tax	(166,707)	(194,205)
Cash flow hedges, net of tax	(45,054)	(45,352)
Total accumulated other comprehensive loss	$ (296,136)	$ (338,082)