Hershey Reports Third-Quarter 2025 Financial Results
"Third quarter results surpassed expectations, as strong innovation, strategic brand investments, and market leading execution drove momentum across business segments," said
"I am excited to steer the next generation of growth at the Company, working closely with our talented team members, valued customers, and the Board. Together, we'll focus on delighting consumers and delivering results as we unlock our full potential as a snacking industry leader."
Third -Quarter 2025 Financial Results Summary 1
- Consolidated net sales of
$3,181.4 million , an increase of 6.5%. - Organic, constant currency net sales increased 6.2%.
- Reported net income of
$276.3 million , or$1.36 per share-diluted, a decrease of 38.2%. - Adjusted earnings per share-diluted of
$1.30 , a decrease of 44.4%.
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____________________________ |
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1
All comparisons for the third quarter of 2025 are with respect to the third quarter ended |
2025 Full-Year Financial Outlook
The Company is raising its net sales growth and reported earnings per share outlook, and raising its adjusted earnings per share outlook to the upper half of the previous range for the year. This guidance does not include the effects of our proposed acquisition of LesserEvil.
|
2025 Full-Year Outlook |
|
Prior Guidance |
|
Current Guidance |
|
Net sales growth* |
|
Up at least 2% |
|
~3% |
|
Reported earnings per share growth |
|
Down ~50% |
|
Down 48% to 50% |
|
Adjusted earnings per share growth |
|
Down 36% to 38% |
|
Down 36% to 37% |
|
|
|
* The impact of the Sour Strips acquisition is anticipated to be an approximate 40 basis point benefit to net sales growth for the full-year 2025. Additionally, the impact of foreign currency exchange rates is anticipated to be an approximate 30 basis point headwind to net sales growth for the full-year 2025. |
The Company also expects:
- Tariff expense, as understood today, to be approximately
$160 million to$170 million ; - A reported effective tax rate of approximately 30% and an adjusted effective tax rate of approximately 26%, reflecting the changing global business and tax landscape;
- Other expense, which primarily reflects the write-down of equity investments that qualify for a tax credit, of approximately
$30 million to$35 million ; - Interest expense of approximately
$195 million ; - Capital expenditures of approximately
$425 million ; and - Advancing Agility & Automation Initiative savings of approximately
$150 million .
Below is a reconciliation of current projected 2025 and full-year 2024 earnings per share-diluted calculated in accordance with
|
|
2025 (Projected) |
|
2024 |
|
Reported EPS – Diluted |
|
|
|
|
Derivative Mark-to-Market (Gains) Losses |
— |
|
(2.26) |
|
Business Realignment Activities |
0.35 - 0.45 |
|
0.58 |
|
Acquisition and Integration-Related Activities |
0.03 - 0.07 |
|
0.22 |
|
Other Miscellaneous (Benefits) Losses |
— |
|
(0.03) |
|
Tax Effect of All Adjustments Reflected Above |
(0.10) |
|
(0.06) |
|
Adjusted EPS – Diluted |
|
|
|
Adjusted 2025 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 2025 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:
|
|
Three Months Ended |
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|
|
Percentage |
|
Impact of |
|
Percentage |
|
Impact of |
|
Percentage |
|
Organic
(Rounded) |
|
Organic
(Rounded) |
|
North America Confectionery |
5.6 % |
|
— % |
|
5.6 % |
|
0.4 % |
|
5.2 % |
|
7 % |
|
(1) % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America Salty Snacks |
10.0 % |
|
— % |
|
10.0 % |
|
— % |
|
10.0 % |
|
(1) % |
|
11 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International |
12.1 % |
|
— % |
|
12.1 % |
|
— % |
|
12.1 % |
|
7 % |
|
6 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.5 % |
|
— % |
|
6.5 % |
|
0.3 % |
|
6.2 % |
|
6 % |
|
— % |
|
|
|
*Percentage changes may not compute directly as shown due to rounding of amounts presented above. |
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 2025 Consolidated Results
Consolidated net sales increased 6.5% to
Reported gross margin was 32.6% in the third quarter of 2025, compared to 41.3% in the third quarter of 2024, a decrease of 870 basis points. Adjusted gross margin was 31.8% in the third quarter of 2025, a decrease of 850 basis points compared to the third quarter of 2024. Reported and adjusted gross margin declines reflect higher commodity and tariff costs along with unfavorable mix, which more than offset net price realization, supply chain productivity and transformation program savings.
