Company Quick10K Filing
Hershey
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 -0 $-0
10-Q 2019-10-25 Quarter: 2019-09-29
10-Q 2019-07-25 Quarter: 2019-06-30
10-Q 2019-04-25 Quarter: 2019-03-31
10-K 2019-02-22 Annual: 2018-12-31
10-Q 2018-10-26 Quarter: 2018-09-30
10-Q 2018-07-27 Quarter: 2018-07-01
10-Q 2018-04-26 Quarter: 2018-04-01
10-K 2018-02-27 Annual: 2017-12-31
10-Q 2017-10-27 Quarter: 2017-10-01
10-Q 2017-07-28 Quarter: 2017-07-02
10-Q 2017-04-28 Quarter: 2017-04-02
10-K 2017-02-21 Annual: 2016-12-31
10-Q 2016-10-28 Quarter: 2016-10-02
10-Q 2016-07-28 Quarter: 2016-07-03
10-Q 2016-04-29 Quarter: 2016-04-03
10-K 2016-02-26 Annual: 2015-12-31
10-Q 2015-10-30 Quarter: 2015-10-04
10-Q 2015-08-07 Quarter: 2015-07-05
10-Q 2015-05-01 Quarter: 2015-04-05
10-K 2015-02-20 Annual: 2014-12-31
10-Q 2014-10-31 Quarter: 2014-09-28
10-Q 2014-08-01 Quarter: 2014-06-29
10-Q 2014-05-02 Quarter: 2014-03-30
10-K 2014-02-21 Annual: 2013-12-31
10-Q 2013-11-01 Quarter: 2013-09-29
10-Q 2013-08-07 Quarter: 2013-06-30
10-Q 2013-05-08 Quarter: 2013-03-31
10-K 2013-02-22 Annual: 2012-12-31
10-Q 2012-11-07 Quarter: 2012-09-30
10-Q 2012-08-08 Quarter: 2012-07-01
10-Q 2012-05-09 Quarter: 2012-04-01
10-K 2012-02-17 Annual: 2011-12-31
10-Q 2011-11-04 Quarter: 2011-10-02
10-Q 2011-08-10 Quarter: 2011-07-03
10-Q 2011-05-11 Quarter: 2011-04-03
10-K 2011-02-18 Annual: 2010-12-31
10-Q 2010-11-10 Quarter: 2010-10-03
10-Q 2010-08-11 Quarter: 2010-07-04
10-Q 2010-05-12 Quarter: 2010-04-04
10-K 2010-02-19 Annual: 2009-12-31
8-K 2019-12-18 Officers, Regulation FD
8-K 2019-11-01 Officers
8-K 2019-10-31 Enter Agreement, Off-BS Arrangement
8-K 2019-10-28 Enter Agreement, Other Events
8-K 2019-10-24 Earnings
8-K 2019-10-11 Other Events
8-K 2019-08-27 Other Events
8-K 2019-07-25 Earnings, Exhibits
8-K 2019-07-02 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2019-05-21 Shareholder Vote
8-K 2019-04-25 Earnings, Exhibits
8-K 2019-04-18 Officers
8-K 2019-01-31 Earnings, Exhibits
8-K 2018-11-07 Enter Agreement
8-K 2018-10-25 Earnings, Exhibits
8-K 2018-10-17 M&A, Other Events
8-K 2018-09-12 Enter Agreement, Other Events
8-K 2018-08-28 Regulation FD, Exhibits
8-K 2018-08-16 Officers, Regulation FD, Exhibits
8-K 2018-07-26 Earnings, Exhibits
8-K 2018-05-25 Other Events
8-K 2018-05-10 Enter Agreement, Off-BS Arrangement
8-K 2018-05-03 Enter Agreement, Other Events
8-K 2018-05-02 Shareholder Vote
8-K 2018-04-26 Earnings, Exhibits
8-K 2018-02-20 Officers
8-K 2018-02-01 Earnings, Exhibits
8-K 2018-01-31 M&A, Other Events, Exhibits
8-K 2018-01-18 Officers
8-K 2018-01-08 Enter Agreement, Off-BS Arrangement
HSY 2019-09-29
Part I - Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 hsy20190929exhibit311.htm
EX-31.2 hsy20190929exhibit312.htm
EX-32.1 hsy20190929exhibit321.htm

