0000047111-23-000012 | 10-K | XBRL Viewer

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DOCUMENT AND ENTITY INFORMATION - USD ($)	12 Months Ended
DOCUMENT AND ENTITY INFORMATION - USD ($)	Dec. 31, 2022	Feb. 15, 2023	Jul. 01, 2022
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 32,207,985,953
Estimated values (USD per share)			$ 221.00
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Company’s Proxy Statement for the 2023 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0000047111
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		146,922,179
Class B common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		57,113,777

AUDIT INFORMATION	12 Months Ended
AUDIT INFORMATION	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	ERNST & YOUNG LLP
Auditor Firm ID	42
Auditor Location	Philadelphia, Pennsylvania

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net sales	$ 10,419,294	$ 8,971,337	$ 8,149,719
Cost of sales	5,920,509	4,922,739	4,448,450
Gross profit	4,498,785	4,048,598	3,701,269
Selling, marketing and administrative expense	2,236,009	2,001,351	1,890,925
Long-lived asset impairment charges	0	0	9,143
Business realignment costs	1,989	3,525	18,503
Operating profit	2,260,787	2,043,722	1,782,698
Interest expense, net	137,557	127,417	149,374
Other (income) expense, net	206,159	119,081	138,327
Income before income taxes	1,917,071	1,797,224	1,494,997
Provision for income taxes	272,254	314,405	219,584
Net income including noncontrolling interest	1,644,817	1,482,819	1,275,413
Less: Net gain (loss) attributable to noncontrolling interest	0	5,307	(3,295)
Net income attributable to The Hershey Company	$ 1,644,817	$ 1,477,512	$ 1,278,708
Common stock
Net income per share—basic:
Net income per share - basic (USD per share)	$ 8.22	$ 7.34	$ 6.30
Net income per share—diluted:
Net income per share - diluted (USD per share)	7.96	7.11	6.11
Dividends paid per share:
Dividends paid per share (USD per share)	3.874	3.410	3.154
Class B common stock
Net income per share—basic:
Net income per share - basic (USD per share)	7.47	6.68	5.72
Net income per share—diluted:
Net income per share - diluted (USD per share)	7.45	6.66	5.71
Dividends paid per share:
Dividends paid per share (USD per share)	$ 3.522	$ 3.100	$ 2.866

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income including noncontrolling interest	$ 1,644,817	$ 1,482,819	$ 1,275,413
Other comprehensive income (loss), net of tax:
Foreign currency translation (losses) gains during period, pre-tax amount	(10,340)	(1,500)	(13,767)
Foreign currency translation (losses) gains during period, tax (expense) benefit	0	0	0
Foreign currency translation (losses) gains during period, after-tax amount	(10,340)	(1,500)	(13,767)
Reclassification to earnings due to sale of businesses, pre-tax amount	0	5,249	0
Reclassification to earnings due to sale of businesses, pre-tax amount, tax (expense) benefit	0	0	0
Reclassification to earnings due to sale of businesses, after-tax amount	0	5,249	0
Pension and post-retirement benefit plans:
Net actuarial gain (loss) and prior service cost, pre-tax amount	(32,970)	67,728	(39,455)
Net actuarial gain (loss) and prior service cost, tax (expense) benefit	7,481	(13,929)	9,351
Net actuarial gain (loss) and prior service cost, after-tax amount	(25,489)	53,799	(30,104)
Reclassification to earnings, pre-tax amount	31,009	32,092	33,326
Reclassification to earnings, tax (expense) benefit	(7,392)	(8,067)	(8,240)
Reclassification to earnings, after-tax amount	23,617	24,025	25,086
Cash flow hedges:
(Losses) gains on cash flow hedging derivatives, before tax	2,056	(1,551)	(780)
(Losses) gains on cash flow hedging derivatives, tax	(74)	(2,989)	1,880
(Losses) gains on cash flow hedging derivatives, after tax	1,982	(4,540)	1,100
Reclassification to earnings, pre-tax amount	10,200	18,117	7,779
Reclassification to earnings, tax (expense) benefit	(3,088)	(1,034)	(3,156)
Reclassification to earnings, after-tax amount	7,112	17,083	4,623
Total other comprehensive income (loss), pre-tax amount	(45)	120,135	(12,897)
Total other comprehensive income (loss), tax (expense) benefit	(3,073)	(26,019)	(165)
Total other comprehensive income (loss), after-tax amount	(3,118)	94,116	(13,062)
Total comprehensive income including noncontrolling interest	1,641,699	1,576,935	1,262,351
Comprehensive (gain) loss attributable to noncontrolling interest	0	10,556	(2,241)
Comprehensive income attributable to The Hershey Company	$ 1,641,699	$ 1,566,379	$ 1,264,592

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 463,889	$ 329,266
Accounts receivable—trade, net	711,203	671,464
Inventories	1,173,119	988,511
Prepaid expenses and other	272,195	256,965
Total current assets	2,620,406	2,246,206
Property, plant and equipment, net	2,769,702	2,586,187
Goodwill	2,606,956	2,633,174
Other intangibles	1,966,269	2,037,588
Other non-current assets	944,989	868,203
Deferred income taxes	40,498	40,873
Total assets	10,948,820	10,412,231
Current liabilities:
Accounts payable	970,558	692,338
Accrued liabilities	832,518	855,638
Accrued income taxes	6,710	3,070
Short-term debt	693,790	939,423
Current portion of long-term debt	753,578	2,844
Total current liabilities	3,257,154	2,493,313
Long-term debt	3,343,977	4,086,627
Other long-term liabilities	719,742	787,058
Deferred income taxes	328,403	288,004
Total liabilities	7,649,276	7,655,002
Stockholders’ equity:
Preferred stock, shares issued: none in 2022 and 2021	0	0
Additional paid-in capital	1,296,572	1,260,331
Retained earnings	3,589,781	2,719,936
Treasury—common stock shares, at cost: 16,588,308 in 2022 and 15,444,011 in 2021	(1,556,029)	(1,195,376)
Accumulated other comprehensive loss	(252,333)	(249,215)
Total stockholders’ equity	3,299,544	2,757,229
Total liabilities and stockholders’ equity	10,948,820	10,412,231
Common stock
Stockholders’ equity:
Common stock	163,439	160,939
Class B common stock
Stockholders’ equity:
Common stock	$ 58,114	$ 60,614

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Dec. 31, 2022	Dec. 31, 2021
Preferred stock, shares issued (shares)	0	0
Common stock, shares issued (shares)	221,553,025	221,553,025
Treasury stock, shares (shares)	16,588,308	15,444,011
Common stock
Common stock, shares issued (shares)	163,439,248	160,939,248
Class B common stock
Common stock, shares issued (shares)	58,113,777	60,613,777

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Activities
Net income including noncontrolling interest	$ 1,644,817	$ 1,482,819	$ 1,275,413
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	378,959	315,002	294,907
Stock-based compensation expense	65,991	66,711	57,584
Deferred income taxes	36,889	13,374	26,880
Impairment of long-lived assets (see Note 6)	0	0	9,143
Write-down of equity investments	188,286	113,756	125,579
Other	120,818	96,016	113,470
Changes in assets and liabilities, net of business acquisitions and divestitures:
Accounts receivable—trade, net	(38,165)	(14,642)	(55,537)
Inventories	(186,963)	21,457	(151,918)
Prepaid expenses and other current assets	(14,507)	8,619	2,493
Accounts payable and accrued liabilities	216,479	39,732	41,470
Accrued income taxes	5,005	(29,682)	(16,158)
Contributions to pension and other benefit plans	(78,547)	(51,100)	(11,671)
Other assets and liabilities	(11,225)	20,822	(11,998)
Net cash provided by operating activities	2,327,837	2,082,884	1,699,657
Investing Activities
Capital additions (including software)	(519,481)	(495,877)	(441,626)
Equity investments in tax credit qualifying partnerships	(275,534)	(128,417)	(87,211)
Business acquisitions, net of cash and cash equivalents acquired	0	(1,601,073)	0
Other investing activities	7,639	2,539	(2,443)
Net cash used in investing activities	(787,376)	(2,222,828)	(531,280)
Financing Activities
Net (decrease) increase in short-term debt	(245,633)	869,030	41,759
Long-term borrowings, net of debt issuance costs	0	0	989,876
Repayment of long-term debt and finance leases	(4,741)	(439,444)	(704,467)
Cash dividends paid	(775,030)	(685,987)	(640,732)
Repurchase of common stock	(388,964)	(457,946)	(211,196)
Exercise of stock options	34,158	49,821	46,372
Payment, Tax Withholding, Share-Based Payment Arrangement	(35,515)	(16,610)	(20,840)
Net cash used in financing activities	(1,415,725)	(681,136)	(499,228)
Effect of exchange rate changes on cash and cash equivalents	9,887	(5,075)	(6,990)
Increase (decrease) in cash and cash equivalents, including cash classified as held for sale	134,623	(826,155)	662,159
Less: Decrease (increase) in cash and cash equivalents classified as held for sale	0	11,434	(11,434)
Net increase (decrease) in cash and cash equivalents	134,623	(814,721)	650,725
Cash and cash equivalents, beginning of period	329,266	1,143,987	493,262
Cash and cash equivalents, end of period	463,889	329,266	1,143,987
Supplemental Disclosure
Interest paid	131,757	127,726	150,930
Income taxes paid	$ 221,321	$ 275,171	$ 215,491

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common stock	Class B common stock	Preferred Stock	Common stock Common stock	Common stock Class B common stock	Additional Paid-in Capital	Retained Earnings	Retained Earnings Common stock	Retained Earnings Class 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 (loss)	1,275,413							1,278,708					(3,295)
Other comprehensive income (loss)	(13,062)											(14,116)	1,054
Dividends (including dividend equivalents):
Common Stock		$ (466,777)	$ (173,719)						$ (466,777)	$ (173,719)
Stock-based compensation	56,698						56,698
Exercise of stock options and incentive-based transactions	25,532						(7,708)				33,240
Repurchase of common stock	(211,196)										(211,196)
Ending 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 (loss)	1,482,819							1,477,512					5,307
Other comprehensive income (loss)	94,116											88,867	5,249
Dividends (including dividend equivalents):
Common Stock		(498,346)	(187,903)						(498,346)	(187,903)
Stock-based compensation	67,482						67,482
Exercise of stock options and incentive-based transactions	33,211						1,649				31,562
Repurchase of common stock	(457,946)										(457,946)
Divestiture of noncontrolling interest	(1,436)												(1,436)
Distributions to joint venture partner	(8,750)												(8,750)
Other	(3,901)												(3,901)
Ending balance, stockholders' equity at Dec. 31, 2021	2,757,229			0	160,939	60,614	1,260,331	2,719,936			(1,195,376)	(249,215)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,644,817							1,644,817
Other comprehensive income (loss)	(3,118)											(3,118)
Dividends (including dividend equivalents):
Common Stock		$ (567,839)	$ (207,133)						$ (567,839)	$ (207,133)
Conversion of Class B Common Stock into Common Stock	0				2,500	(2,500)
Stock-based compensation	65,909						65,909
Exercise of stock options and incentive-based transactions	(1,357)						(29,668)				28,311
Repurchase of common stock	(388,964)										(388,964)
Ending balance, stockholders' equity at Dec. 31, 2022	$ 3,299,544			$ 0	$ 163,439	$ 58,114	$ 1,296,572	$ 3,589,781			$ (1,556,029)	$ (252,333)	$ 0

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Common stock
Dividends paid per share (USD per share)	$ 3.874	$ 3.410	$ 3.154
Class B common stock
Dividends paid per share (USD per share)	$ 3.522	$ 3.100	$ 2.866

