Hershey Reports Third-Quarter 2022 Financial Results; Raises 2022 Net Sales and Earnings Outlook
"Third quarter results came in ahead of our expectations, as our increased brand investments and improved supply chain helped support resilient consumer demand and drove category growth across all business segments," said
Third -Quarter 2022 Financial Results Summary 1
- Consolidated net sales of
$2,728.2 million , an increase of 15.6%. - Organic, constant currency net sales increased 11.8%.
- The impact of acquisitions on net sales was a 4.1-point benefit2 while foreign currency exchange was a 0.3-point headwind.
- Reported net income of
$399.5 million and$1.94 earnings per share-diluted, a decrease of 9.3%. - Adjusted earnings per share-diluted of
$2.17 , an increase of 3.3%.
|
1 |
All comparisons for the third quarter of 2022 are with respect to the third quarter ended |
|
2 |
Reflects the impact from the 2021 acquisitions of |
2022 Full-Year Financial Outlook
|
2022 Full-Year Outlook |
|
Prior Guidance |
|
Current Guidance |
|
Net sales growth3 |
|
12% - 14% |
|
14% - 15% |
|
Reported earnings per share growth |
|
9% - 12% |
|
11% - 13% |
|
Adjusted earnings per share growth |
|
12% - 14% |
|
14% - 15% |
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|
3 |
The impact of the Pretzels, Dot's and Lily's |
The company is also updating guidance on the following:
- A reported and adjusted effective tax rate of approximately 14% to 15%, a slight reduction versus the prior outlook, driven by timing and value of renewable energy tax credits;
- Other expense, which primarily reflects the write-down of equity investments that qualify for tax credits, of approximately
$205 million , higher than the previous outlook to reflect an increased amount of renewable energy tax credits; - Interest expense of approximately
$135 million to$140 million , reflecting higher interest rates on commercial paper; and - Capital expenditures of approximately
$600 million .
Below is a reconciliation of projected 2022 and full-year 2021 earnings per share-diluted calculated in accordance with
|
|
2022 (Projected) |
|
2021 |
|
Reported EPS – Diluted |
|
|
|
|
Derivative mark-to-market gains |
— |
|
(0.12) |
|
Business realignment activities |
0.02 – 0.04 |
|
0.09 |
|
Acquisition-related activities |
0.21 – 0.25 |
|
0.16 |
|
Noncontrolling interest share of business realignment and impairment charges |
— |
|
0.03 |
|
Other miscellaneous losses (benefits) |
0.07 |
|
(0.07) |
|
Tax effect of all adjustments reflected above |
(0.09) |
|
(0.01) |
|
Adjusted EPS – Diluted |
|
|
|
2022 projected earnings per share-diluted, as presented above, does not include the impact of mark-to-market gains and losses on our commodity derivative contracts that are reflected within corporate unallocated expense in segment results until the related inventory is sold since we are not able to forecast the impact of the market changes.
Third Quarter 2022 Components of Net Sales Growth
A reconciliation between reported net sales growth rates and organic constant currency net sales growth rates, along with the contribution from net price realization and volume, is provided below:
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|
Three Months Ended |
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|
|
Percentage Reported |
|
Impact of Foreign Currency Exchange |
|
Percentage Constant Currency Basis |
|
Impact of Acquisitions |
|
Percentage Organic Constant Currency Basis |
|
Organic Price |
|
Organic Volume/Mix |
|
|
North America Confectionery |
10.4 % |
|
(0.3) % |
|
10.7 % |
|
— % |
|
10.7 % |
|
7.7 % |
|
3.0 % |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America Salty Snacks |
86.9 % |
|
— % |
|
86.9 % |
|
65.5 % |
|
21.4 % |
|
12.5 % |
|
9.0 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International |
15.4 % |
|
(1.2) % |
|
16.6 % |
|
— % |
|
16.6 % |
|
4.4 % |
|
12.2 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15.6 % |
|
(0.3) % |
|
15.9 % |
|
4.1 % |
|
11.8 % |
|
7.7 % |
|
4.1 % |
|
The company presents certain percentage changes in net sales on a constant currency basis, which excludes the impact of foreign currency exchange. To present this information for historical periods, current period net sales for entities reporting in currencies other than the
Third -Quarter 2022 Consolidated Results
Consolidated net sales increased 15.6% to
Reported gross margin was 40.6% in the third quarter of 2022, compared to 45.0% in the third quarter of 2021, a decrease of 440 basis points. Adjusted gross margin was 42.5% in the third quarter of 2022, a decrease of 180 basis points compared to the third quarter of 2021. Raw material, packaging and logistics inflation, labor investments, and higher supply chain costs from sustained consumer demand contributed to these declines, as well as an unfavorable mix from recent acquisitions. These headwinds were partially offset by net price realization and volume gains. Derivative mark-to-market losses further contributed to the decline in reported gross margin.
