|
THE HERSHEY COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS
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|
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For the years ended December 31,
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2011
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|
2010
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|
2009
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|
In thousands of dollars
|
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|
|
|
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|
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Cash Flows Provided from (Used by) Operating Activities
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|
|
|
|
|
|
|
|
|
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Net income
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|
$628,962
|
|
|
$509,799
|
|
|
$435,994
|
|
|
|
|
Adjustments to reconcile net income to net cash provided from operations:
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|
|
|
|
|
|
|
|
|
|
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Depreciation and amortization
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215,763
|
|
|
197,116
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|
182,411
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|
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Stock-based compensation expense, net of tax of $15,127, $17,413 and $19,223, respectively
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28,341
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|
32,055
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|
|
34,927
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|
|
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|
Excess tax benefits from stock-based compensation
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|
(13,997
|
)
|
|
(1,385
|
)
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|
(4,455
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)
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|
|
|
Deferred income taxes
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|
33,611
|
|
|
(18,654
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)
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(40,578
|
)
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|
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|
Gain on sale of trademark licensing rights, net of tax of $5,962
|
|
(11,072
|
)
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-
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-
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Business realignment and impairment charges, net of tax of $18,333, $20,635 and $38,308, respectively
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30,838
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|
77,935
|
|
|
60,823
|
|
|
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Contributions to pension plans
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(8,861
|
)
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|
(6,073
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)
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(54,457
|
)
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|
Changes in assets and liabilities, net of effects from business acquisitions and divestitures:
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|
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Accounts receivable-trade
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(9,438
|
)
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20,329
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|
|
46,584
|
|
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Inventories
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(115,331
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)
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(13,910
|
)
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74,000
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|
|
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Accounts payable
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7,860
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90,434
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37,228
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Other assets and liabilities
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(205,809
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)
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13,777
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293,272
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Net Cash Provided from Operating Activities
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580,867
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|
901,423
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1,065,749
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Cash Flows Provided from (Used by) Investing Activities
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Capital additions
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(323,961
|
)
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(179,538
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)
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(126,324
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)
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Capitalized software additions
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(23,606
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)
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(21,949
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)
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(19,146
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)
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Proceeds from sales of property, plant and equipment
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312
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|
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2,201
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10,364
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Proceeds from sales of trademark licensing rights
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20,000
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-
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-
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Business acquisitions
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(5,750
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)
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-
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(15,220
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)
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Net Cash (Used by) Investing Activities
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(333,005
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)
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(199,286
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)
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(150,326
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)
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Cash Flows Provided from (Used by) Financing Activities
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|
|
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Net change in short-term borrowings
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10,834
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|
1,156
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(458,047
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)
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Long-term borrowings
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249,126
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348,208
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-
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Repayment of long-term debt
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(256,189
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)
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(71,548
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)
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(8,252
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)
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Proceeds from lease financing agreement
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47,601
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|
-
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-
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Cash dividends paid
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(304,083
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)
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(283,434
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)
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(263,403
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)
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Exercise of stock options
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184,411
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92,033
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28,318
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|
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Excess tax benefits from stock-based compensation
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13,997
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1,385
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4,455
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Contributions from noncontrolling interests in subsidiaries
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-
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10,199
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7,322
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Repurchase of Common Stock
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(384,515
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)
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(169,099
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)
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(9,314
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)
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Net Cash (Used by) Financing Activities
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(438,818
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)
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(71,100
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)
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(698,921
|
)
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(Decrease) Increase in Cash and Cash Equivalents
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(190,956
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)
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631,037
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216,502
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|
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Cash and Cash Equivalents as of January 1
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|
884,642
|
|
|
253,605
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37,103
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Cash and Cash Equivalents as of December 31
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$693,686
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$884,642
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$253,605
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Interest Paid
|
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$97,892
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|
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$97,932
|
|
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$91,623
|
|
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Income Taxes Paid
|
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292,315
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|
|
350,948
|
|
|
252,230
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