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business The Hershey Company together with its wholly-owned subsidiaries and entities in which it has a controlling interest, (the “Company,” “Hershey,” “we” or “us”) is a global confectionery leader known for its branded portfolio of chocolate, sweets, mints and other great tasting snacks. The Company has more than 100 brands worldwide including such iconic brand names as Hershey’s, Reese’s, Kisses, Jolly Rancher and Ice Breakers, which are marketed, sold and distributed in approximately 80 countries worldwide. Hershey’s structure is designed to ensure continued focus on North America, coupled with an emphasis on profitable growth in our focus international markets. The Company currently operates through three segments that are aligned with its management structure and the key markets it serves: (i) North America Confectionery, (ii) North America Salty Snacks and (iii) International. For additional information on our segment presentation, see Note 13. Basis of Presentation Our consolidated financial statements include the accounts of The Hershey Company and its majority-owned or controlled subsidiaries. Intercompany transactions and balances have been eliminated. 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. In addition, we use the equity method of accounting for our investments in partnership entities which make equity investments in projects eligible to receive federal historic and energy tax credits. See Note 10 for additional information on our equity investments in partnership entities qualifying for tax credits. 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. For additional information on our investments in unconsolidated affiliates, see Note 8. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. Our significant estimates and assumptions include, among others, pension and other post-retirement benefit plan assumptions, valuation assumptions of goodwill and other intangible assets, useful lives of long-lived assets, marketing and trade promotion accruals and income taxes. These estimates and assumptions are based on management’s best judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and the effects of any revisions are reflected in the consolidated financial statements in the period that they are determined. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Revenue Recognition The majority of our revenue contracts represent a single performance obligation related to the fulfillment of customer orders for the purchase of our products, including chocolate, sweets, mints and other grocery and snack offerings. Net sales reflect the transaction prices for these contracts based on our selling list price which is then reduced by estimated costs for trade promotional programs, consumer incentives, and allowances and discounts associated with aged or potentially unsaleable products. We recognize revenue at the point in time that control of the ordered product(s) is transferred to the customer, which is typically upon delivery to the customer or other customer-designated delivery point. Amounts billed and due from our customers are classified as accounts receivables on the balance sheet and require payment on a short-term basis. Our trade promotional programs and consumer incentives are used to promote our products and include, but are not limited to, discounts, coupons, rebates, in-store display incentives, and volume-based incentives. The estimated costs associated with these programs and incentives are based upon our analysis of the programs offered, expectations regarding customer and consumer participation, historical sales and payment trends, and our experience with payment patterns associated with similar programs offered in the past. The estimated costs of these programs are reasonably likely to change in future periods due to changes in trends with regard to customer and consumer participation, particularly for new programs and for programs related to the introduction of new products. Differences between estimated expense and actual program performance are recognized as a change in estimate in a subsequent period and are normally not significant. During 2022, 2021 and 2020, actual promotional costs have not deviated from the estimated amount by more than 3%. The Company’s unsettled portion remaining in accrued liabilities at year-end for these activities was $215,688 and $174,046 at December 31, 2022 and 2021, respectively. We also recognize a minor amount of royalty income (less than 1% of our consolidated net sales) from sales-based licensing arrangements, pursuant to which revenue is recognized as the third-party licensee sales occur. Shipping and handling costs incurred to deliver product to the customer are recorded within cost of sales. Sales, value add and other taxes we collect concurrent with revenue producing activities are excluded from revenue. The majority of our products are confectionery or confectionery-based and, therefore, exhibit similar economic characteristics, as they are based on similar ingredients and are marketed and sold through the same channels to the same customers. In connection with our recent acquisitions, we have expanded our portfolio of salty snacking products, which also exhibit similar economic characteristics to our confectionery products and are sold through the same channels to the same customers. See Note 13 for revenues reported by geographic segment, which is consistent with how we organize and manage our operations, as well as product line net sales information. In 2022, 2021 and 2020, approximately 28%, 30% and 31%, respectively, of our consolidated net sales were made to McLane Company, Inc., one of the largest wholesale distributors in the United States to convenience stores, drug stores, wholesale clubs and mass merchandisers and the primary distributor of our products to Wal-Mart Stores, Inc. Cost of Sales Cost of sales represents costs directly related to the manufacture and distribution of our products. Primary costs include raw materials, packaging, direct labor, overhead, shipping and handling, warehousing and the depreciation of manufacturing, warehousing and distribution facilities. Manufacturing overhead and related expenses include salaries, wages, employee benefits, utilities, maintenance and property taxes. Selling, Marketing and Administrative Expense Selling, marketing and administrative expense (“SM&A”) represents costs incurred in generating revenues and in managing our business. Such costs include advertising and other marketing expenses, selling expenses, research and development costs, administrative and other indirect overhead costs, amortization of capitalized software and intangible assets and depreciation of administrative facilities. Research and development costs, charged to expense as incurred, totaled $46,943 in 2022, $40,107 in 2021 and $37,577 in 2020. Advertising expense is also charged to expense as incurred and totaled $517,677 in 2022, $511,798 in 2021 and $516,936 in 2020. Prepaid advertising expense was $241 as of December 31, 2022. There was no prepaid advertising expense as of December 31, 2021. Cash Equivalents Cash equivalents consist of highly liquid debt instruments, time deposits and money market funds with original maturities of three months or less. The fair value of cash equivalents approximates the carrying amount. Accounts Receivable—Trade In the normal course of business, we extend credit to customers that satisfy pre-defined credit criteria, based upon the results of our recurring financial account reviews and our evaluation of current and projected economic conditions. Our primary concentration of credit risk is associated with McLane Company, Inc., one customer served principally by our North America Confectionery segment. As of December 31, 2022, McLane Company, Inc. accounted for approximately 26% of our total accounts receivable. No other customer accounted for more than 10% of our year-end accounts receivable. We believe that we have little concentration of credit risk associated with the remainder of our customer base. Accounts receivable-trade in the Consolidated Balance Sheets is presented net of allowances for bad debts and anticipated discounts of $26,001 and $28,837 at December 31, 2022 and 2021, respectively. Inventories Inventories are valued at the lower of cost or market value, adjusted for the value of inventory that is estimated to be excess, obsolete or otherwise unsaleable. As of December 31, 2022, approximately 53% of our inventories, representing the majority of our United States (“U.S.”) inventories, were valued under the last-in, first-out (“LIFO”) method. The remainder of our inventories in the U.S. and inventories for our international businesses were valued at the lower of first-in, first-out (“FIFO”), average cost or net realizable value. LIFO cost of inventories valued using the LIFO method was $621,614 as of December 31, 2022 and $589,850 as of December 31, 2021. The adjustment to LIFO, as shown in Note 1 9, approximates the excess of replacement cost over the stated LIFO inventory value. The net impact of LIFO acquisitions and liquidations was not material to 2022, 2021 or 2020. Property, Plant and Equipment Property, plant and equipment is stated at cost and depreciated on a straight-line basis over the estimated useful lives of the assets, as follows: 3 to 15 years for machinery and equipment; and 25 to 40 years for buildings and related improvements. At December 31, 2022 and December 31, 2021, property, plant and equipment included assets under finance lease arrangements with net book values totaling $72,160 and $72,496, respectively. Total depreciation expense for the years ended December 31, 2022, 2021 and 2020 was $253,582, $230,638 and $219,021, respectively, and included depreciation on assets recorded under finance lease arrangements. Maintenance and repairs are expensed as incurred. We capitalize applicable interest charges incurred during the construction of new facilities and production lines and amortize these costs over the assets’ estimated useful lives. We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. We measure the recoverability of assets to be held and used by a comparison of the carrying amount of long-lived assets to future undiscounted net cash flows expected to be generated. If these assets are considered to be impaired, we measure impairment as the amount by which the carrying amount of the assets exceeds the fair value of the assets. We report assets held for sale or disposal at the lower of the carrying amount or fair value less cost to sell. We assess asset retirement obligations on a periodic basis and recognize the fair value of a liability for an asset retirement obligation in the period in which it is incurred if a reasonable estimate of fair value can be made. We capitalize associated asset retirement costs as part of the carrying amount of the long-lived asset. Computer Software We capitalize costs associated with software developed or obtained for internal use when both the preliminary project stage is completed and it is probable the software being developed will be completed and placed in service. Capitalized costs include only (i) external direct costs of materials and services consumed in developing or obtaining internal-use software, (ii) payroll and other related costs for employees who are directly associated with and who devote time to the internal-use software project and (iii) interest costs incurred, when material, while developing internal-use software. We cease capitalization of such costs no later than the point at which the project is substantially complete and ready for its intended purpose. The unamortized amount of capitalized software totaled $320,034 and $260,656 at December 31, 2022 and 2021, respectively. We amortize software costs using the straight-line method over the expected life of the software, generally 3 to 7 years. Accumulated amortization of capitalized software was $350,620 and $321,939 as of 2022 and 2021, respectively. Such amounts are recorded within other assets in the Consolidated Balance Sheets. We review the carrying value of software and development costs for impairment in accordance with our policy pertaining to the impairment of long-lived assets. Goodwill and Other Intangible Assets Goodwill and indefinite-lived intangible assets are not amortized, but are evaluated for impairment annually or more often if indicators of a potential impairment are present. Our annual impairment tests are conducted at the beginning of the fourth quarter. We test goodwill for impairment by performing either a qualitative or quantitative assessment. If we choose to perform a qualitative assessment, we evaluate economic, industry and company-specific factors in assessing the fair value of the related reporting unit. If we determine that it is more likely than not that the fair value of the reporting unit is less than its carrying value, a quantitative test is then performed. Otherwise, no further testing is required. For those reporting units tested using a quantitative approach, we compare the fair value of each reporting unit with the carrying amount of the reporting unit, including goodwill. If the estimated fair value of the reporting unit is less than the carrying amount of the reporting unit, impairment is indicated, requiring recognition of a goodwill impairment charge for the differential (up to the carrying value of goodwill). We test individual indefinite-lived intangible assets by comparing the estimated fair values with the book values of each asset. We determine the fair value of our reporting units and indefinite-lived intangible assets using an income approach. Under the income approach, we calculate the fair value of our reporting units and indefinite-lived intangible assets based on the present value of estimated future cash flows. Considerable management judgment is necessary to evaluate the impact of operating and macroeconomic changes and to estimate the future cash flows used to measure fair value. Our estimates of future cash flows consider past performance, current and anticipated market conditions and internal projections and operating plans which incorporate estimates for sales growth and profitability, and cash flows associated with taxes and capital spending. Additional assumptions include forecasted growth rates, estimated discount rates, which may be risk-adjusted for the operating market of the reporting unit, and estimated royalty rates that would be charged for comparable branded licenses. We believe such assumptions also reflect current and anticipated market conditions and are consistent with those that would be used by other marketplace participants for similar valuation purposes. Such assumptions are subject to change due to changing economic and competitive conditions. The cost of intangible assets with finite useful lives is amortized on a straight-line basis. Our finite-lived intangible assets consist primarily of certain trademarks, customer-related intangible assets and patents obtained through business acquisitions. The weighted-average amortization period for our finite-lived intangible assets is approximately 29 years , which is primarily driven by recently acquired trademarks. If certain events or changes in operating conditions indicate that the carrying value of these assets, or related asset groups, may not be recoverable, we perform an impairment assessment and may adjust the remaining useful lives. See Note 3 for additional information regarding the results of impairment tests. Supplier Finance Program Obligations During 2020, we entered into an agreement with a third-party financial institution to facilitate a supplier finance program which allows qualifying suppliers to sell their receivables from the Company to the financial institution. These participating suppliers negotiate their outstanding receivable arrangements directly with the financial institution, and our rights and obligations to our suppliers are not impacted. We have no economic interest in a supplier’s decision to enter into these agreements. Once a qualifying supplier elects to participate in the supplier finance program and reaches an agreement with a financial institution, they elect which individual Company invoices they sell to the financial institution. However, all Company payments to participating suppliers are paid to the financial institution on the invoice due date, regardless of whether the individual invoice is sold by the supplier to the financial institution. The financial institution pays the supplier on the invoice due date for any invoices that were not previously sold under the supplier finance program. Our obligations to our suppliers, including amounts due and scheduled payment terms, are not impacted by our suppliers’ decisions to sell amounts under these arrangements. The payment of these obligations is included in cash provided by operating activities in the Consolidated Statements of Cash Flows. Included in Accounts Payable in the Consolidated Balance Sheets at December 31, 2022 and 2021 were $105,293 and $36,386 of outstanding payment obligations, respectively, that were sold to the financial institution under the Company’s supplier finance program. Currency Translation The financial statements of our foreign entities with functional currencies other than the U.S. dollar are translated into U.S. dollars, with the resulting translation adjustments recorded as a component of other comprehensive income (loss). Assets and liabilities are translated into U.S. dollars using the exchange rates in effect at the balance sheet date, while income and expense items are translated using the average exchange rates during the period. Derivative Instruments We use derivative instruments principally to offset exposure to market risks arising from changes in commodity prices, foreign currency exchange rates and interest rates. See Note 5 for additional information on our risk management strategy and the types of instruments we use. Derivative instruments are recognized on the Consolidated Balance Sheets at their fair values. When we become party to a derivative instrument and intend to apply hedge accounting, we designate the instrument for financial reporting purposes as a cash flow or fair value hedge. The accounting for changes in fair value (gains or losses) of a derivative instrument depends on whether we have designated it and it qualified as part of a hedging relationship, as noted below: •Changes in the fair value of a derivative that is designated as a cash flow hedge are recorded in accumulated other comprehensive income (“AOCI”) to the extent effective and reclassified into earnings in the same period or periods during which the transaction hedged by that derivative also affects earnings. •Changes in the fair value of a derivative that is designated as a fair value hedge, along with the offsetting loss or gain on the hedged asset or liability that is attributable to the risk being hedged, are recorded in earnings, thereby reflecting in earnings the net extent to which the hedge is not effective in achieving offsetting changes in fair value. •Changes in the fair value of a derivative not designated as a hedging instrument are recognized in earnings in cost of sales or SM&A, consistent with the related exposure. For derivatives designated as hedges, we assess, both at the hedge’s inception and on an ongoing basis, whether they are highly effective in offsetting changes in fair values or cash flows of hedged items. The ineffective portion, if any, is recorded directly in earnings. In addition, if we determine that a derivative is not highly effective as a hedge or that it has ceased to be a highly effective hedge, we discontinue hedge accounting prospectively. We do not hold or issue derivative instruments for trading or speculative purposes and are not a party to any instruments with leverage or prepayment features. Cash flows related to the derivative instruments we use to manage interest, commodity or other currency exposures are classified as operating activities. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU modifies the measurement of expected credit losses of certain financial instruments. ASU 2016-13 is effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods. The amendments in this ASU should be applied on a modified retrospective basis to all periods presented. We adopted the provisions of this ASU in the first quarter of 2020. Adoption of the new standard did not have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. This ASU modifies the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. ASU 2018-13 is effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods, with early adoption permitted. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. We adopted the provisions of this ASU in the first quarter of 2020. Adoption of the new standard did not have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40), Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. This ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). ASU 2018-15 is effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods, with early adoption permitted. The amendments in this ASU should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We adopted the provisions of this ASU in the first quarter of 2020 on a prospective basis. Adoption of the new standard did not have a material impact on our consolidated financial statements. In December 2019, the FASB issued 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. 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 early adopted the provisions of this ASU in the first quarter of 2022. Adoption of the new standard did not have a material impact on our consolidated financial statements. In September 2022, the FASB issued ASU No. 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. This ASU requires a buyer in a supplier finance program to disclose qualitative and quantitative information about the program including the program’s nature, activity during the period, changes from period to period and potential magnitude. ASU 2022-04 is effective for annual periods beginning after December 15, 2022 and interim periods within those annual periods. A rollforward of obligations during the annual period, including the amount of obligations confirmed and obligations subsequently paid, is effective for annual periods beginning after December 15, 2023 with early adoption permitted. This ASU should be applied retrospectively to each period in which a balance sheet is presented, except for the amendment on rollforward information, which should be applied prospectively. We early adopted provisions of this ASU in the fourth quarter of 2022, with the exception of the amendment on rollforward information, which will be adopted in the fourth quarter of 2023. Adoption of the new standard did not have a material impact on our consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This ASU requires an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Revenue from Contracts with Customers (Topic 606) rather than adjust them to fair value at the acquisition date. ASU 2021-08 is effective for annual periods beginning after December 15, 2022 and interim periods within those annual periods. This ASU should be applied prospectively to business combinations occurring on or after the date of adoption. Evaluation of this new standard is dependent on multiple circumstances including the timing and complexity of completed business combinations. As a result, we intend to adopt the provisions of this ASU in the first quarter of 2023. 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 ACQUISITIONS AND DIVESTITURES