Selling, marketing and administrative expenses increased 13.5% in the third quarter of 2022 versus the third quarter of 2021, primarily driven by higher corporate expenses and acquisition-related costs. Higher corporate expenses were driven by incremental capability and technology investments, higher incentive compensation and broad-based marketplace inflation. Advertising and related consumer marketing expenses increased 5.4% in the third quarter of 2022 versus the same period last year. Higher levels of advertising in response to improved supportability of confectionery brands and increased investment in salty snacks brands were partially offset by cost efficiencies related to new media partners. Selling, marketing and administrative expenses, excluding advertising and related consumer marketing, increased 17.8% versus the third quarter of 2021. This increase was driven by acquisition-related costs, including amortization, integration and operating expenses, as well as people, capability and technology investments.
Third-quarter 2022 reported operating profit was
The reported effective tax rate in the third quarter of 2022 was 15.6%, an increase of 90 basis points versus the third quarter of 2021. The adjusted effective tax rate was 15.9%, an increase of 120 basis points versus the third quarter of 2021. Both the reported and adjusted effective tax rate increase were driven by higher utilization of capital losses in the prior-year period, as well as the timing of renewable energy tax credits.
The company's third-quarter 2022 results, as prepared in accordance with GAAP, included items positively impacting comparability of
The following table presents a summary of items impacting comparability in each period (see Appendix I for additional information):
|
|
Pre-Tax (millions) |
|
Earnings Per Share-Diluted |
||||
|
|
Three Months Ended |
|
Three Months Ended |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative mark-to-market losses (gains) |
$ 50.1 |
|
$ (18.5) |
|
$ 0.24 |
|
$ (0.09) |
|
Business realignment activities |
0.4 |
|
3.4 |
|
— |
|
0.02 |
|
Acquisition-related activities |
8.2 |
|
3.2 |
|
0.04 |
|
0.02 |
|
Tax effect of all adjustments reflected above |
— |
|
— |
|
(0.05) |
|
0.01 |
|
|
$ 58.7 |
|
$ (11.9) |
|
$ 0.23 |
|
$ (0.04) |
Segment performance for the third quarter of 2022 versus the prior-year period are detailed below. See the schedule on components of net sales growth and the schedule of supplementary information within this press release for additional information on segment net sales and profit.