Hershey Earnings 2019-09-29

HSY 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
JJSF 3,095 996 186 1,175 349 92 175 2,939 30% 16.8 9%
TR 2,499 949 206 391 191 59 100 2,441 49% 24.4 6%
JBSS 908 391 137 876 158 39 73 935 18% 12.9 10%
BRID 311 120 49 186 62 8 10 316 33% 31.0 6%
RMCF 56 30 9 35 12 2 5 51 36% 10.7 8%
HSY 7,794 6,109 7,851 3,575 1,220 1,921 2,875 46% 1.5 16%
CZZ 56,361 38,391 0 0 0 0 -115 0%
RELL 153 29 167 52 -7 -3 -42 31% 13.4 -5%
GOOS 725 326 0 0 0 0 -89 0%

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 29, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period
from ______to_______
Commission file number 1-183

THE HERSHEY COMPANY
(Exact name of registrant as specified in its charter)
Delaware
 
23-0691590
(State or other jurisdiction of incorporation
or organization)
 
(I.R.S. Employer Identification No.)
 
19 East Chocolate Avenue
Hershey, PA 17033
(Address of principal executive offices)
(Zip Code)
 
(717) 534-4200
(Registrant's telephone number, including area code)
 
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, one dollar par value
 
HSY
 
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No  ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
x
 
Accelerated filer
¨
 
Non-accelerated filer
¨
 
Smaller reporting company
 
 
 
 
 
 
 
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No  x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Stock, one dollar par value—148,307,602 shares, as of October 18, 2019.
Class B Common Stock, one dollar par value—60,613,777 shares, as of October 18, 2019.




THE HERSHEY COMPANY
Quarterly Report on Form 10-Q
For the Period Ended September 29, 2019

TABLE OF CONTENTS

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 






PART I — FINANCIAL INFORMATION
Item 1. Financial Statements.
THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
 (unaudited)
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 29, 2019
 
September 30, 2018
 
September 29, 2019
 
September 30, 2018
Net sales
 
$
2,134,422

 
$
2,079,593

 
$
5,918,127

 
$
5,803,167

Cost of sales
 
1,191,104

 
1,216,100

 
3,207,561

 
3,172,194

Gross profit
 
943,318

 
863,493

 
2,710,566

 
2,630,973

Selling, marketing and administrative expense
 
481,363

 
453,921

 
1,388,729

 
1,388,793

Long-lived asset impairment charges
 

 
1,649

 
4,741

 
28,817

Business realignment costs
 
1,140

 
1,660

 
7,342

 
10,864

Operating profit
 
460,815

 
406,263

 
1,309,754

 
1,202,499

Interest expense, net
 
35,456

 
36,916

 
106,690

 
101,207

Other (income) expense, net
 
17,999

 
12,493

 
36,601

 
35,201

Income before income taxes
 
407,360

 
356,854

 
1,166,463

 
1,066,091

Provision for income taxes
 
82,178

 
91,441

 
224,129

 
226,640

Net income including noncontrolling interest
 
325,182

 
265,413

 
942,334

 
839,451

Less: Net (loss) income attributable to noncontrolling interest
 
(125
)
 
1,700

 
(171
)
 
(1,320
)
Net income attributable to The Hershey Company
 
$
325,307

 
$
263,713

 
$
942,505

 
$
840,771

 
 
 
 
 
 
 
 
 
Net income per share—basic:
 
 
 
 
 
 
 
 
Common stock
 
$
1.59

 
$
1.29

 
$
4.62

 
$
4.11

Class B common stock
 
$
1.45

 
$
1.17

 
$
4.19

 
$
3.74

 
 
 
 
 
 
 
 
 
Net income per share—diluted:
 
 
 
 
 
 
 
 
Common stock
 
$
1.54

 
$
1.25

 
$
4.47

 
$
3.99

Class B common stock
 
$
1.44

 
$
1.17

 
$
4.18

 
$
3.73

 
 
 
 
 
 
 
 
 
Dividends paid per share:
 
 
 
 
 
 
 
 
Common stock
 
$
0.773

 
$
0.722

 
$
2.217

 
$
2.034

Class B common stock
 
$
0.702

 
$
0.656

 
$
2.014

 
$
1.848


See Notes to Unaudited Consolidated Financial Statements.




THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)

 
 
For the three months ended
 
For the nine months ended
 
 
September 29, 2019
 
September 30, 2018
 
September 29, 2019
 
September 30, 2018
 
 
Pre-Tax Amount
 
Tax (Expense) Benefit
 
After-Tax Amount
 
Pre-Tax Amount
 
Tax (Expense) Benefit
 
After-Tax Amount
 
Pre-Tax Amount
 
Tax (Expense) Benefit
 
After-Tax Amount
 
Pre-Tax Amount
 
Tax (Expense) Benefit
 
After-Tax Amount
Net income including noncontrolling interest
 
 
 
 
 
$
325,182

 
 
 
 
 
$
265,413

 
 
 
 
 
$
942,334

 
 
 
 
 
$
839,451

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation gains (losses) during period
 
$
(7,604
)
 
$

 
(7,604
)
 
$
5,365

 
$

 
5,365

 
$
3,475

 
$

 
3,475

 
$
(18,314
)
 
$

 
(18,314
)
Reclassification to earnings due to the sale of businesses
 

 

 

 
25,131

 

 
25,131

 

 

 

 
25,131

 

 
25,131

Pension and post-retirement benefit plans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net actuarial gain (loss) and prior service cost
 
10,020

 
(2,465
)
 
7,555

 
(7,574
)
 
1,871

 
(5,703
)
 
10,020

 
(2,465
)
 
7,555

 
(7,574
)
 
1,871

 
(5,703
)
Reclassification of tax effects relating to U.S. tax reform
 

 

 

 

 

 

 

 

 

 

 
(36,535
)
 
(36,535
)
Reclassification to earnings
 
11,537

 
(2,755
)
 
8,782

 
12,082

 
(3,170
)
 
8,912

 
24,975

 
(6,335
)
 
18,640

 
22,273

 
(5,302
)
 
16,971

Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gains (losses) on cash flow hedging derivatives
 
1,045

 
(521
)
 
524

 
(1,484
)
 
1,207

 
(277
)
 
(2,291
)
 
1,327

 
(964
)
 
6,320

 
(256
)
 
6,064

Reclassification of tax effects relating to U.S. tax reform
 

 

 

 

 

 

 

 

 

 

 
(11,121
)
 
(11,121
)
Reclassification to earnings
 
3,331

 
(400
)
 
2,931

 
(2,261
)
 
(479
)
 
(2,740
)
 
6,164

 
(2,176
)
 
3,988

 
2,462

 
(1,674
)
 
788

Total other comprehensive income (loss), net of tax
 
$
18,329

 
$
(6,141
)
 
12,188

 
$
31,259

 
$
(571
)
 
30,688

 
$
42,343

 
$
(9,649
)
 
32,694

 
$
30,298

 
$
(53,017
)
 
(22,719
)
Total comprehensive income including noncontrolling interest
 
 
 
 
 
$
337,370

 
 
 
 
 
$
296,101

 
 
 
 
 
$
975,028

 
 
 
 
 
$
816,732

Comprehensive (loss) income attributable to noncontrolling interest
 
 
 
 
 
(532
)
 
 
 
 
 
497

 
 
 
 
 
(116
)
 
 
 
 
 
(1,857
)
Comprehensive income attributable to The Hershey Company
 
 
 
 
 
$
337,902

 
 
 
 
 
$
295,604

 
 
 
 
 
$
975,144

 
 
 
 
 
$
818,589

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

See Notes to Unaudited Consolidated Financial Statements.


4



THE HERSHEY COMPANY
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
 
 
September 29, 2019
 
December 31, 2018
 
 
(unaudited)
 
 
ASSETS
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
302,636

 
$
587,998

Accounts receivable—trade, net
 
849,218

 
594,145

Inventories
 
969,071

 
784,879

Prepaid expenses and other
 
254,130

 
272,159

Total current assets
 
2,375,055

 
2,239,181

Property, plant and equipment, net
 
2,099,985

 
2,130,294

Goodwill
 
1,982,362

 
1,801,103

Other intangibles
 
1,452,726

 
1,278,292

Other assets
 
524,323

 
252,984

Deferred income taxes
 
29,809

 
1,166

Total assets
 
$
8,464,260

 
$
7,703,020

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
Current liabilities:
 
 
 