12 Months Ended

Dec. 31, 2022

Business Combinations [Abstract]

BUSINESS ACQUISITIONS AND DIVESTITURES

Acquisitions of businesses are accounted for as business combinations and, accordingly, the results of operations of the businesses acquired have been included in the consolidated financial statements since the respective dates of the acquisitions. The purchase price for each acquisition is allocated to the assets acquired and liabilities assumed.

In conjunction with acquisitions noted below, we used various valuation techniques to determine fair value of the assets acquired, with the primary techniques being discounted cash flow analysis, relief-from-royalty, a form of the multi-period excess earnings and the with-and-without valuation approaches, which use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy. Inputs to these valuation approaches require significant judgment including: (i) forecasted sales, growth rates and customer attrition rates, (ii) forecasted operating margins, (iii) royalty rates and discount rates used to present value future cash flows, (iv) the amount of synergies expected from the acquisition, (v) the economic useful life of assets and (vi) the evaluation of historical tax positions. In certain acquisitions, historical data is limited, therefore, we base our estimates and assumptions on budgets, business plans, economic projections, anticipated future cash flows and marketplace data.

2021 Activity

Pretzels Inc.

On December 14, 2021, we completed the acquisition of Pretzels Inc. (“Pretzels”), previously a privately held company that manufactures and sells pretzels and other salty snacks for other branded products and private labels in the United States. Pretzels is an industry leader in the pretzel category with a product portfolio that includes filled, gluten free and seasoned pretzels, as well as extruded snacks that complements Hershey’s snacks portfolio. Based in Bluffton, Indiana, Pretzels operates three manufacturing locations in Indiana and Kansas. Pretzels provides Hershey with deep pretzel category and product expertise and the manufacturing capabilities to support brand growth and future pretzel innovation. The cash consideration paid for Pretzels totaled $304,334 and consisted of cash on hand and short-term borrowings. Acquisition-related costs for the Pretzels acquisition were immaterial.

The acquisition has been accounted for as a business combination and, accordingly, Pretzels has been included within the North America Salty Snacks segment from the date of acquisition. The purchase consideration was allocated to assets acquired and liabilities assumed based on their respective fair values as follows:


Goodwill	$	166,191
Other intangible assets	26,100
Current assets acquired	30,835
Property, plant and equipment, net	100,716
Other non-current assets, primarily operating lease ROU assets	111,787
Deferred income taxes	773
Current liabilities acquired	(22,713)
Other long-term liabilities, primarily operating lease liabilities	(109,355)
Net assets acquired	$	304,334

The purchase price allocation presented above has been finalized as of the third quarter of 2022 and includes an immaterial amount of measurement period adjustments. The measurement period adjustments to the initial allocation were based on more detailed information obtained about the specific assets acquired and liabilities assumed, specifically, post-closing adjustments to the working capital acquired including certain holdbacks.

Goodwill was determined as the excess of the purchase price over the fair value of the net assets acquired (including the identifiable intangible assets). A portion of goodwill derived from this acquisition is 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 Pretzels’ products.

Other intangible assets include trademarks valued at $5,700 and customer relationships valued at $20,400. Trademarks were assigned an estimated useful life of five years and customer relationships were assigned an estimated useful life of 19 years.

Dot's Pretzels, LLC

On December 13, 2021, we completed the acquisition of Dot’s Pretzels, LLC (“Dot’s”), previously a privately held company that produces and sells pretzels and other snack food products to retailers and distributors in the United States, with Dot’s Homestyle Pretzels snacks as its primary product. Dot’s is the fastest-growing scale brand in the pretzel category and complements Hershey’s snacks portfolio. The cash consideration paid for Dot’s totaled $891,169 and consisted of cash on hand and short-term borrowings. Acquisition-related costs for the Dot’s acquisition were immaterial.

The acquisition has been accounted for as a business combination and, accordingly, Dot’s has been included within the North America Salty Snacks segment from the date of acquisition. The purchase consideration was allocated to assets acquired and liabilities assumed based on their respective fair values as follows:


Goodwill	$	284,427
Other intangible assets	543,100
Current assets acquired	51,121
Property, plant and equipment, net	40,266
Other non-current assets	2,201
Other liabilities assumed, primarily current liabilities	(29,946)
Net assets acquired	$	891,169

The purchase price allocation presented above has been finalized as of the third quarter of 2022 and includes an immaterial amount of measurement period adjustments. The measurement period adjustments to the initial allocation were based on more detailed information obtained about the specific assets acquired and liabilities assumed, specifically, the refinement of certain assumptions in the value of customer relationships based on an analysis of historical customer-specific data and post-closing adjustments to the working capital acquired including certain holdbacks.

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 goodwill derived from this acquisition is 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 Dot’s products.

Other intangible assets include trademarks valued at $336,600 and customer relationships valued at $206,500. Trademarks were assigned an estimated useful life of 33 years and customer relationships were assigned estimated useful life of 18 years.

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 cash consideration paid for Lily’s totaled $422,210 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 from 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. Based on financial results through December 31, 2021, the fair value was reduced during the fourth quarter of 2021 to $1,250, with the adjustment to fair value recorded in the selling, marketing and administrative (“SM&A”) expense caption within the Consolidated Statements of Income. We paid this contingent consideration during the second quarter of 2022. 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 Confectionery 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	$	175,826
Other intangible assets	235,800
Other assets acquired, primarily current assets	33,092
Other liabilities assumed, primarily current liabilities	(9,620)
Deferred income taxes	(7,888)
Net assets acquired	$	427,210

The purchase price allocation presented above has been finalized as of the fourth quarter of 2021 and includes an immaterial amount of measurement period adjustments. The measurement period adjustments to the initial allocation were based on more detailed information obtained about the specific assets acquired and liabilities assumed.

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 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 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. (“Krave”), which was previously included within the North America Salty Snacks segment, and the Scharffen Berger and Dagoba brands, both of which were previously included within the North America Confectionery 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

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

GOODWILL AND INTANGIBLE ASSETS

The changes in the carrying value of goodwill by segment for the years ended December 31, 2022 and 2021 are as follows:


	North America Confectionery		North America Salty Snacks		International		Total
Goodwill	$	1,854,266	$	121,152	$	375,145	$	2,350,563
Accumulated impairment loss	(4,973)		—		(357,375)		(362,348)
Balance at January 1, 2021	1,849,293		121,152		17,770		1,988,215
Acquired during the period	174,516		468,646		—		643,162
Measurement period adjustments	1,310		—		—		1,310

Foreign currency translation	887		—		(400)		487
Balance at December 31, 2021	2,026,006		589,798		17,370		2,633,174

Measurement period adjustments	—		(18,028)		—		(18,028)

Foreign currency translation	(7,576)		—		(614)		(8,190)
Balance at December 31, 2022	$	2,018,430	$	571,770	$	16,756	$	2,606,956

We had no goodwill impairment charges in 2022, 2021 or 2020.

The following table provides the gross carrying amount and accumulated amortization for each major class of intangible asset:


December 31,	2022				2021
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Intangible assets subject to amortization:
Trademarks	$	1,701,932	$	(190,045)	$	1,705,390	$	(141,760)
Customer-related	513,188		(93,495)		504,667		(65,131)
Patents	8,053		(8,053)		8,623		(8,623)

Total	2,223,173		(291,593)		2,218,680		(215,514)

Intangible assets not subject to amortization:
Trademarks	34,689				34,422
Total other intangible assets	$	1,966,269			$	2,037,588

Total amortization expense for the years ended December 31, 2022, 2021 and 2020 was $79,690, $52,124 and $46,472, respectively.

Amortization expense for the next five years, based on current intangible asset balances, is estimated to be as follows:


Year ending December 31,	2023		2024		2025		2026		2027
Amortization expense	$	79,249	$	78,667	$	78,667	$	78,620	$	77,527

SHORT AND LONG-TERM DEBT

12 Months Ended

Dec. 31, 2022

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 unsecured committed revolving credit agreement contains a financial covenant whereby the ratio of (a) pre-tax income from operations from the most recent four fiscal quarters to (b) consolidated interest expense for the most recent four fiscal quarters may not be less than 2.0 to 1.0 at the end of each fiscal quarter. The credit agreement also contains customary representations, warranties and events of default. Payment of outstanding advances may be accelerated, at the option of the lenders, should we default in our obligation under the credit agreement. As of December 31, 2022, we are in compliance with all affirmative and negative covenants and the financial covenant pertaining to our credit agreement. There were no significant compensating balance agreements that legally restricted these funds.

In addition to the revolving credit facility, we maintain lines of credit with domestic and international commercial banks. Our credit limit in various currencies was $313,195 at December 31, 2022 and $280,650 at December 31, 2021. These lines permit us to borrow at the respective banks’ prime commercial interest rates, or lower. Commitment fees relating to our revolving credit facility and lines of credit are not material. Short-term debt consisted of the following:


	December 31, 2022			December 31, 2021
Short-term foreign bank borrowings against lines of credit	$	135,555		$	119,038
U.S. commercial paper	558,235			820,385
Total short-term debt	$	693,790		$	939,423
Weighted average interest rate on outstanding commercial paper	4.3		%	0.1		%

The maximum amount of short-term borrowings outstanding during 2022 and 2021 was $937,593 and $939,423, respectively. The weighted-average interest rate on short-term borrowings outstanding was 4.4% as of December 31, 2022 and 0.2% as of December 31, 2021.

Long-term Debt

Long-term debt consisted of the following:


December 31,	Maturity Date	2022		2021
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)		73,479		69,146
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts		(19,563)		(23,314)
Total long-term debt		4,097,555		4,089,471
Less—current portion		753,578		2,844
Long-term portion		$	3,343,977	$	4,086,627

In February 2021, we repaid $84,715 of 8.800% Debentures due upon their maturity. In May 2021, we repaid $350,000 of 3.100% Notes due upon their maturity.

Aggregate annual maturities of our long-term Notes (excluding finance lease obligations and net impact of interest rate swaps, debt issuance costs and unamortized debt discounts) are as follows for the years ending December 31:


2023	$	750,000
2024	300,000
2025	600,000
2026	500,000
2027	193,639
Thereafter	1,700,000

Our debt is principally unsecured and of equal priority. None of our debt is convertible into our Common Stock.

Interest Expense

Net interest expense consists of the following:


For the years ended December 31,	2022		2021		2020
Interest expense	$	148,226	$	139,156	$	160,204
Capitalized interest	(8,131)		(9,310)		(6,733)
Interest expense	140,095		129,846		153,471
Interest income	(2,538)		(2,429)		(4,097)
Interest expense, net	$	137,557	$	127,417	$	149,374

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

DERIVATIVE INSTRUMENTS

12 Months Ended

Dec. 31, 2022

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 $243,009 as of December 31, 2022 and $313,200 as of December 31, 2021.

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 $59,448 at December 31, 2022 and $94,623 at December 31, 2021. 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 $1,843 at December 31, 2022 and $2,993 at December 31, 2021. 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

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 SM&A expense, together with the change in the related liabilities. The notional amount of the contracts outstanding at December 31, 2022 and 2021 was $18,803 and $24,975, respectively.