North America Confectionery
The North America Confectionery segment reported segment income of
North America Salty Snacks
North America Salty Snacks segment income increased 50.3% to
International
Third-quarter 2022 net sales for
The International segment reported a
Unallocated Corporate Expense
Live Webcast
At approximately
Note: In this release, for the third-quarter 2022,
|
Reconciliation of Certain Non-GAAP Financial Measures |
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|
Consolidated results |
Three Months Ended |
||
|
In thousands except per share data |
|
|
|
|
Reported gross profit |
$ 1,108,500 |
|
$ 1,061,335 |
|
Derivative mark-to-market losses (gains) |
50,065 |
|
(18,468) |
|
Business realignment activities |
(1) |
|
213 |
|
Acquisition-related activities |
65 |
|
2,678 |
|
Non-GAAP gross profit |
$ 1,158,629 |
|
$ 1,045,758 |
|
|
|
|
|
|
Reported operating profit |
$ 556,620 |
|
$ 574,831 |
|
Derivative mark-to-market losses (gains) |
50,065 |
|
(18,468) |
|
Business realignment activities |
393 |
|
3,397 |
|
Acquisition-related activities |
8,215 |
|
3,190 |
|
Non-GAAP operating profit |
$ 615,293 |
|
$ 562,950 |
|
|
|
|
|
|
Reported provision for income taxes |
$ 73,598 |
|
$ 76,746 |
|
Derivative mark-to-market losses (gains)* |
9,045 |
|
(3,456) |
|
Business realignment activities* |
80 |
|
890 |
|
Acquisition-related activities* |
1,970 |
|
760 |
|
Non-GAAP provision for income taxes |
$ 84,693 |
|
$ 74,940 |
|
|
|
|
|
|
Reported net income |
$ 399,487 |
|
$ 444,927 |
|
Derivative mark-to-market losses (gains) |
41,020 |
|
(15,012) |
|
Business realignment activities |
313 |
|
2,507 |
|
Acquisition-related activities |
6,245 |
|
2,430 |
|
Non-GAAP net income |
$ 447,065 |
|
$ 434,852 |
|
|
|
|
|
|
Reported EPS - Diluted |
$ 1.94 |
|
$ 2.14 |
|
Derivative mark-to-market losses (gains) |
0.24 |
|
(0.09) |
|
Business realignment activities |
— |
|
0.02 |
|
Acquisition-related activities |
0.04 |
|
0.02 |
|
Tax effect of all adjustments reflected above** |
(0.05) |
|
0.01 |
|
Non-GAAP EPS - Diluted |
$ 2.17 |
|
$ 2.10 |
|
* |
The tax effect for each adjustment is determined by calculating the tax impact of the adjustment on the company's quarterly effective tax rate, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment. |
|
** |
Adjustments reported above are reported on a pre-tax basis before the tax effect described in the reconciliation above for Non-GAAP provision for income taxes. |
In the assessment of our results, we review and discuss the following financial metrics that are derived from the reported and non-GAAP financial measures presented above:
|
|
Three Months Ended |
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|
|
|
|
|
|
As reported gross margin |
40.6 % |
|
45.0 % |
|
Non-GAAP gross margin (1) |
42.5 % |
|
44.3 % |
|
|
|
|
|
|
As reported operating profit margin |
20.4 % |
|
24.4 % |
|
Non-GAAP operating profit margin (2) |
22.6 % |
|
23.9 % |
|
|
|
|
|
|
As reported effective tax rate |
15.6 % |
|
14.7 % |
|
Non-GAAP effective tax rate (3) |
15.9 % |
|
14.7 % |
|
(1) |
Calculated as non-GAAP gross profit as a percentage of net sales for each period presented. |
|
(2) |
Calculated as non-GAAP operating profit as a percentage of net sales for each period presented. |
|
(3) |
Calculated as non-GAAP provision for income taxes as a percentage of non-GAAP income before taxes (calculated as non-GAAP operating profit minus non-GAAP interest expense, net plus or minus non-GAAP other (income) expense, net). |
Appendix I
Details of the charges included in GAAP results, as summarized in the press release (above), are as follows:
Derivative mark-to-market losses (gains): The mark-to-market losses (gains) on commodity derivatives are recorded as unallocated and excluded from adjusted results until such time as the related inventory is sold, at which time the corresponding losses (gains) are reclassified from unallocated to segment income. Since we often purchase commodity contracts to price inventory requirements in future years, we make this adjustment to facilitate the year-over-year comparison of cost of sales on a basis that matches the derivative gains and losses with the underlying economic exposure being hedged for the period.
Business realignment activities: We periodically undertake restructuring and cost reduction activities as part of ongoing efforts to enhance long-term profitability. During the fourth quarter of 2020, we commenced the International Optimization Program to streamline resources and investments in select international markets, including the optimization of our
Acquisition-related activities: During the third quarter of 2022, we incurred costs related to the integration of the 2021 acquisitions of Lily's, Dot's and Pretzels. During the third quarter of 2021, we incurred costs to effectuate the Lily's acquisition.