Selling, marketing and administrative expenses increased 1.5% in the third quarter of 2025 versus the third quarter of 2024, as higher incentive compensation and non-people operating costs were partially offset by efficiencies and transformation program net savings. Advertising and related consumer marketing expenses decreased 5.0% in the third quarter of 2025 versus the same period last year, as efficiencies in North America Confectionery were partially offset by increases in North America Salty Snacks and International. Selling, marketing and administrative expenses, excluding advertising and related consumer marketing, increased 5.0% versus the third quarter of 2024, as higher transformation program net savings were more than offset by higher incentive compensation expense, as well as consulting fees.
Third quarter 2025 reported operating profit was
The reported effective tax rate in the third quarter of 2025 was 25.7%, an increase of 1,170 basis points versus the third quarter of 2024. The adjusted effective tax rate was 26.7%, an increase of 1,150 basis points versus the third quarter of 2024. Both the reported and adjusted effective tax rate increases were driven by a decrease in renewable energy tax credits versus the year-ago period.
The Company's third quarter 2025 results, as prepared in accordance with GAAP, included items negatively 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 Gains |
$ (24.3) |
|
$ (31.1) |
|
$ (0.12) |
|
$ (0.15) |
|
Business Realignment Activities |
10.6 |
|
49.1 |
|
0.05 |
|
0.24 |
|
Acquisition and Integration-Related Activities |
1.6 |
|
22.8 |
|
0.01 |
|
0.11 |
|
Tax Effect of All Adjustments Reflected Above |
— |
|
— |
|
— |
|
(0.06) |
|
|
$ (12.1) |
|
$ 40.8 |
|
$ (0.06) |
|
$ 0.14 |
The following are comments about segment performance for the third quarter of 2025 versus the prior year period. See 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
|
____________________________ |
|
2 MULO+ w/Convenience expanded in the second quarter of 2024 to include club, drug, and e-commerce customers previously classified as unmeasured, while Dollar Tree data was included beginning in the third quarter of 2025 |
North America Salty Snacks
North America Salty Snacks segment income was
|
____________________________ |
|
3 MULO+ w/Convenience expanded in the second quarter of 2024 to include club, drug, and e-commerce customers previously classified as unmeasured, while Dollar Tree data was included beginning in the third quarter of 2025 |
International
Third quarter 2025 net sales for
The International segment reported a
Unallocated Corporate Expense
Live Webcast
At approximately
Note: In this release, for the third quarter of 2025,
|
Reconciliation of Certain Non-GAAP Financial Measures |
||||
|
Consolidated results |
|
Three Months Ended |
||
|
In thousands except per share data |
|
|
|
|
|
Reported gross profit |
|
$ 1,037,334 |
|
$ 1,232,719 |
|
Derivative mark-to-market gains |
|
(24,250) |
|
(31,083) |
|
Business realignment activities |
|
— |
|
1,457 |
|
Acquisition and integration-related activities |
|
— |
|
1,720 |
|
Non-GAAP gross profit |
|
$ 1,013,084 |
|
$ 1,204,813 |
|
|
|
|
|
|
|
Reported operating profit |
|
$ 434,583 |
|
$ 613,164 |
|
Derivative mark-to-market gains |
|
(24,250) |
|
(31,083) |
|