The following table presents the classification of derivative assets and liabilities within the Consolidated Balance Sheets as of December 31, 2022 and 2021:


December 31,	2022				2021
	Assets (1)		Liabilities (1)		Assets (1)		Liabilities (1)
Derivatives designated as cash flow hedging instruments:

Foreign exchange contracts	$	3,921	$	261	$	2,949	$	711






Derivatives not designated as hedging instruments:
Commodities futures and options (2)	685		662		2,423		1,376
Deferred compensation derivatives	1,222		—		2,412		—
Foreign exchange contracts	246		—		550		—
	2,153		662		5,385		1,376
Total	$	6,074	$	923	$	8,334	$	2,087

(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 December 31, 2022, amounts reflected on a net basis in assets were assets of $25,308 and liabilities of $25,296, 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 liabilities at December 31, 2021 were assets of $31,774 and liabilities of $32,701. At December 31, 2022 and 2021, 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 years ended December 31, 2022 and 2021 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 AOCI into income (b)
	2022		2021		2022		2021		2022		2021
Commodities futures and options	$	44,569	$	85,402	$	—	$	—	$	—	$	—
Foreign exchange contracts	(274)		547		2,056		(1,551)		636		(7,145)
Interest rate swap agreements	—		—		—		—		(10,836)		(10,972)
Deferred compensation derivatives	(4,920)		6,004		—		—		—		—
Total	$	39,375	$	91,953	$	2,056	$	(1,551)	$	(10,200)	$	(18,117)

(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 $7,176 as of December 31, 2022. This amount is primarily associated with interest rate swap agreements.

FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2022

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 December 31, 2022 and 2021:


	Assets (Liabilities)
	Level 1		Level 2		Level 3		Total
December 31, 2022:
Derivative Instruments:
Assets:
Foreign exchange contracts (1)	$	—	$	4,167	$	—	$	4,167

Deferred compensation derivatives (2)	—		1,222		—		1,222
Commodities futures and options (3)	685		—		—		685
Liabilities:
Foreign exchange contracts (1)	—		261		—		261


Commodities futures and options (3)	662		—		—		662
December 31, 2021:
Assets:
Foreign exchange contracts (1)	$	—	$	3,499	$	—	$	3,499

Deferred compensation derivatives (2)	—		2,412		—		2,412
Commodities futures and options (3)	2,423		—		—		2,423
Liabilities:
Foreign exchange contracts (1)	—		711		—		711


Commodities futures and options (3)	1,376		—		—		1,376

(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 December 31, 2022 and December 31, 2021 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 issuances 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
At December 31,	2022		2021		2022		2021
Current portion of long-term debt	$	749,345	$	2,844	$	753,578	$	2,844
Long-term debt	2,854,165		4,274,304		3,343,977		4,086,627
Total	$	3,603,510	$	4,277,148	$	4,097,555	$	4,089,471

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.

2021 Activity

In connection with the acquisitions of Lily’s, Dot’s and Pretzels during 2021, as discussed in Note 2, we used various valuation techniques to determine fair value, with the primary techniques being discounted cash flow analysis and the relief-from-royalty, a form of the multi-period excess earnings, which use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy.

2020 Activity

During 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

12 Months Ended

Dec. 31, 2022

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.

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 is 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 were as follows:


Lease expense	Classification	2022		2021
Operating lease cost	Cost of sales or SM&A (1)	$	48,988	$	44,444
Finance lease cost:
Amortization of ROU assets	Depreciation and amortization (1)	7,043		8,098
Interest on lease liabilities	Interest expense, net	4,192		4,358
Net lease cost (2)		$	60,223	$	56,900

(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:


	2022		2021
Weighted-average remaining lease term (years)
Operating leases	15.0		15.4
Finance leases	27.7		30.0

Weighted-average discount rate
Operating leases	3.2	%	3.1	%
Finance leases	6.1	%	6.1	%

Supplemental balance sheet information related to leases were as follows:


Leases	Classification	2022		2021
Assets
Operating lease ROU assets	Other non-current assets	$	326,472	$	351,712

Finance lease ROU assets, at cost	Property, plant and equipment, gross	86,703		89,190
Accumulated amortization	Accumulated depreciation	(14,543)		(16,694)
Finance lease ROU assets, net	Property, plant and equipment, net	72,160		72,496

Total leased assets		$	398,632	$	424,208

Liabilities
Current
Operating	Accrued liabilities	$	31,787	$	36,292
Finance	Current portion of long-term debt	4,285		3,564
Non-current
Operating	Other long-term liabilities	294,849		310,899
Finance	Long-term debt	69,194		65,582
Total lease liabilities		$	400,115	$	416,337

The maturity of our lease liabilities as of December 31, 2022 were as follows:


	Operating leases		Finance leases		Total
2023	$	41,393	$	8,289	$	49,682
2024	38,789		7,478		46,267
2025	27,466		5,535		33,001
2026	23,596		4,036		27,632
2027	23,770		4,065		27,835
Thereafter	264,553		142,020		406,573
Total lease payments	419,567		171,423		590,990
Less: Imputed interest	92,931		97,944		190,875
Total lease liabilities	$	326,636	$	73,479	$	400,115

Supplemental cash flow and other information related to leases were as follows:


	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	45,179	$	42,584
Operating cash flows from finance leases	$	4,192	$	4,730
Financing cash flows from finance leases	$	4,717	$	4,358

ROU assets obtained in exchange for lease liabilities:
Operating leases	$	13,998	$	164,951
Finance leases	$	9,617	$	(6,424)

Business Combinations and Asset Acquisitions	12 Months Ended
Business Combinations and Asset Acquisitions	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
INVESTMENTS IN UNCONSOLIDATED AFFILIATES	INVESTMENTS IN UNCONSOLIDATED AFFILIATES We invest in partnerships that 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 17). 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 $133,029 and $93,089 as of December 31, 2022 and December 31, 2021, respectively.

BUSINESS REALIGNMENT ACTIVITIES

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Business Realignment Activities

BUSINESS REALIGNMENT ACTIVITIESWe 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:


For the years ended December 31,	2022		2021		2020
Cost of sales	$	3	$	5,220	$	2,209
Selling, marketing and administrative expense	2,425		7,854		10,801
Business realignment costs	1,989		3,525		18,503
Costs associated with business realignment activities	$	4,417	$	16,599	$	31,513

Costs recorded by program in 2022, 2021 and 2020 related to these activities were as follows:


For the years ended December 31,	2022		2021		2020
International Optimization Program:
Severance and employee benefit costs	$	2,001	$	3,982	$	18,977
Other program costs	2,416		12,617		10,366
Margin for Growth Program:
Severance	—		—		(653)
Other program costs	—		—		2,823
Total	$	4,417	$	16,599	$	31,513

Amounts classified as liabilities qualifying as exit and disposal costs primarily represent employee-related and certain third-party service provider charges, however, such amounts at December 31, 2022 are not significant and are expected to be paid within the next 12 months.

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 the end of 2023, 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 segment. However, segment operating results do not include these business realignment expenses because we evaluate segment performance excluding such costs.

For the year ended December 31, 2022 and 2021, we recognized total costs associated with the International Optimization Program of $4,417 and $16,599. 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 $50,359.

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.

For the year ended December 31, 2020, we recognized total costs associated with the Margin for Growth Program of $2,170. These charges included other program costs, which related primarily to third-party charges in support of our initiative to improve global efficiency and effectiveness. This project was completed in mid-2020.

The costs and related benefits of the Margin for Growth Program relate approximately 63% to the North America Confectionery segment and 37% to the International segment. However, segment operating results do not include these business realignment expenses because we evaluate segment performance excluding such costs.

INCOME TAXES

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The components of income before income taxes were as follows:


For the years ended December 31,	2022		2021		2020
Domestic	$	1,816,622	$	1,775,361	$	1,405,254
Foreign	100,449		21,863		89,743
Income before income taxes	$	1,917,071	$	1,797,224	$	1,494,997

The components of our provision for income taxes were as follows:


For the years ended December 31,	2022		2021		2020
Current:
Federal	$	121,968	$	161,402	$	117,348
State	85,741		60,979		46,198
Foreign	27,656		78,650		29,158
	235,365		301,031		192,704
Deferred:
Federal	34,848		26,726		24,486
State	3,393		8,253		3,746
Foreign	(1,352)		(21,605)		(1,352)
	36,889		13,374		26,880
Total provision for income taxes	$	272,254	$	314,405	$	219,584

Deferred taxes reflect temporary differences between the tax basis and financial statement carrying value of assets and liabilities. The significant temporary differences that comprised the deferred tax assets and liabilities are as follows:


December 31,	2022		2021
Deferred tax assets:
Post-retirement benefit obligations	$	40,100	$	51,026
Accrued expenses and other reserves	78,523		81,847
Stock-based compensation	19,847		21,898
Derivative instruments	3,983		—

Lease liabilities	91,099		95,503
Accrued trade promotion reserves	23,082		25,382
Net operating loss carryforwards	130,944		152,389
Capital loss carryforwards	1,999		2,522

Other	52,802		49,760
Gross deferred tax assets	442,379		480,327
Valuation allowance	(137,531)		(167,788)
Total deferred tax assets	304,848		312,539
Deferred tax liabilities:
Property, plant and equipment, net	247,964		234,474
Acquired intangibles	193,160		168,087
Lease ROU assets	28,573		76,285
Inventories	72,602		20,105
Derivative instruments	—		1,352
Pension	11,038		11,871
Other	39,416		47,496
Total deferred tax liabilities	592,753		559,670
Net deferred tax liabilities	$	(287,905)	$	(247,131)
Included in:
Non-current deferred tax assets, net	$	40,498	$	40,873
Non-current deferred tax liabilities, net	(328,403)		(288,004)
Net deferred tax liabilities	$	(287,905)	$	(247,131)

Changes in deferred taxes were primarily due to acquired intangibles and accelerated tax depreciation on property, plant and equipment.

The valuation allowances as of December 31, 2022 and 2021 were primarily related to various foreign jurisdictions' net operating loss carryforwards and other deferred tax assets that we do not expect to realize.

The following table reconciles the federal statutory income tax rate with our effective income tax rate:


For the years ended December 31,	2022		2021		2020
Federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Increase (reduction) resulting from:
State income taxes, net of Federal income tax benefits	3.2		2.8		2.7


Foreign rate differences	(0.1)		(0.2)		(0.5)
Historic and solar tax credits	(9.9)		(6.2)		(7.7)

Tax contingencies	0.4		1.7		0.1
Stock compensation	(0.7)		(0.5)		(0.6)

Other, net	0.3		(1.1)		(0.3)
Effective income tax rate	14.2	%	17.5	%	14.7	%

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


December 31,	2022		2021
Balance at beginning of year	$	143,305	$	108,543
Additions for tax positions taken during prior years	17,987		40,145
Reductions for tax positions taken during prior years	(9,310)		(3,601)
Additions for tax positions taken during the current year	4,112		14,329
Settlements	—		(9,858)
Expiration of statutes of limitations	(7,749)		(6,253)
Balance at end of year	$	148,345	$	143,305

The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $120,699 as of December 31, 2022 and $117,552 as of December 31, 2021.

We report accrued interest and penalties related to unrecognized tax benefits in income tax expense. We recognized a net tax expense of $4,862, $8,924 and $1,564 in 2022, 2021 and 2020, respectively, for interest and penalties. Accrued net interest and penalties were $25,328 as of December 31, 2022 and $20,466 as of December 31, 2021.

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 Mexico, China, Canada 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. 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 $22,253 within the next 12 months because of the expiration of statutes of limitations and settlements of tax audits.

As of December 31, 2022, we had approximately $620,697 of undistributed earnings of our international subsidiaries. During 2020, previously undistributed earnings of certain international subsidiaries were no longer considered indefinitely reinvested; however, the Company had previously recognized a one-time U.S. repatriation tax due under U.S. tax reform, and as a result, only an immaterial amount of withholding tax was recognized. We intend to continue to reinvest the remainder of the earnings outside of the United States for which there would be a material tax implication to distributing, such as withholding tax, for the foreseeable future and, therefore, have not recognized additional tax expense on these earnings beyond the one-time U.S. repatriation tax due under the 2017 Tax Cuts and Jobs Act.

Investments in Partnerships Qualifying for Tax Credits

We invest in partnerships which make equity investments in projects eligible to receive federal historic and energy tax credits. The investments are accounted for under the equity method and reported within other non-current assets in our Consolidated Balance Sheets. 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. For the years ended December 31, 2022, 2021 and 2020 we recognized investment tax credits and related outside basis difference benefits totaling $228,819, $136,243 and $146,021, respectively, and we wrote-down the equity investment by $188,286, $113,756 and $125,579, respectively, to reflect the realization of these benefits. The equity investment write-down is reflected within other (income) expense, net in the Consolidated Statements of Income (see Note 17).

Inflation Reduction Act

On August 16, 2022, the Inflation Reduction Act (“IRA”) was signed into law. The IRA enacted a 15% corporate minimum tax on certain corporations and an excise tax on share repurchases after December 31, 2022, and created and extended certain energy-related tax credits and incentives, as well as other provisions. We currently do not expect the tax-related provisions of the IRA to have a material impact on our consolidated financial statements, including our annual effective tax rate, or on our liquidity. We will continue to monitor and assess the impact the IRA may have on our business and financial results.

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 Coronavirus Aid, Relief, and Economic Security Act and other coronavirus disease 2019 (“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 years ended December 31, 2022 and 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 years ended December 31, 2022, 2021 and 2020.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Pension and Other Post-Retirement Benefit Plans

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS We sponsor a number of defined benefit pension plans. The primary plans are The Hershey Company Retirement Plan and The Hershey Company Retirement Plan for Hourly Employees. These are cash balance plans that provide pension benefits for most domestic employees hired prior to January 1, 2007. We also sponsor two post-retirement benefit plans: health care and life insurance. The health care plan is contributory, with participants’ contributions adjusted annually. The life insurance plan is non-contributory.