Noncontrolling interest share of business realignment and impairment charges: Certain of the business realignment and impairment charges recorded related to the divestiture of
Other miscellaneous losses (benefits): During 2022, we recorded a loss on the sale of non-operating assets located in Pennsylvania. During 2021, we recorded a gain on the divestiture of LSFC, as well as a gain on a receivable previously deemed uncollectible.
Tax effect of all adjustments: This line item reflects the aggregate tax effect of all pre-tax adjustments reflected in the preceding line items of the applicable table. The tax effect for each adjustment is determined by calculating the tax impact of the adjustment on the company's quarterly effective tax rate, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Many of these forward-looking statements can be identified by the use of words such as "anticipate," "assume," "believe," "continue," "estimate," "expect," "forecast," "future," "intend," "plan," "potential," "predict," "project," "strategy," "target" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would," among others. These statements are made based upon current expectations that are subject to risk and uncertainty. Because actual results may differ materially from those contained in the forward-looking statements, you should not place undue reliance on the forward-looking statements when deciding whether to buy, sell or hold the company's securities. Factors that could cause results to differ materially include, but are not limited to: risks related to the impact of the COVID-19 global pandemic on our business, suppliers, distributors, consumers, customers, and employees; the scope and duration of the pandemic; government actions and restrictive measures implemented in response to the pandemic, including the distribution of vaccinations and continuation of social distancing guidelines and stay at home orders; disruptions or inefficiencies in our supply chain due to the loss or disruption of essential manufacturing or supply elements or other factors; issues or concerns related to the quality and safety of our products, ingredients or packaging, human and workplace rights, and other environmental, social or governance matters; changes in raw material and other costs, along with the availability of adequate supplies of raw materials; the company's ability to successfully execute business continuity plans to address the COVID-19 pandemic and resulting changes in consumer preferences and the broader economic and operating environment; selling price increases, including volume declines associated with pricing elasticity; market demand for our new and existing products; increased marketplace competition; failure to successfully execute and integrate acquisitions, divestitures and joint ventures; changes in governmental laws and regulations, including taxes; political, economic, and/or financial market conditions, including impacts on the business arising from the conflict between
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Consolidated Statements of Income |
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for the periods ended |
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(unaudited) (in thousands except percentages and per share amounts) |
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Three Months Ended |
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Nine Months Ended |
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Net sales |
|
|
$ 2,728,153 |
|
$ 2,359,839 |
|
$ 7,766,956 |
|
$ 6,645,209 |
|
|
Cost of sales |
|
1,619,653 |
|
1,298,504 |
|
4,412,977 |