Business realignment activities |
|
10,577 |
|
49,129 |
|
Acquisition and integration-related activities |
|
1,577 |
|
22,777 |
|
Non-GAAP operating profit |
|
$ 422,487 |
|
$ 653,987 |
|
|
|
|
|
|
|
Reported provision for income taxes |
|
$ 95,590 |
|
$ 72,446 |
|
Derivative mark-to-market gains* |
|
(2,645) |
|
(4,499) |
|
Business realignment activities* |
|
2,788 |
|
11,867 |
|
Acquisition and integration-related activities* |
|
382 |
|
5,518 |
|
Non-GAAP provision for income taxes |
|
$ 96,115 |
|
$ 85,332 |
|
|
|
|
|
|
|
Reported net income |
|
$ 276,320 |
|
$ 446,301 |
|
Derivative mark-to-market gains |
|
(21,605) |
|
(26,584) |
|
Business realignment activities |
|
7,789 |
|
37,262 |
|
Acquisition and integration-related activities |
|
1,195 |
|
17,259 |
|
Non-GAAP net income |
|
$ 263,699 |
|
$ 474,238 |
|
|
|
|
|
|
|
Reported EPS - Diluted |
|
$ 1.36 |
|
$ 2.20 |
|
Derivative mark-to-market gains |
|
(0.12) |
|
(0.15) |
|
Business realignment activities |
|
0.05 |
|
0.24 |
|
Acquisition and integration-related activities |
|
0.01 |
|
0.11 |
|
Tax effect of all adjustments reflected above** |
|
— |
|
(0.06) |
|
Non-GAAP EPS - Diluted |
|
$ 1.30 |
|
$ 2.34 |
|
|
|
* 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 |
||
|
|
|
|
|
|
As reported gross margin |
32.6 % |
|
41.3 % |
|
Non-GAAP gross margin (1) |
31.8 % |
|
40.3 % |
|
|
|
|
|
|
As reported operating profit margin |
13.7 % |
|
20.5 % |
|
Non-GAAP operating profit margin (2) |
13.3 % |
|
21.9 % |
|
|
|
|
|
|
As reported effective tax rate |
25.7 % |
|
14.0 % |
|
Non-GAAP effective tax rate (3) |
26.7 % |
|
15.2 % |
|
|
|
|
(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 (gains) losses: The mark-to-market (gains) losses 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 (gains) losses 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 first quarter of 2024, we commenced the Advancing Agility & Automation Initiative to improve supply chain and manufacturing-related spend, optimize selling, general and administrative expenses, leverage new technology and business models to further simplify and automate processes, and generate long-term savings. During the third quarter of 2025 and 2024, business realignment charges related primarily to third-party costs supporting the design and implementation of the new organizational structure, as well as severance and employee benefit costs.
Acquisition and integration-related activities: During the third quarter of 2025, we incurred costs related to the acquisition of the Sour Strips brand from
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, including but not limited to our 2025 Full-year Financial Outlook and other statements regarding our business outlook and financial performance. 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: disruptions or inefficiencies in our supply chain due to the loss or disruption of essential manufacturing or supply elements or other factors; issues, concerns or regulatory changes 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 and the Company's ability to successfully hedge against volatility in raw material pricing; the Company's ability to successfully execute business continuity plans to address 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, regulations and policies, including taxes and tariffs; political, economic, and/or financial market conditions, including with respect to inflation, rising interest rates, slower growth or recession, changes in the