Obligations and Funded Status

A summary of the changes in benefit obligations, plan assets and funded status of these plans is as follows:


	Pension Benefits				Other Benefits
December 31,	2022		2021		2022		2021
Change in benefit obligation
Projected benefit obligation at beginning of year	$	1,076,180	$	1,168,838	$	211,490	$	243,308
Service cost	17,500		21,361		302		1,879
Interest cost	30,491		18,320		4,603		3,857

Actuarial (gain) loss	(184,775)		(33,984)		(28,145)		(14,787)

Settlement	(82,907)		(75,985)		—		—
Currency translation and other	(3,268)		619		(613)		113
Benefits paid	(22,936)		(22,989)		(22,748)		(22,880)
Projected benefit obligation at end of year	830,285		1,076,180		164,889		211,490
Change in plan assets
Fair value of plan assets at beginning of year	1,098,191		1,100,245		—		—
Actual return on plan assets	(196,969)		68,361		—		—
Employer contributions	55,799		28,220		22,748		22,880
Settlement	(82,907)		(75,985)		—		—
Currency translation and other	(2,746)		339		—		—
Benefits paid	(22,936)		(22,989)		(22,748)		(22,880)
Fair value of plan assets at end of year	848,432		1,098,191		—		—
Funded status at end of year	$	18,147	$	22,011	$	(164,889)	$	(211,490)

Amounts recognized in the Consolidated Balance Sheets:
Other assets	$	53,495	$	71,618	$	—	$	—
Accrued liabilities	(7,652)		(12,584)		(17,715)		(17,886)
Other long-term liabilities	(27,696)		(37,023)		(147,174)		(193,604)
Total	$	18,147	$	22,011	$	(164,889)	$	(211,490)

Amounts recognized in Accumulated Other Comprehensive Income (Loss), net of tax:
Actuarial net (loss) gain	$	(150,378)	$	(132,917)	$	19,689	$	1,137
Net prior service credit	12,435		15,399		—		—
Net amounts recognized in AOCI	$	(137,943)	$	(117,518)	$	19,689	$	1,137

The projected benefit obligation during 2022 was impacted by actuarial gain of $184,775 which was mainly the result of the discount rate assumption increasing from 2.7% at December 31, 2021 to 5.5% at December 31, 2022. The accumulated benefit obligation for all defined benefit pension plans was $799,635 as of December 31, 2022 and $1,031,197 as of December 31, 2021.

Plans with accumulated benefit obligations in excess of plan assets were as follows:


December 31,	2022		2021
Projected benefit obligation	$	79,932	$	108,034
Accumulated benefit obligation	68,665		92,462
Fair value of plan assets	44,584		58,427

Net Periodic Benefit Cost

The components of net periodic benefit cost were as follows:


	Pension Benefits						Other Benefits
For the years ended December 31,	2022		2021		2020		2022		2021		2020
Amounts recognized in net periodic benefit cost
Service cost	$	17,500	$	21,361	$	21,734	$	302	$	1,879	$	159
Interest cost	30,491		18,320		26,112		4,603		3,857		6,029
Expected return on plan assets	(47,637)		(49,091)		(52,907)		—		—		—
Amortization of prior service (credit) cost	(5,651)		(6,142)		(7,308)		—		—		300
Amortization of net loss	16,060		20,556		26,952		(92)		1,593		(39)

Settlement loss	20,692		16,085		13,421		—		—		—
Total net periodic benefit cost	$	31,455	$	21,089	$	28,004	$	4,813	$	7,329	$	6,449

Change in plan assets and benefit obligations recognized in AOCI, pre-tax
Actuarial net (gain) loss	$	22,609	$	(80,047)	$	(15,606)	$	(26,212)	$	(16,374)	$	15,266
Prior service cost (credit)	5,601		6,447		7,310		—		—		(300)
Total recognized in other comprehensive (income) loss, pre-tax	$	28,210	$	(73,600)	$	(8,296)	$	(26,212)	$	(16,374)	$	14,966
Net amounts recognized in periodic benefit cost and AOCI	$	59,665	$	(52,511)	$	19,708	$	(21,399)	$	(9,045)	$	21,415

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 17).

Assumptions

The weighted-average assumptions used in computing the year end benefit obligations were as follows:


	Pension Benefits				Other Benefits
December 31,	2022		2021		2022		2021
Discount rate	5.5	%	2.7	%	5.5	%	2.9	%
Rate of increase in compensation levels	3.4	%	3.5	%	4.0	%	N/A
Interest crediting rate	4.7	%	4.6	%	N/A		N/A

The weighted-average assumptions used in computing net periodic benefit cost were as follows:


	Pension Benefits						Other Benefits
For the years ended December 31,	2022		2021		2020		2022		2021		2020
Discount rate	2.7	%	2.3	%	3.1	%	2.9	%	2.5	%	3.2	%
Expected long-term return on plan assets	4.9	%	4.8	%	5.3	%	N/A		N/A		N/A
Rate of compensation increase	3.5	%	3.5	%	3.6	%	N/A		N/A		N/A

The Company’s discount rate assumption is determined by developing a yield curve based on high quality corporate bonds with maturities matching the plans’ expected benefit payment streams. The plans’ expected cash flows are then discounted by the resulting year-by-year spot rates. We base the asset return assumption on current and expected asset allocations, as well as historical and expected returns on the plan asset categories.

We utilize a full yield curve approach in the estimation of service and interest costs by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. This approach provides a more precise measurement of service and interest costs by improving the correlation between the projected cash flows to the corresponding spot rates along the yield curve. This approach does not affect the measurement of our pension and other post-retirement benefit liabilities but generally results in lower benefit expense in periods when the yield curve is upward sloping.

For purposes of measuring our post-retirement benefit obligation at December 31, 2022, we assumed a 6.7% annual rate of increase in the per capita cost of covered health care benefits for 2023, grading down to 5.0% by 2030. For purposes of measuring our post-retirement benefit obligation at December 31, 2021, we assumed a 6.2% annual rate of increase in the per capita cost of covered health care benefits for 2022, grading down to 5.0% by 2025.

The valuations and assumptions reflect adoption of the Society of Actuaries updated Pri-2012 mortality tables with MP-2021 generational projection scales, which we adopted as of December 31, 2021. The Society of Actuaries did not update the Pri-2012 mortality tables in 2022. Adoption of the updated scales did not have a significant impact on our current pension obligations or net period benefit cost since our primary plans are cash balance plans and most participants take lump-sum settlements upon retirement.

Plan Assets

We broadly diversify our pension plan assets across public equity, fixed income, diversified credit strategies and diversified alternative strategies asset classes. Our target asset allocation for our major domestic pension plans as of December 31, 2022 was as follows:


Asset Class						Target Asset Allocation
Cash						1%
Equity securities						27%
Fixed income securities						48%
Alternative investments, including real estate, listed infrastructure and other						24%

As of December 31, 2022, actual allocations were consistent with the targets and within our allowable ranges. We expect the level of volatility in pension plan asset returns to be in line with the overall volatility of the markets within each asset class.

The following table sets forth by level, within the fair value hierarchy (as defined in Note 6), pension plan assets at their fair values as of December 31, 2022:


	Quoted prices in active markets of identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant other unobservable inputs (Level 3)		Investments Using NAV as a Practical Expedient (1)		Total
Cash and cash equivalents	$	327	$	29,595	$	—	$	566	$	30,488
Equity securities:
Global all-cap (a)	—		—		—		206,636		206,636
Fixed income securities:
U.S. government/agency	—		—		—		173,122		173,122
Corporate bonds (b)	—		—		—		58,646		58,646
International government/corporate bonds (c)	—		—		—		26,489		26,489
Diversified credit (d)	—		—		—		109,926		109,926
Alternative investments:
Global diversified assets (e)	—		—		—		95,243		95,243
Real assets fund (f)	—		—		—		147,882		147,882

Total pension plan assets	$	327	$	29,595	$	—	$	818,510	$	848,432

The following table sets forth by level, within the fair value hierarchy, pension plan assets at their fair values as of December 31, 2021:


	Quoted prices in active markets of identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant other unobservable inputs (Level 3)		Investments Using NAV as a Practical Expedient (1)		Total
Cash and cash equivalents	$	534	$	23,715	$	—	$	649	$	24,898
Equity securities:
Global all-cap (a)	—		—		—		294,090		294,090
Fixed income securities:
U.S. government/agency	—		—		—		248,579		248,579
Corporate bonds (b)	—		—		—		78,360		78,360
International government/corporate bonds (c)	—		—		—		31,922		31,922
Diversified credit (d)	—		—		—		154,004		154,004
Alternative investments:
Global diversified assets (e)	—		—		—		97,412		97,412
Real assets fund (f)	—		—		—		168,926		168,926

Total pension plan assets	$	534	$	23,715	$	—	$	1,073,942	$	1,098,191

(1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in our Obligations and Funded Status table.


(a)			This category comprises equity funds that primarily track the MSCI World Index or MSCI All Country World Index.
(b)			This category comprises fixed income funds primarily invested in investment grade and high yield bonds.
(c)			This category comprises fixed income funds primarily invested in Canadian and other international bonds.
(d)			This category comprises fixed income funds primarily invested in high yield bonds, loans, securitized debt and emerging market debt.
(e)			This category comprises diversified funds invested across alternative asset classes.
(f)			This category comprises funds primarily invested in publicly traded real estate securities, publicly listed infrastructure securities and real estate debt.

The fair value of the Level 1 assets was based on quoted prices in active markets for the identical assets. The fair value of the Level 2 assets was determined by management based on an assessment of valuations provided by asset management entities and was calculated by aggregating market prices for all underlying securities.

Investment objectives for our domestic plan assets are:

•To ensure high correlation between the value of plan assets and liabilities;

•To maintain careful control of the risk level within each asset class; and

•To focus on a long-term return objective.

We believe that there are no significant concentrations of risk within our plan assets as of December 31, 2022. We comply with the rules and regulations promulgated under the Employee Retirement Income Security Act of 1974 (“ERISA”) and we prohibit investments and investment strategies not allowed by ERISA. We do not permit direct purchases of our Company’s securities or the use of derivatives for the purpose of speculation. We invest the assets of non-domestic plans in compliance with laws and regulations applicable to those plans.

Cash Flows and Plan Termination

Our policy is to fund domestic pension liabilities in accordance with the limits imposed by the ERISA, federal income tax laws and the funding requirements of the Pension Protection Act of 2006. We fund non-domestic pension liabilities in accordance with laws and regulations applicable to those plans.

We made total contributions to the pension plans of $55,799 during 2022. In 2021, we made total contributions of $28,220 to the pension plans. For 2023, minimum funding requirements for our pension plans are approximately $1,746.

Total benefit payments expected to be paid to plan participants, including pension benefits funded from the plans and other benefits funded from Company assets, are as follows:


	Expected Benefit Payments
	2023		2024		2025		2026		2027		2028-2032
Pension Benefits	$	115,689	$	88,637	$	88,579	$	91,949	$	75,724	$	326,440
Other Benefits	17,745		16,794		15,579		14,465		13,654		57,698

Savings Plans

The Company sponsors several defined contribution plans to provide retirement benefits to employees. Contributions to The Hershey Company 401(k) Plan and similar plans for non-domestic employees are based on a portion of eligible pay up to a defined maximum. All matching contributions were made in cash. Expense associated with the defined contribution plans was $61,477 in 2022, $58,883 in 2021 and $52,793 in 2020.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

STOCK COMPENSATION PLANS

12 Months Ended

Dec. 31, 2022

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.

As of December 31, 2022, 65.8 million shares were authorized and approved by our stockholders for grants under the EICP. The EICP also provides for the deferral of stock-based compensation awards by participants if approved by the Compensation and Human Capital Committee of our Board and if in accordance with an applicable deferred compensation plan of the Company. Currently, the Compensation and Human Capital 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:


For the years ended December 31,	2022		2021		2020
Pre-tax compensation expense	$	65,991	$	66,711	$	57,584
Related income tax benefit	9,635		11,608		8,580

Compensation expenses for stock compensation plans are primarily included in SM&A expense. As of December 31, 2022, total stock-based compensation expense related to non-vested awards not yet recognized was $74,635 and the weighted-average period over which this amount is expected to be recognized was approximately 1.9 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 year ended December 31, 2022 is as follows:


Stock Options	Shares	Weighted-Average Exercise Price (per share)	Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at beginning of the period	1,332,956	$102.78	4.4 years
Granted	4,025	$202.03
Exercised	(351,503)	$99.11
Forfeited	(6,971)	$123.07
Expired	(1,873)	$103.07
Outstanding as of December 31, 2022	976,634	$104.36	3.8 years	$	124,240
Options exercisable as of December 31, 2022	943,561	$102.54	3.7 years	$	121,749

The weighted-average fair value of options granted was $37.28, $24.12 and $21.31 per share in 2022, 2021 and 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:


For the years ended December 31,	2022		2021		2020
Dividend yields	1.9	%	2.2	%	2.1	%
Expected volatility	21.1	%	21.8	%	17.5	%
Risk-free interest rates	1.9	%	1	%	1.3	%
Expected term in years	6.3		6.3		6.7

•“Dividend yields” means the sum of dividends declared for the four most recent quarterly periods, divided by the average price of our Common Stock for the comparable periods;

•“Expected volatility” means the historical volatility of our Common Stock over the expected term of each grant;

•“Risk-free interest rates” means the U.S. Treasury yield curve rate in effect at the time of grant for periods within the contractual life of the stock option; and

•“Expected term” means the period of time that stock options granted are expected to be outstanding based on historical data.