|
3,609,478 |
||
|
Gross profit |
|
|
1,108,500 |
|
1,061,335 |
|
3,353,979 |
|
3,035,731 |
|
|
|
|
|
|
|
|
|
|
|||
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Selling, marketing and administrative expense |
551,880 |
|
486,139 |
|
1,619,564 |
|
1,448,433 |
|||
|
Business realignment costs |
— |
|
365 |
|
274 |
|
2,748 |
|||
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|
|
|
|
|
|
|
|
|
||
|
Operating profit |
556,620 |
|
574,831 |
|
1,734,141 |
|
1,584,550 |
|||
|
Interest expense, net |
|
35,378 |
|
30,154 |
|
101,970 |
|
97,655 |
||
|
Other (income) expense, net |
|
48,157 |
|
23,004 |
|
78,222 |
|
32,612 |
||
|
|
|
|
|
|
|
|
|
|
||
|
Income before income taxes |
|
473,085 |
|
521,673 |
|
1,553,949 |
|
1,454,283 |
||
|
Provision for income taxes |
|
73,598 |
|
76,746 |
|
305,428 |
|
311,255 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income including noncontrolling interest |
399,487 |
|
444,927 |
|
1,248,521 |
|
1,143,028 |
|||
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|
|
|
|
|
|
|
|
|
|
|
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Less: Net gain attributable to noncontrolling interest |
— |
|
— |
|
— |
|
1,072 |
|||
|
Net income attributable to |
$ 399,487 |
|
$ 444,927 |
|
$ 1,248,521 |
|
$ 1,141,956 |
|||
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|
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Net income per share |
- Basic |
- Common |
$ 2.00 |
|
$ 2.22 |
|
$ 6.23 |
|
$ 5.67 |
|
|
|
- Diluted |
- Common |
$ 1.94 |
|
$ 2.14 |
|
$ 6.04 |
|
$ 5.49 |
|
|
|
- Basic |
- Class B |
$ 1.82 |
|
$ 2.01 |
|
$ 5.67 |
|
$ 5.16 |
|
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|
|
|
|
|
|
|
|
|
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|
|
Shares outstanding |
- Basic |
- Common |
147,169 |
|
145,665 |
|
146,557 |
|
146,259 |
|
|
|
- Diluted |
- Common |
206,274 |
|
207,426 |
|
206,667 |
|
207,857 |
|
|
|
- Basic |
- Class B |
58,114 |
|
60,614 |
|
59,058 |
|
60,614 |
|
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|
|
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Key margins: |
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|
|
|
|
|
|
|
|
|
Gross margin |
|
40.6 % |
|
45.0 % |
|
43.2 % |
|
45.7 % |
||
|
Operating profit margin |
|
20.4 % |
|
24.4 % |
|
22.3 % |
|
23.8 % |
||
|
Net margin |
|
14.6 % |
|
18.9 % |
|
16.1 % |
|
17.2 % |
||
|
|
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Supplementary Information – Segment Results |
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for the periods ended |
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(unaudited) (in thousands except percentages) |
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Three Months Ended |
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Nine Months Ended |
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|
|
|
|
|
|
2021 |
|
% Change |
|
2022 |
|
2021 |
|
% Change |
|
Net sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America Confectionery |
|
$ 2,235,550 |
|
$ 2,024,243 |
|
10.4 % |
|
$ 6,361,695 |
|
$ 5,700,031 |
|
11.6 % |
|
|
North America Salty Snacks |
|
275,024 |
|
147,108 |
|
86.9 % |
|
757,443 |
|
396,729 |
|
90.9 % |
|
|
International |
|
217,579 |
|
188,488 |
|
15.4 % |
|
647,818 |
|
548,449 |
|
18.1 % |
|
|
Total |
|
$ 2,728,153 |
|
$ 2,359,839 |
|
15.6 % |
|
$ 7,766,956 |
|
$ 6,645,209 |
|
16.9 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America Confectionery |
|
$ 706,815 |
|
$ 655,599 |
|
7.8 % |
|
$ 2,107,564 |
|
$ 1,852,692 |
|
13.8 % |
|
|
North America Salty Snacks |
|
44,516 |
|
29,639 |
|
50.3 % |
|
103,250 |
|
81,058 |
|
27.3 % |
|
|
International |