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Consolidated Statements of Income |
||||||||||
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for the periods ended |
||||||||||
|
(unaudited) (in thousands except percentages and per share amounts) |
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|
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Three Months Ended |
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Nine Months Ended |
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|
|
|
|
|
|
|
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|
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Net sales |
|
|
$ 3,181,418 |
|
$ 2,987,494 |
|
$ 8,601,555 |
|
$ 8,314,723 |
|
|
Cost of sales |
|
2,144,084 |
|
1,754,775 |
|
5,823,681 |
|
4,572,178 |
||
|
Gross profit |
|
|
1,037,334 |
|
1,232,719 |
|
2,777,874 |
|
3,742,545 |
|
|
|
|
|
|
|
|
|
|
|||
|
Selling, marketing and administrative expense |
600,540 |
|
591,920 |
|
1,762,419 |
|
1,750,888 |
|||
|
Business realignment costs |
2,211 |
|
27,635 |
|
18,840 |
|
32,572 |
|||
|
|
|
|
|
|
|
|
|
|
||
|
Operating profit |
434,583 |
|
613,164 |
|
996,615 |
|
1,959,085 |
|||
|
Interest expense, net |
|
51,474 |
|
44,316 |
|
142,131 |
|
125,511 |
||
|
Other (income) expense, net |
|
11,199 |
|
50,101 |
|
9,808 |
|
82,695 |
||
|
|
|
|
|
|
|
|
|
|
||
|
Income before income taxes |
|
371,910 |
|
518,747 |
|
844,676 |
|
1,750,879 |
||
|
Provision for income taxes |
|
95,590 |
|
72,446 |
|
281,434 |
|
326,231 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ 276,320 |
|
$ 446,301 |
|
$ 563,242 |
|
$ 1,424,648 |
|||
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|
|
|
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|
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|
|
|
|
|
|
Net income per share |
- Basic |
- Common |
$ 1.40 |
|
$ 2.26 |
|
$ 2.85 |
|
$ 7.19 |
|
|
|
- Diluted |
- Common |
$ 1.36 |
|
$ 2.20 |
|
$ 2.77 |
|
$ 7.00 |
|
|
|
- Basic |
- Class B |
$ 1.27 |
|
$ 2.05 |
|
$ 2.58 |
|
$ 6.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding |
- Basic |
- Common |
148,363 |
|
147,938 |
|
148,234 |
|
148,474 |
|
|
|
- Diluted |
- Common |
203,494 |
|
203,030 |
|
203,273 |
|
203,631 |
|
|
|
- Basic |
- Class B |
54,614 |
|
54,614 |
|
54,614 |
|
54,614 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Key margins: |
|
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
32.6 % |
|
41.3 % |
|
32.3 % |
|
45.0 % |
||
|
Operating profit margin |
|
13.7 % |
|
20.5 % |
|
11.6 % |
|
23.6 % |
||
|
Net margin |
|
8.7 % |
|
14.9 % |
|
6.5 % |
|
17.1 % |
||
|
|
|||||||||||||
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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 |
||||||||
|
|
|
|
September |
|
September |
|
% Change |
|
September |
|
September |
|
% Change |
|
Net sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America Confectionery |
|
$ 2,615,600 |
|
$ 2,477,303 |
|
5.6 % |
|
$ 7,001,208 |
|
$ 6,764,439 |
|
3.5 % |
|
|
North America Salty Snacks |
|
321,020 |
|
291,835 |
|
10.0 % |
|
914,337 |
|
856,835 |
|
6.7 % |
|
|
International |
|
244,798 |
|
218,356 |
|
12.1 % |
|
686,010 |
|
693,449 |