 
Accounts payable
 
$
553,561

 
$
502,314

Accrued liabilities
 
726,344

 
679,163

Accrued income taxes
 
74,085

 
33,773

Short-term debt
 
1,275,430

 
1,197,929

Current portion of long-term debt
 
352,954

 
5,387

Total current liabilities
 
2,982,374

 
2,418,566

Long-term debt
 
2,892,296

 
3,254,280

Other long-term liabilities
 
627,842

 
446,048

Deferred income taxes
 
200,157

 
176,860

Total liabilities
 
6,702,669

 
6,295,754

 
 
 
 
 
Stockholders’ equity:
 
 
 
 
The Hershey Company stockholders’ equity
 
 
 
 
Preferred stock, shares issued: none in 2019 and 2018
 

 

Common stock, shares issued: 299,287,967 at September 29, 2019 and December 31, 2018
 
299,287

 
299,287

Class B common stock, shares issued: 60,613,777 at September 29, 2019 and December 31, 2018
 
60,614

 
60,614

Additional paid-in capital
 
1,130,493

 
982,205

Retained earnings
 
7,525,653

 
7,032,020

Treasury—common stock shares, at cost: 150,681,543 at September 29, 2019 and 150,172,840 at December 31, 2018
 
(6,938,744
)
 
(6,618,625
)
Accumulated other comprehensive loss
 
(324,141
)
 
(356,780
)
Total—The Hershey Company stockholders’ equity
 
1,753,162

 
1,398,721

Noncontrolling interest in subsidiary
 
8,429

 
8,545

Total stockholders’ equity
 
1,761,591

 
1,407,266

Total liabilities and stockholders’ equity
 
$
8,464,260

 
$
7,703,020


See Notes to Unaudited Consolidated Financial Statements.


5



THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
 
Nine Months Ended
 
September 29, 2019
 
September 30, 2018
Operating Activities
 
 
 
Net income including noncontrolling interest
$
942,334

 
$
839,451

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
218,841

 
225,803

Stock-based compensation expense
39,579

 
35,668

Deferred income taxes
6,451

 
1,343

Impairment of long-lived assets (see Notes 6 and 8)
4,741

 
28,817

Write-down of equity investments
18,564

 
23,067

Other
34,386

 
22,433

Changes in assets and liabilities, net of business acquisitions and divestitures:
 
 
 
Accounts receivable—trade, net
(240,457
)
 
(212,193
)
Inventories
(174,514
)
 
(111,901
)
Prepaid expenses and other current assets
(3,545
)
 
(59,182
)
Accounts payable and accrued liabilities
108,169

 
(1,665
)
Accrued income taxes
39,871

 
125,698

Contributions to pension and other benefit plans
(13,859
)
 
(26,705
)
Other assets and liabilities
12,826

 
2,227

Net cash provided by operating activities
993,387

 
892,861

Investing Activities
 
 
 
Capital additions (including software)
(236,599
)
 
(241,214
)
Proceeds from sales of property, plant and equipment and other long-lived assets
228

 
46,652

Proceeds from sales of businesses, net of cash and cash equivalents divested

 
171,950

Equity investments in tax credit qualifying partnerships
(52,658
)
 
(34,170
)
Business acquisitions, net of cash and cash equivalents acquired
(401,461
)
 
(915,457
)
Other investing activities
(7,151
)
 

Net cash used in investing activities
(697,641
)
 
(972,239
)
Financing Activities
 
 
 
Increase in short-term debt
80,707

 
893,365

Long-term borrowings
5,116

 
1,199,891

Repayment of long-term debt and finance leases
(4,895
)
 
(910,851
)
Repayment of tax receivable obligation

 
(72,000
)
Cash dividends paid
(453,210
)
 
(415,178
)
Repurchase of common stock
(445,870
)
 
(199,665
)
Exercise of stock options
235,328

 
33,454

Net cash (used in) provided by financing activities
(582,824
)
 
529,016

Effect of exchange rate changes on cash and cash equivalents
1,716

 
(6,030
)
(Decrease) Increase in cash and cash equivalents
(285,362
)
 
443,608

Cash and cash equivalents, beginning of period
587,998

 
380,179

Cash and cash equivalents, end of period
$
302,636

 
$
823,787

Supplemental Disclosure
 
 
 
Interest paid
$
105,164

 
$
99,886

Income taxes paid
162,757

 
94,969


See Notes to Unaudited Consolidated Financial Statements.