The total intrinsic value of options exercised was $40,882, $38,645 and $32,121 in 2022, 2021 and 2020, respectively.

As of December 31, 2022, there was $826 of total unrecognized compensation expense related to non-vested stock option awards granted under the EICP, which we expect to recognize over a weighted-average period of 1.1 years.

The following table summarizes information about stock options outstanding as of December 31, 2022:


	Options Outstanding			Options Exercisable
Range of Exercise Prices	Number Outstanding as of 12/31/22	Weighted-Average Remaining Contractual Life in Years	Weighted-Average Exercise Price	Number Exercisable as of 12/31/22	Weighted-Average Exercise Price
$60.68 - $99.90	472,273	4.1	$96.38	472,273	$96.38
$99.91 - $107.95	376,889	2.8	$106.88	376,889	$106.88
$107.96 - $202.03	127,472	5.6	$126.44	94,399	$116.00
$60.68 - $202.03	976,634	3.8	$104.36	943,561	$102.54

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 PSUs granted in 2022, 2021, and 2020 can range from 0% to 250% of the targeted amounts.

We recognize the compensation expense associated with PSUs ratably over the 3-year term. Compensation expense 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.

In 2022, 2021 and 2020, we awarded RSUs to certain executive officers and other key employees under the EICP. We also awarded RSUs quarterly to non-employee directors.

We recognize the compensation expense 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 expense 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 December 31, 2022 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	1,303,521	$146.96
Granted	313,285	$211.85
Performance assumption change (1)	77,150	$253.68
Vested	(516,502)	$130.69
Forfeited	(35,775)	$167.81
Outstanding at end of year	1,141,679	$181.91

(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.


For the years ended December 31,	2022			2021			2020
Units granted	313,285			404,517			353,037
Weighted-average fair value at date of grant	$	211.85		$	154.83		$	161.30
Monte Carlo simulation assumptions:
Estimated values	$	100.41		$	66.44		$	80.08
Dividend yields	1.8		%	2.2		%	2.0		%
Expected volatility	25.3		%	26.4		%	17.3		%

•“Estimated values” means the fair value for the market-based total shareholder return component of each PSU at the date of grant using a Monte Carlo simulation model;

•“Dividend yields” means the sum of dividends declared for the four most recently quarterly periods, divided by the average price of our Common Stock for the comparable periods;

•“Expected volatility” means the historical volatility of our Common Stock over the expected term of each grant.

The fair value of shares vested totaled $105,668, $52,008 and $56,294 in 2022, 2021 and 2020, respectively.

Deferred PSUs, deferred RSUs and deferred stock units representing directors’ fees totaled 266,469 units as of December 31, 2022. Each unit is equivalent to one share of the Company’s Common Stock.

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company reports its operations through three segments: (i) North America Confectionery, (ii) North America Salty Snacks and (iii) International. This organizational structure aligns with how our Chief Operating Decision Maker (“CODM”) manages our business, including resource allocation and performance assessment, and further aligns with our product categories and the key markets we serve.

•North America Confectionery – This segment is responsible for our traditional chocolate and non-chocolate confectionery market position in the United States and Canada. This includes our business in chocolate and non-chocolate confectionery, gum and refreshment products, protein bars, spreads, snack bites and mixes, as well as pantry and food service lines. This segment also includes our retail operations, including Hershey’s Chocolate World stores in Hershey, Pennsylvania; New York, New York; Las Vegas, Nevada; 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.

•North America Salty Snacks – This segment is responsible for our salty snacking products in the United States. This includes ready-to-eat popcorn, baked and trans fat free snacks, pretzels and other snacks.

•International – International 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.

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 the measure of segment performance used for incentive compensation purposes.

Accounting policies associated with our operating segments are generally the same as those described in Note 1.

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:


For the years ended December 31,	2022		2021		2020
Net sales:
North America Confectionery	$	8,536,480	$	7,682,416	$	7,084,860
North America Salty Snacks	1,029,405		555,424		438,224
International	853,409		733,497		626,635
Total	$	10,419,294	$	8,971,337	$	8,149,719

Segment income (loss):
North America Confectionery	$	2,811,066	$	2,475,873	$	2,274,584
North America Salty Snacks	159,935		100,777		75,845
International	107,927		74,170		(14)
Total segment income	3,078,928		2,650,820		2,350,415
Unallocated corporate expense (1)	735,542		614,875		520,632
Unallocated mark-to-market losses (gains) on commodity derivatives	78,182		(24,376)		6,429
Long-lived asset impairment charges (see Note 6)	—		—		9,143
Costs associated with business realignment activities (see Note 9)	4,417		16,599		31,513


Operating profit	2,260,787		2,043,722		1,782,698
Interest expense, net (see Note 4)	137,557		127,417		149,374
Other (income) expense, net (see Note 17)	206,159		119,081		138,327
Income before income taxes	$	1,917,071	$	1,797,224	$	1,494,997

(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 losses (gains) on commodity derivatives is as follows:


For the years ended December 31,	2022		2021		2020
Net gains on mark-to-market valuation of commodity derivative positions recognized in income	$	(44,569)	$	(85,402)	$	(6,593)
Net gains on commodity derivative positions reclassified from unallocated to segment income	122,751		61,026		13,022
Net losses (gains) on mark-to-market valuation of commodity derivative positions recognized in unallocated derivative losses (gains)	$	78,182	$	(24,376)	$	6,429

As of December 31, 2022, 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 $8,735. 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 $1,228 to segment operating results in the next twelve months.

Depreciation and amortization expense included within segment income presented above is as follows:


For the years ended December 31,	2022		2021		2020
North America Confectionery	$	228,399	$	213,113	$	198,951
North America Salty Snacks	68,600		29,744		27,362
International	23,148		22,754		24,533
Corporate	58,812		49,391		44,061
Total	$	378,959	$	315,002	$	294,907

Additional information regarding our net sales and long-lived assets disaggregated by geographical region is as follows:


For the years ended December 31,	2022		2021		2020
Net sales:
United States	$	9,121,166	$	7,807,606	$	7,042,804
Other	1,298,128		1,163,731		1,106,915
Total	$	10,419,294	$	8,971,337	$	8,149,719

Long-lived assets:
United States	$	2,272,811	$	2,099,786	$	1,836,114
Other	496,891		486,401		449,141
Total	$	2,769,702	$	2,586,187	$	2,285,255

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

EQUITY AND NONCONTROLLING INTEREST

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Equity and Noncontrolling Interest

EQUITY AND TREASURY STOCK ACTIVITY

We had 1,055,000,000 authorized shares of capital stock as of December 31, 2022. Of this total, 900,000,000 shares were designated as Common Stock, 150,000,000 shares were designated as Class B Common Stock (“Class B Stock”) and 5,000,000 shares were designated as Preferred Stock. Each class has a par value of one dollar per share.

Holders of the Common Stock and the Class B Stock generally vote together without regard to class on matters submitted to stockholders, including the election of directors. The holders of Common Stock have 1 vote per share and the holders of Class B Common Stock have 10 votes per share. However, the Common Stock holders, voting separately as a class, are entitled to elect one-sixth of the Board. With respect to dividend rights, the Common Stock holders are entitled to cash dividends 10% higher than those declared and paid on the Class B Common Stock.

Class B Stock can be converted into Common Stock on a share-for-share basis at any time. During 2022, 2,500,000 shares of Class B Common Stock were converted to Common Stock by Hershey Trust Company, as trustee for the Milton Hershey School Trust (the “School Trust”). During 2021 and 2020, no shares of Class B Stock were converted into Common Stock.

Changes in the outstanding shares of Common Stock for the past three years were as follows:


For the years ended December 31,	2022	2021	2020
Shares issued	221,553,025	221,553,025	221,553,025
Treasury shares at beginning of year	(15,444,011)	(13,325,898)	(12,723,592)
Stock repurchases:
Shares repurchased in the open market under pre-approved share repurchase programs	—	(871,144)	(951,138)
Milton Hershey School Trust repurchase	(1,000,000)	—	—
Shares repurchased in the open market to replace Treasury Stock issued for stock options and incentive compensation	(824,701)	(2,005,500)	(450,000)
Stock issuances:
Shares issued for stock options and incentive compensation	680,404	758,531	798,832

Treasury shares at end of year	(16,588,308)	(15,444,011)	(13,325,898)

Net shares outstanding at end of year	204,964,717	206,109,014	208,227,127

In July 2018, our Board of Directors approved a $500,000 share repurchase authorization to repurchase shares of our Common Stock. As of December 31, 2022, $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.

Hershey Trust Company

Hershey Trust Company, as trustee for the School Trust and as direct owner of investment shares, held 39,630 shares of our Common Stock as of December 31, 2022. As trustee for the School Trust, Hershey Trust Company held 58,112,012 shares of the Class B Common Stock as of December 31, 2022, and was entitled to cast approximately 80% of all of the votes entitled to be cast on matters requiring the vote of both classes of our common stock voting together. Hershey Trust Company, as trustee for the School Trust, or any successor trustee, or Milton Hershey School, as appropriate, must approve any issuance of shares of Common Stock or other action that would result in it not continuing to have voting control of our Company.

Stock Purchase Agreements

In February 2023, the Company entered into a Stock Purchase Agreement with Hershey Trust Company, as trustee for the School Trust, pursuant to which the Company purchased 1,000,000 shares of the Company’s Common Stock from the School Trust at a price equal to $239.91 per share, for a total purchase price of $239,910. As a result of this repurchase, our July 2018 share repurchase authorization program was completed in February 2023.

In February 2022, the Company entered into a Stock Purchase Agreement with Hershey Trust Company, as trustee for the School Trust, pursuant to which the Company purchased 1,000,000 shares of the Company’s Common Stock from the School Trust at a price equal to $203.35 per share, for a total purchase price of $203,350.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Purchase obligations

We enter into certain obligations for the purchase of raw materials. These obligations are primarily in the form of forward contracts for the purchase of raw materials from third-party brokers and dealers. These contracts minimize the effect of future price fluctuations by fixing the price of part or all of these purchase obligations. Total obligations consisted of fixed price contracts for the purchase of commodities and unpriced contracts that were valued using market prices as of December 31, 2022.

The cost of commodities associated with the unpriced contracts is variable as market prices change over future periods. We mitigate the variability of these costs to the extent that we have entered into commodities futures contracts or other commodity derivative instruments to hedge our costs for those periods. Increases or decreases in market prices are offset by gains or losses on commodities futures contracts or other commodity derivative instruments. Taking delivery of and making payments for the specific commodities for use in the manufacture of finished goods satisfies our obligations under the forward purchase contracts. For each of the three years in the period ended December 31, 2022, we satisfied these obligations by taking delivery of and making payment for the specific commodities.

As of December 31, 2022, we had entered into agreements for the purchase of raw materials with various suppliers. Subject to meeting our quality standards, the purchase obligations covered by these agreements were as follows as of December 31, 2022:


in millions	2023		2024		2025		2026		2027
Purchase obligations	$	1,871.0	$	202.6	$	12.5	$	12.5	$	12.5

Environmental contingencies

We have a number of facilities that contain varying amounts of asbestos in certain locations within the facilities. Our asbestos management program is compliant with current applicable regulations, which require that we handle or dispose of asbestos in a special manner if such facilities undergo major renovations or are demolished. We do not have sufficient information to estimate the fair value of any asset retirement obligations related to these facilities. We cannot specify the settlement date or range of potential settlement dates and, therefore, sufficient information is not available to apply an expected present value technique. We expect to maintain the facilities with repairs and maintenance activities that would not involve or require the removal of significant quantities of asbestos.

Legal contingencies

On February 12, 2021, Issouf Coubaly, individually and on behalf of proposed class members, filed a complaint (Coubaly v. Nestlé U.S.A. et al., 1:21-cv-00386-DLF (D.D.C. Feb. 12, 2021)) in the District Court of the District of Columbia, seeking injunctive relief and unspecified damages for alleged violations of child labor and human trafficking laws under the Trafficking Victims Protection Reauthorization Act. The Company was among several defendants named in the suit. The defendants filed a joint motion to dismiss the case on July 30, 2021, and on June 28, 2022, the District Court granted the motion and dismissed the case without prejudice. On July 22, 2022, the plaintiffs filed an appeal in the U.S. Court of Appeals for the District of Columbia challenging the dismissal of the case. The Company continues to believe that the suit, including the appeal, is without merit and is defending vigorously against the appeal.

In addition to the above-referenced matter, the Company is subject to certain legal proceedings and claims arising out of the ordinary course of our business, which cover a wide range of matters including trade regulation, product liability, advertising, contracts, environmental issues, patent and trademark matters, labor and employment matters, human and workplace rights matters and tax. 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.