|
(1.1) % |
|
|
Total |
|
$ 3,181,418 |
|
$ 2,987,494 |
|
6.5 % |
|
$ 8,601,555 |
|
$ 8,314,723 |
|
3.4 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America Confectionery |
|
$ 571,475 |
|
$ 724,822 |
|
(21.2) % |
|
$ 1,771,780 |
|
$ 2,137,514 |
|
(17.1) % |
|
|
North America Salty Snacks |
|
57,747 |
|
53,977 |
|
6.9 % |
|
166,080 |
|
144,887 |
|
14.6 % |
|
|
International |
|
(13,607) |
|
14,207 |
|
(195.8) % |
|
34,914 |
|
81,967 |
|
(57.4) % |
|
|
Total segment income |
|
615,615 |
|
793,006 |
|
(22.4) % |
|
1,972,774 |
|
2,364,368 |
|
(16.6) % |
|
|
Unallocated corporate expense (1) |
|
193,128 |
|
139,018 |
|
38.9 % |
|
531,617 |
|
465,935 |
|
14.1 % |
|
|
Unallocated mark-to-market (gains) losses on commodity derivatives (2) |
|
(24,250) |
|
(31,083) |
|
(22.0) % |
|
387,932 |
|
(195,727) |
|
NM |
|
|
Costs associated with business realignment initiatives |
|
10,577 |
|
49,129 |
|
(78.5) % |
|
51,568 |
|
104,795 |
|
(50.8) % |
|
|
Acquisition and integration-related activities |
|
1,577 |
|
22,778 |
|
(93.1) % |
|
5,042 |
|
30,280 |
|
(83.3) % |
|
|
Operating profit |
|
434,583 |
|
613,164 |
|
(29.1) % |
|
996,615 |
|
1,959,085 |
|
(49.1) % |
|
|
Interest expense, net |
|
51,474 |
|
44,316 |
|
16.2 % |
|
142,131 |
|
125,511 |
|
13.2 % |
|
|
Other (income) expense, net |
|
11,199 |
|
50,101 |
|
(77.6) % |
|
9,808 |
|
82,695 |
|
(88.1) % |
|
|
Income before income taxes |
|
$ 371,910 |
|
$ 518,747 |
|
(28.3) % |
|
$ 844,676 |
|
$ 1,750,879 |
|
(51.8) % |
|
|
|
|
(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 |
|
21.8 % |
|
29.3 % |
|
25.3 % |
|
31.6 % |
|
|
North America Salty Snacks |
|
18.0 % |
|
18.5 % |
|
18.2 % |
|
16.9 % |
|
|
International |
|
(5.6) % |
|
6.5 % |
|
5.1 % |
|
11.8 % |
|
|
|
||||
|
Consolidated Balance Sheets |
||||
|
as of |
||||
|
(in thousands of dollars) |
||||
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
(unaudited) |
|
|
|
Cash and cash equivalents |
|
$ 1,163,017 |
|
$ 730,746 |
|
Accounts receivable - trade, net |
|
966,411 |
|
800,402 |
|
Inventories |
|
1,707,522 |
|
1,254,094 |
|
Prepaid expenses and other |
|
561,155 |
|
974,215 |
|
|
|
|
|
|
|
Total current assets |
|
4,398,105 |
|
3,759,457 |
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
3,426,678 |
|
3,458,853 |
|
|
|
2,711,338 |
|
2,705,753 |
|
Other intangibles |
|
1,891,101 |
|
1,873,866 |
|
Other non-current assets |
|
1,110,163 |
|
1,111,867 |
|
Deferred income taxes |
|
42,041 |
|
37,065 |
|
|
|
|
|
|
|
Total assets |
|
$ 13,579,426 |
|
$ 12,946,861 |
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ 1,459,680 |
|
$ 1,159,177 |
|
Accrued liabilities |
|
952,330 |
|
807,341 |
|
Accrued income taxes |
|
98,461 |
|
51,036 |
|
Short-term debt |
|
214,959 |
|
1,306,976 |
|
Current portion of long-term debt |
|
502,334 |
|
604,965 |
|
|
|
|
|
|
|
Total current liabilities |
|
3,227,764 |
|
3,929,495 |
|
|
|
|
|
|
|
Long-term debt |
|
4,677,086 |
|
3,190,210 |
|
Other long-term liabilities |
|
639,160 |
|
688,259 |
|
Deferred income taxes |
|
470,970 |
|
424,243 |
|
|
|
|
|
|
|
Total liabilities |
|
9,014,980 |
|
8,232,207 |
|
|
|
|
|
|
|
Total stockholders' equity |
|
4,564,446 |
|
4,714,654 |
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
|
$ 13,579,426 |
|
$ 12,946,861 |
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