6



THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For the Three Months Ended September 29, 2019 and September 30, 2018
(in thousands)
(unaudited)

 
Preferred
Stock
 
Common
Stock
 
Class B
Common
Stock
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Treasury
Common
Stock
 
Accumulated Other
Comprehensive
Income (Loss)
 
Noncontrolling
Interests in
Subsidiaries
 
Total
Stockholders’
Equity
Balance, July 1, 2019
 
$

 
$
299,287

 
$
60,614

 
$
1,075,187

 
$
7,358,277

 
$
(6,781,509
)
 
$
(336,736
)
 
$
8,961

 
$
1,684,081

Net income (loss)
 
 
 
 
 
 
 
 
 
325,307

 
 
 
 
 
(125
)
 
325,182

Other comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
12,595

 
(407
)
 
12,188

Dividends (including dividend equivalents):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common Stock, $0.773 per share
 
 
 
 
 
 
 
 
 
(115,380
)
 
 
 
 
 
 
 
(115,380
)
Class B Common Stock, $0.702 per share
 
 
 
 
 
 
 
 
 
(42,551
)
 
 
 
 
 
 
 
(42,551
)
Stock-based compensation
 
 
 
 
 
 
 
15,583

 
 
 
 
 
 
 
 
 
15,583

Exercise of stock options and incentive-based transactions
 
 
 
 
 
 
 
39,723

 
 
 
34,206

 
 
 
 
 
73,929

Repurchase of common stock
 
 
 
 
 
 
 
 
 
 
 
(191,441
)
 
 
 
 
 
(191,441
)
Balance, September 29, 2019
 
$

 
$
299,287

 
$
60,614

 
$
1,130,493

 
$
7,525,653

 
$
(6,938,744
)
 
$
(324,141
)
 
$
8,429

 
$
1,761,591


 
 
Preferred
Stock
 
Common
Stock
 
Class B
Common
Stock
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Treasury
Common
Stock
 
Accumulated Other
Comprehensive
Income (Loss)
 
Noncontrolling
Interests in
Subsidiaries
 
Total
Stockholders’
Equity
Balance, July 2, 2018
 
$

 
$
299,281

 
$
60,620

 
$
940,046

 
$
6,727,127

 
$
(6,609,312
)
 
$
(367,818
)
 
$
13,873

 
$
1,063,817

Net income
 
 
 
 
 
 
 
 
 
263,713

 
 
 
 
 
1,700

 
265,413

Other comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
31,864

 
(1,203
)
 
30,661

Dividends (including dividend equivalents):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common Stock, $0.722 per share
 
 
 
 
 
 
 
 
 
(108,016
)
 
 
 
 
 
 
 
(108,016
)
Class B Common Stock, $0.656 per share
 
 
 
 
 
 
 
 
 
(39,767
)
 
 
 
 
 
 
 
(39,767
)
Stock-based compensation
 
 
 
 
 
 
 
11,932

 
 
 
 
 
 
 
 
 
11,932

Exercise of stock options and incentive-based transactions
 
 
 
 
 
 
 
5,781

 
 
 
19,451

 
 
 
 
 
25,232

Balance, September 30, 2018
 
$

 
$
299,281

 
$
60,620

 
$
957,759

 
$
6,843,057

 
$
(6,589,861
)
 
$
(335,954
)
 
$
14,370

 
$
1,249,272



See Notes to Unaudited Consolidated Financial Statements.


7



THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For the Nine Months Ended September 29, 2019 and September 30, 2018
(in thousands)
(unaudited)
 
 
Preferred
Stock
 
Common
Stock
 
Class B
Common
Stock
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Treasury
Common
Stock
 
Accumulated Other
Comprehensive
Income (Loss)
 
Noncontrolling
Interests in
Subsidiaries
 
Total
Stockholders’
Equity
Balance, December 31, 2018
 
$

 
$
299,287

 
$
60,614

 
$
982,205

 
$
7,032,020

 
$
(6,618,625
)
 
$
(356,780
)
 
$
8,545

 
$
1,407,266

Net income (loss)
 
 
 
 
 
 
 
 
 
942,505

 
 
 
 
 
(171
)
 
942,334

Other comprehensive income
 
 
 
 
 
 
 
 
 
 
 
 
 
32,639

 
55

 
32,694

Dividends (including dividend equivalents):