|
35,379 |
|
19,550 |
|
80.7 % |
|
108,058 |
|
74,526 |
|
45.1 % |
|
|
Total segment income |
|
786,710 |
|
704,788 |
|
11.6 % |
|
2,318,872 |
|
2,008,276 |
|
15.5 % |
|
|
Unallocated corporate expense (1) |
|
171,417 |
|
141,838 |
|
20.9 % |
|
468,785 |
|
430,112 |
|
9.0 % |
|
|
Unallocated mark-to-market losses (gains) on commodity derivatives (2) |
|
50,065 |
|
(18,468) |
|
NM |
|
63,524 |
|
(24,137) |
|
NM |
|
|
Costs associated with business realignment initiatives |
|
393 |
|
3,397 |
|
(88.4) % |
|
2,373 |
|
13,793 |
|
(82.8) % |
|
|
Acquisition-related activities |
|
8,215 |
|
3,190 |
|
157.5 % |
|
36,481 |
|
10,698 |
|
241.0 % |
|
|
Other miscellaneous losses (benefits) |
|
— |
|
— |
|
NM |
|
13,568 |
|
(2,155) |
|
NM |
|
|
Operating profit |
|
556,620 |
|
574,831 |
|
(3.2) % |
|
1,734,141 |
|
1,584,550 |
|
9.4 % |
|
|
Interest expense, net |
|
35,378 |
|
30,154 |
|
17.3 % |
|
101,970 |
|
97,655 |
|
4.4 % |
|
|
Other (income) expense, net |
|
48,157 |
|
23,004 |
|
109.3 % |
|
78,222 |
|
32,612 |
|
139.9 % |
|
|
Income before income taxes |
|
$ 473,085 |
|
$ 521,673 |
|
(9.3) % |
|
$ 1,553,949 |
|
$ 1,454,283 |
|
6.9 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Includes centrally-managed (a) corporate functional costs relating to legal, treasury, finance, and human resources, (b) expenses associated with the oversight and administration of our global operations, including warehousing, distribution and manufacturing, information systems and global shared services, (c) non-cash stock-based compensation expense and (d) other gains or losses that are not integral to segment performance. |
|
(2) |
Net (gains) losses on mark-to-market valuation of commodity derivative positions recognized in unallocated derivative losses (gains). |
|
NM - not meaningful |
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
|
|
|
|
|
|
|
|
|
|
Segment income as a percent of net sales: |
|
|
|
|
|
|
|
|
|
|
North America Confectionery |
|
31.6 % |
|
32.4 % |
|
33.1 % |
|
32.5 % |
|
|
North America Salty Snacks |
|
16.2 % |
|
20.1 % |
|
13.6 % |
|
20.4 % |
|
|
International |
|
16.3 % |
|
10.4 % |
|
16.7 % |
|
13.6 % |
|
|
|
|||
|
Consolidated Balance Sheets |
|||
|
as of |
|||
|
(in thousands of dollars) |
|||
|
|
|
|
|
|
Assets |
|
|
|
|
|
(unaudited) |
|
|
|
Cash and cash equivalents |
$ 327,741 |
|
$ 329,266 |
|
Accounts receivable - trade, net |
929,482 |
|
671,464 |
|
Inventories |
1,184,385 |
|
988,511 |
|
Prepaid expenses and other |
251,126 |
|
256,965 |
|
|
|
|
|
|
Total current assets |
2,692,734 |
|
2,246,206 |
|
|
|
|
|
|
Property, plant and equipment, net |
2,622,587 |
|
2,586,187 |
|
|
2,604,889 |
|
2,633,174 |
|
Other intangibles |
1,985,099 |
|
2,037,588 |
|
Other non-current assets |
888,406 |
|
868,203 |
|
Deferred income taxes |
39,192 |
|
40,873 |
|
|
|
|
|
|
Total assets |
$ 10,832,907 |
|
$ 10,412,231 |
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
Accounts payable |
$ 915,299 |
|
$ 692,338 |
|
Accrued liabilities |
845,472 |
|
855,638 |
|
Accrued income taxes |
81,771 |
|
3,070 |
|
Short-term debt |
793,871 |
|
939,423 |
|
Current portion of long-term debt |
752,201 |
|
2,844 |
|
|
|
|
|
|
Total current liabilities |
3,388,614 |
|
2,493,313 |
|
|
|
|
|
|
Long-term debt |
3,340,671 |
|
4,086,627 |
|
Other long-term liabilities |
750,870 |
|
787,058 |
|
Deferred income taxes |
269,672 |
|
288,004 |
|
|
|
|
|
|
Total liabilities |
7,749,827 |
|
7,655,002 |
|
|
|
|
|
|
Total stockholders' equity |
3,083,080 |
|
2,757,229 |
|
|
|
|
|
|
Total liabilities and stockholders' equity |
$ 10,832,907 |
|
$ 10,412,231 |
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