Collective Bargaining

As of December 31, 2022, the Company employed approximately 18,075 full-time and 1,790 part-time employees worldwide. Collective bargaining agreements covered approximately 6,470 employees, or approximately 33% of the Company’s employees worldwide. During 2023, agreements will be negotiated for certain employees at five facilities, four of which are outside of the United States, comprising approximately 67% of total employees under collective bargaining agreements. We currently expect that we will be able to renegotiate such agreements on satisfactory terms when they expire.

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2022

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. In June 2022, 1,500,000 shares of Class B Common Stock were converted to Common Stock by Hershey Trust Company, as trustee for the School Trust. 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.

We compute basic and diluted earnings per share based on the weighted-average number of shares of Common Stock and Class B common stock outstanding as follows:


For the years ended December 31,	2022				2021				2020
	Common Stock		Class B Common Stock		Common Stock		Class B Common Stock		Common Stock		Class B Common Stock
Basic earnings per share:
Numerator:
Allocation of distributed earnings (cash dividends paid)	$	567,897	$	207,133	$	498,084	$	187,903	$	467,013	$	173,719
Allocation of undistributed earnings	637,438		232,349		574,772		216,753		464,802		173,174
Total earnings—basic	$	1,205,335	$	439,482	$	1,072,856	$	404,656	$	931,815	$	346,893

Denominator (shares in thousands):
Total weighted-average shares—basic	146,713		58,822		146,120		60,614		147,832		60,614

Earnings Per Share—basic	$	8.22	$	7.47	$	7.34	$	6.68	$	6.30	$	5.72

Diluted earnings per share:
Numerator:
Allocation of total earnings used in basic computation	$	1,205,335	$	439,482	$	1,072,856	$	404,656	$	931,815	$	346,893
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	439,482		—		404,656		—		346,893		—
Reallocation of undistributed earnings	—		(1,201)		—		(1,098)		—		(822)
Total earnings—diluted	$	1,644,817	$	438,281	$	1,477,512	$	403,558	$	1,278,708	$	346,071

Denominator (shares in thousands):
Number of shares used in basic computation	146,713		58,822		146,120		60,614		147,832		60,614
Weighted-average effect of dilutive securities:
Conversion of Class B common stock to Common shares outstanding	58,822		—		60,614		—		60,614		—
Employee stock options	571		—		609		—		600		—
Performance and restricted stock units	469		—		415		—		368		—
Total weighted-average shares—diluted	206,575		58,822		207,758		60,614		209,414		60,614

Earnings Per Share—diluted	$	7.96	$	7.45	$	7.11	$	6.66	$	6.11	$	5.71

The earnings per share calculations for the years ended December 31, 2022, 2021 and 2020 excluded 5, 43 and 15 stock options (in thousands), respectively, that would have been antidilutive.

OTHER (INCOME) EXPENSE, NET OTHER (INCOME) EXPENSE, NET

12 Months Ended

Dec. 31, 2022

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:


For the years ended December 31,	2022		2021		2020
Write-down of equity investments in partnerships qualifying for historic and renewable energy tax credits (see Note 8)	$	188,286	$	113,756	$	125,579
Non-service cost components of net periodic benefit cost relating to pension and other post-retirement benefit plans (see Note 11)	18,466		5,177		12,560

Other (income) expense, net	(593)		148		188
Total	$	206,159	$	119,081	$	138,327

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Hershey Trust Company, as trustee for the trust established by Milton S. and Catherine S. Hershey that has as its sole beneficiary the School Trust, maintains voting control over The Hershey Company. In any given year, we may engage in certain transactions with Hershey Trust Company, Milton Hershey School, the Milton Hershey School Trust and companies owned by and/or affiliated with any of the foregoing. Most transactions with these related parties are immaterial and do not require disclosure, but certain transactions are more significant in nature and have been deemed material for disclosure. A summary of material related party transactions with Hershey Trust Company and/or its affiliates for the year ended December 31, 2022 is as follows: Sale and Donation of Property, Plant and Equipment In May 2022, the Company entered into a Purchase and Sale Agreement (the “Purchase Agreement”) with Hershey Trust Company, as trustee for the School Trust, pursuant to which the Company agreed to sell certain real and personal property consisting of approximately six acres of land located in Hershey, Pennsylvania, together with portions of a building located on the land. Additionally, in June 2022, the Company entered into a Donation Agreement with Hershey Trust Company, as trustee for The M.S. Hershey Foundation, pursuant to which the Company agreed to donate a portion of the building concurrently with the closing of the Purchase Agreement. The sale and donation transactions closed in June 2022. Total proceeds from the sale were approximately $6,300 (net of transaction and closing costs), resulting in a loss of $13,568, which was recorded in the SM&A expense caption within the Consolidated Statements of Income. The fair values of the disposed assets were supported by a proposed sales price submitted by a third-party buyer received prior to executing the Purchase Agreement. Stock Purchase Agreements In February 2023 and February 2022, the Company entered into Stock Purchase Agreements with Hershey Trust Company, as trustee for the School Trust, pursuant to which the Company purchased shares of its Common Stock from the School Trust (see Note 14).

SUPPLEMENTAL BALANCE SHEET INFORMATION

12 Months Ended

Dec. 31, 2022

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:


December 31,	2022		2021
Inventories:
Raw materials	$	372,612	$	395,358
Goods in process	137,298		110,008
Finished goods	855,217		649,082
Inventories at FIFO	1,365,127		1,154,448
Adjustment to LIFO	(192,008)		(165,937)
Total inventories	$	1,173,119	$	988,511

Prepaid expenses and other:
Prepaid expenses	$	143,888	$	129,287

Other current assets	128,307		127,678
Total prepaid expenses and other	$	272,195	$	256,965

Property, plant and equipment:
Land	$	155,963	$	154,494
Buildings	1,545,053		1,508,139
Machinery and equipment	3,592,251		3,443,500
Construction in progress	416,220		294,824
Property, plant and equipment, gross	5,709,487		5,400,957
Accumulated depreciation	(2,939,785)		(2,814,770)
Property, plant and equipment, net	$	2,769,702	$	2,586,187

Other non-current assets:
Pension	$	53,495	$	71,618
Capitalized software, net	320,034		260,656

Operating lease ROU assets	326,472		351,712
Investments in unconsolidated affiliates	133,029		93,089
Other non-current assets	111,959		91,128
Total other non-current assets	$	944,989	$	868,203

Accrued liabilities:
Payroll, compensation and benefits	$	293,865	$	291,446
Advertising, promotion and product allowances	337,024		305,050
Operating lease liabilities	31,787		36,292

Other	169,842		222,850
Total accrued liabilities	$	832,518	$	855,638

Other long-term liabilities:
Post-retirement benefits liabilities	$	147,174	$	193,604
Pension benefits liabilities	27,696		37,023
Operating lease liabilities	294,849		310,899
Other	250,023		245,532
Total other long-term liabilities	$	719,742	$	787,058

Accumulated other comprehensive loss:
Foreign currency translation adjustments	$	(110,364)	$	(100,025)
Pension and post-retirement benefit plans, net of tax	(118,254)		(116,381)
Cash flow hedges, net of tax	(23,715)		(32,809)
Total accumulated other comprehensive loss	$	(252,333)	$	(249,215)

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS

For the Years Ended December 31, 2022, 2021 and 2020


			Additions
Description	Balance at Beginning of Period		Charged to Costs and Expenses		Charged to Other Accounts		Deductions from Reserves		Balance at End of Period
In thousands of dollars

For the year ended December 31, 2022
Allowances deducted from assets
Accounts receivable—trade, net (a)	$	28,837	$	228,463	$	—	$	(231,299)	$	26,001
Valuation allowance on net deferred taxes (b)	184,896		9,578		—		(56,943)		137,531
Inventory obsolescence reserve (c)	19,472		44,497		—		(34,615)		29,354
Total allowances deducted from assets	$	233,205	$	282,538	$	—	$	(322,857)	$	192,886

For the year ended December 31, 2021
Allowances deducted from assets
Accounts receivable—trade, net (a)	$	24,975	$	198,608	$	—	$	(194,746)	$	28,837
Valuation allowance on net deferred taxes (b)	193,310		9,759		—		(18,173)		184,896
Inventory obsolescence reserve (c)	17,703		27,657		—		(25,888)		19,472
Total allowances deducted from assets	$	235,988	$	236,024	$	—	$	(238,807)	$	233,205

For the year ended December 31, 2020
Allowances deducted from assets
Accounts receivable—trade, net (a)	$	24,966	$	180,764	$	—	$	(180,755)	$	24,975
Valuation allowance on net deferred taxes (b)	206,743		2,603		—		(16,036)		193,310
Inventory obsolescence reserve (c)	22,049		27,162		—		(31,508)		17,703
Total allowances deducted from assets	$	253,758	$	210,529	$	—	$	(228,299)	$	235,988

(a) Includes allowances for doubtful accounts, anticipated discounts and write-offs of uncollectible accounts receivable.

(b) Includes adjustments to the valuation allowance for deferred tax assets that we do not expect to realize, as well as the release of valuation allowances.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Description of Business and Basis of Presentation	Description of Business The Hershey Company together with its wholly-owned subsidiaries and entities in which it has a controlling interest, (the “Company,” “Hershey,” “we” or “us”) is a global confectionery leader known for its branded portfolio of chocolate, sweets, mints and other great tasting snacks. The Company has more than 100 brands worldwide including such iconic brand names as Hershey’s, Reese’s, Kisses, Jolly Rancher and Ice Breakers, which are marketed, sold and distributed in approximately 80 countries worldwide. Hershey’s structure is designed to ensure continued focus on North America, coupled with an emphasis on profitable growth in our focus international markets. The Company currently operates through three segments that are aligned with its management structure and the key markets it serves: (i) North America Confectionery, (ii) North America Salty Snacks and (iii) International. For additional information on our segment presentation, see Note 13. Basis of Presentation Our consolidated financial statements include the accounts of The Hershey Company and its majority-owned or controlled subsidiaries. Intercompany transactions and balances have been eliminated. 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. In addition, we use the equity method of accounting for our investments in partnership entities which make equity investments in projects eligible to receive federal historic and energy tax credits. See Note 10 for additional information on our equity investments in partnership entities qualifying for tax credits. 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. For additional information on our investments in unconsolidated affiliates, see Note 8.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. Our significant estimates and assumptions include, among others, pension and other post-retirement benefit plan assumptions, valuation assumptions of goodwill and other intangible assets, useful lives of long-lived assets, marketing and trade promotion accruals and income taxes. These estimates and assumptions are based on management’s best judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and the effects of any revisions are reflected in the consolidated financial statements in the period that they are determined. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates.
Revenue Recognition	Revenue Recognition The majority of our revenue contracts represent a single performance obligation related to the fulfillment of customer orders for the purchase of our products, including chocolate, sweets, mints and other grocery and snack offerings. Net sales reflect the transaction prices for these contracts based on our selling list price which is then reduced by estimated costs for trade promotional programs, consumer incentives, and allowances and discounts associated with aged or potentially unsaleable products. We recognize revenue at the point in time that control of the ordered product(s) is transferred to the customer, which is typically upon delivery to the customer or other customer-designated delivery point. Amounts billed and due from our customers are classified as accounts receivables on the balance sheet and require payment on a short-term basis. Our trade promotional programs and consumer incentives are used to promote our products and include, but are not limited to, discounts, coupons, rebates, in-store display incentives, and volume-based incentives. The estimated costs associated with these programs and incentives are based upon our analysis of the programs offered, expectations regarding customer and consumer participation, historical sales and payment trends, and our experience with payment patterns associated with similar programs offered in the past. The estimated costs of these programs are reasonably likely to change in future periods due to changes in trends with regard to customer and consumer participation, particularly for new programs and for programs related to the introduction of new products. Differences between estimated expense and actual program performance are recognized as a change in estimate in a subsequent period and are normally not significant. During 2022, 2021 and 2020, actual promotional costs have not deviated from the estimated amount by more than 3%. The Company’s unsettled portion remaining in accrued liabilities at year-end for these activities was $215,688 and $174,046 at December 31, 2022 and 2021, respectively. We also recognize a minor amount of royalty income (less than 1% of our consolidated net sales) from sales-based licensing arrangements, pursuant to which revenue is recognized as the third-party licensee sales occur. Shipping and handling costs incurred to deliver product to the customer are recorded within cost of sales. Sales, value add and other taxes we collect concurrent with revenue producing activities are excluded from revenue. The majority of our products are confectionery or confectionery-based and, therefore, exhibit similar economic characteristics, as they are based on similar ingredients and are marketed and sold through the same channels to the same customers. In connection with our recent acquisitions, we have expanded our portfolio of salty snacking products, which also exhibit similar economic characteristics to our confectionery products and are sold through the same channels to the same customers. See Note 13 for revenues reported by geographic segment, which is consistent with how we organize and manage our operations, as well as product line net sales information. In 2022, 2021 and 2020, approximately 28%, 30% and 31%, respectively, of our consolidated net sales were made to McLane Company, Inc., one of the largest wholesale distributors in the United States to convenience stores, drug stores, wholesale clubs and mass merchandisers and the primary distributor of our products to Wal-Mart Stores, Inc.
Cost of Sales	Cost of Sales Cost of sales represents costs directly related to the manufacture and distribution of our products. Primary costs include raw materials, packaging, direct labor, overhead, shipping and handling, warehousing and the depreciation of manufacturing, warehousing and distribution facilities. Manufacturing overhead and related expenses include salaries, wages, employee benefits, utilities, maintenance and property taxes.
Selling, Marketing and Administrative Expense	Selling, Marketing and Administrative ExpenseSelling, marketing and administrative expense (“SM&A”) represents costs incurred in generating revenues and in managing our business. Such costs include advertising and other marketing expenses, selling expenses, research and development costs, administrative and other indirect overhead costs, amortization of capitalized software and intangible assets and depreciation of administrative facilities. Research and development costs, charged to expense as incurred, totaled $46,943 in 2022, $40,107 in 2021 and $37,577 in 2020. Advertising expense is also charged to expense as incurred and totaled $517,677 in 2022, $511,798 in 2021 and $516,936 in 2020. Prepaid advertising expense was $241 as of December 31, 2022. There was no prepaid advertising expense as of December 31, 2021.
Cash Equivalents	Cash Equivalents Cash equivalents consist of highly liquid debt instruments, time deposits and money market funds with original maturities of three months or less. The fair value of cash equivalents approximates the carrying amount.
Accounts Receivable - Trade	Accounts Receivable—Trade In the normal course of business, we extend credit to customers that satisfy pre-defined credit criteria, based upon the results of our recurring financial account reviews and our evaluation of current and projected economic conditions. Our primary concentration of credit risk is associated with McLane Company, Inc., one customer served principally by our North America Confectionery segment. As of December 31, 2022, McLane Company, Inc. accounted for approximately 26% of our total accounts receivable. No other customer accounted for more than 10% of our year-end accounts receivable. We believe that we have little concentration of credit risk associated with the remainder of our customer base. Accounts receivable-trade in the Consolidated Balance Sheets is presented net of allowances for bad debts and anticipated discounts of $26,001 and $28,837 at December 31, 2022 and 2021, respectively.
Inventories	Inventories Inventories are valued at the lower of cost or market value, adjusted for the value of inventory that is estimated to be excess, obsolete or otherwise unsaleable. As of December 31, 2022, approximately 53% of our inventories, representing the majority of our United States (“U.S.”) inventories, were valued under the last-in, first-out (“LIFO”) method. The remainder of our inventories in the U.S. and inventories for our international businesses were valued at the lower of first-in, first-out (“FIFO”), average cost or net realizable value. LIFO cost of inventories valued using the LIFO method was $621,614 as of December 31, 2022 and $589,850 as of December 31, 2021. The adjustment to LIFO, as shown in Note 1 9, approximates the excess of replacement cost over the stated LIFO inventory value. The net impact of LIFO acquisitions and liquidations was not material to 2022, 2021 or 2020.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment is stated at cost and depreciated on a straight-line basis over the estimated useful lives of the assets, as follows: 3 to 15 years for machinery and equipment; and 25 to 40 years for buildings and related improvements. At December 31, 2022 and December 31, 2021, property, plant and equipment included assets under finance lease arrangements with net book values totaling $72,160 and $72,496, respectively. Total depreciation expense for the years ended December 31, 2022, 2021 and 2020 was $253,582, $230,638 and $219,021, respectively, and included depreciation on assets recorded under finance lease arrangements. Maintenance and repairs are expensed as incurred. We capitalize applicable interest charges incurred during the construction of new facilities and production lines and amortize these costs over the assets’ estimated useful lives. We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. We measure the recoverability of assets to be held and used by a comparison of the carrying amount of long-lived assets to future undiscounted net cash flows expected to be generated. If these assets are considered to be impaired, we measure impairment as the amount by which the carrying amount of the assets exceeds the fair value of the assets. We report assets held for sale or disposal at the lower of the carrying amount or fair value less cost to sell. We assess asset retirement obligations on a periodic basis and recognize the fair value of a liability for an asset retirement obligation in the period in which it is incurred if a reasonable estimate of fair value can be made. We capitalize associated asset retirement costs as part of the carrying amount of the long-lived asset.
Computer Software	Computer Software We capitalize costs associated with software developed or obtained for internal use when both the preliminary project stage is completed and it is probable the software being developed will be completed and placed in service. Capitalized costs include only (i) external direct costs of materials and services consumed in developing or obtaining internal-use software, (ii) payroll and other related costs for employees who are directly associated with and who devote time to the internal-use software project and (iii) interest costs incurred, when material, while developing internal-use software. We cease capitalization of such costs no later than the point at which the project is substantially complete and ready for its intended purpose. The unamortized amount of capitalized software totaled $320,034 and $260,656 at December 31, 2022 and 2021, respectively. We amortize software costs using the straight-line method over the expected life of the software, generally 3 to 7 years. Accumulated amortization of capitalized software was $350,620 and $321,939 as of 2022 and 2021, respectively. Such amounts are recorded within other assets in the Consolidated Balance Sheets. We review the carrying value of software and development costs for impairment in accordance with our policy pertaining to the impairment of long-lived assets.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill and indefinite-lived intangible assets are not amortized, but are evaluated for impairment annually or more often if indicators of a potential impairment are present. Our annual impairment tests are conducted at the beginning of the fourth quarter. We test goodwill for impairment by performing either a qualitative or quantitative assessment. If we choose to perform a qualitative assessment, we evaluate economic, industry and company-specific factors in assessing the fair value of the related reporting unit. If we determine that it is more likely than not that the fair value of the reporting unit is less than its carrying value, a quantitative test is then performed. Otherwise, no further testing is required. For those reporting units tested using a quantitative approach, we compare the fair value of each reporting unit with the carrying amount of the reporting unit, including goodwill. If the estimated fair value of the reporting unit is less than the carrying amount of the reporting unit, impairment is indicated, requiring recognition of a goodwill impairment charge for the differential (up to the carrying value of goodwill). We test individual indefinite-lived intangible assets by comparing the estimated fair values with the book values of each asset. We determine the fair value of our reporting units and indefinite-lived intangible assets using an income approach. Under the income approach, we calculate the fair value of our reporting units and indefinite-lived intangible assets based on the present value of estimated future cash flows. Considerable management judgment is necessary to evaluate the impact of operating and macroeconomic changes and to estimate the future cash flows used to measure fair value. Our estimates of future cash flows consider past performance, current and anticipated market conditions and internal projections and operating plans which incorporate estimates for sales growth and profitability, and cash flows associated with taxes and capital spending. Additional assumptions include forecasted growth rates, estimated discount rates, which may be risk-adjusted for the operating market of the reporting unit, and estimated royalty rates that would be charged for comparable branded licenses. We believe such assumptions also reflect current and anticipated market conditions and are consistent with those that would be used by other marketplace participants for similar valuation purposes. Such assumptions are subject to change due to changing economic and competitive conditions. The cost of intangible assets with finite useful lives is amortized on a straight-line basis. Our finite-lived intangible assets consist primarily of certain trademarks, customer-related intangible assets and patents obtained through business acquisitions. The weighted-average amortization period for our finite-lived intangible assets is approximately 29 years , which is primarily driven by recently acquired trademarks. If certain events or changes in operating conditions indicate that the carrying value of these assets, or related asset groups, may not be recoverable, we perform an impairment assessment and may adjust the remaining useful lives. See Note 3 for additional information regarding the results of impairment tests.
Supplier Finance Program Obligations	Supplier Finance Program Obligations During 2020, we entered into an agreement with a third-party financial institution to facilitate a supplier finance program which allows qualifying suppliers to sell their receivables from the Company to the financial institution. These participating suppliers negotiate their outstanding receivable arrangements directly with the financial institution, and our rights and obligations to our suppliers are not impacted. We have no economic interest in a supplier’s decision to enter into these agreements. Once a qualifying supplier elects to participate in the supplier finance program and reaches an agreement with a financial institution, they elect which individual Company invoices they sell to the financial institution. However, all Company payments to participating suppliers are paid to the financial institution on the invoice due date, regardless of whether the individual invoice is sold by the supplier to the financial institution. The financial institution pays the supplier on the invoice due date for any invoices that were not previously sold under the supplier finance program. Our obligations to our suppliers, including amounts due and scheduled payment terms, are not impacted by our suppliers’ decisions to sell amounts under these arrangements. The payment of these obligations is included in cash provided by operating activities in the Consolidated Statements of Cash Flows. Included in Accounts Payable in the Consolidated Balance Sheets at December 31, 2022 and 2021 were $105,293 and $36,386 of outstanding payment obligations, respectively, that were sold to the financial institution under the Company’s supplier finance program.
Currency Translation	Currency TranslationThe financial statements of our foreign entities with functional currencies other than the U.S. dollar are translated into U.S. dollars, with the resulting translation adjustments recorded as a component of other comprehensive income (loss). Assets and liabilities are translated into U.S. dollars using the exchange rates in effect at the balance sheet date, while income and expense items are translated using the average exchange rates during the period.
Derivative Instruments	Derivative Instruments We use derivative instruments principally to offset exposure to market risks arising from changes in commodity prices, foreign currency exchange rates and interest rates. See Note 5 for additional information on our risk management strategy and the types of instruments we use. Derivative instruments are recognized on the Consolidated Balance Sheets at their fair values. When we become party to a derivative instrument and intend to apply hedge accounting, we designate the instrument for financial reporting purposes as a cash flow or fair value hedge. The accounting for changes in fair value (gains or losses) of a derivative instrument depends on whether we have designated it and it qualified as part of a hedging relationship, as noted below: •Changes in the fair value of a derivative that is designated as a cash flow hedge are recorded in accumulated other comprehensive income (“AOCI”) to the extent effective and reclassified into earnings in the same period or periods during which the transaction hedged by that derivative also affects earnings. •Changes in the fair value of a derivative that is designated as a fair value hedge, along with the offsetting loss or gain on the hedged asset or liability that is attributable to the risk being hedged, are recorded in earnings, thereby reflecting in earnings the net extent to which the hedge is not effective in achieving offsetting changes in fair value. •Changes in the fair value of a derivative not designated as a hedging instrument are recognized in earnings in cost of sales or SM&A, consistent with the related exposure. For derivatives designated as hedges, we assess, both at the hedge’s inception and on an ongoing basis, whether they are highly effective in offsetting changes in fair values or cash flows of hedged items. The ineffective portion, if any, is recorded directly in earnings. In addition, if we determine that a derivative is not highly effective as a hedge or that it has ceased to be a highly effective hedge, we discontinue hedge accounting prospectively. We do not hold or issue derivative instruments for trading or speculative purposes and are not a party to any instruments with leverage or prepayment features. Cash flows related to the derivative instruments we use to manage interest, commodity or other currency exposures are classified as operating activities.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU modifies the measurement of expected credit losses of certain financial instruments. ASU 2016-13 is effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods. The amendments in this ASU should be applied on a modified retrospective basis to all periods presented. We adopted the provisions of this ASU in the first quarter of 2020. Adoption of the new standard did not have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. This ASU modifies the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. ASU 2018-13 is effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods, with early adoption permitted. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. We adopted the provisions of this ASU in the first quarter of 2020. Adoption of the new standard did not have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40), Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. This ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). ASU 2018-15 is effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods, with early adoption permitted. The amendments in this ASU should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We adopted the provisions of this ASU in the first quarter of 2020 on a prospective basis. Adoption of the new standard did not have a material impact on our consolidated financial statements. In December 2019, the FASB issued 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. 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 early adopted the provisions of this ASU in the first quarter of 2022. Adoption of the new standard did not have a material impact on our consolidated financial statements. In September 2022, the FASB issued ASU No. 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. This ASU requires a buyer in a supplier finance program to disclose qualitative and quantitative information about the program including the program’s nature, activity during the period, changes from period to period and potential magnitude. ASU 2022-04 is effective for annual periods beginning after December 15, 2022 and interim periods within those annual periods. A rollforward of obligations during the annual period, including the amount of obligations confirmed and obligations subsequently paid, is effective for annual periods beginning after December 15, 2023 with early adoption permitted. This ASU should be applied retrospectively to each period in which a balance sheet is presented, except for the amendment on rollforward information, which should be applied prospectively. We early adopted provisions of this ASU in the fourth quarter of 2022, with the exception of the amendment on rollforward information, which will be adopted in the fourth quarter of 2023. Adoption of the new standard did not have a material impact on our consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This ASU requires an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Revenue from Contracts with Customers (Topic 606) rather than adjust them to fair value at the acquisition date. ASU 2021-08 is effective for annual periods beginning after December 15, 2022 and interim periods within those annual periods. This ASU should be applied prospectively to business combinations occurring on or after the date of adoption. Evaluation of this new standard is dependent on multiple circumstances including the timing and complexity of completed business combinations. As a result, we intend to adopt the provisions of this ASU in the first quarter of 2023. 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 ACQUISITIONS AND DIVESTITURES (Tables)

12 Months Ended

Dec. 31, 2022

Business Combinations [Abstract]

Schedule of Purchase Consideration Allocation to Assets Acquired and Liabilities Assumed

The purchase consideration was allocated to assets acquired and liabilities assumed based on their respective fair values as follows:


Goodwill	$	166,191
Other intangible assets	26,100
Current assets acquired	30,835
Property, plant and equipment, net	100,716
Other non-current assets, primarily operating lease ROU assets	111,787
Deferred income taxes	773
Current liabilities acquired	(22,713)
Other long-term liabilities, primarily operating lease liabilities	(109,355)
Net assets acquired	$	304,334

The purchase consideration was allocated to assets acquired and liabilities assumed based on their respective fair values as follows:


Goodwill	$	284,427
Other intangible assets	543,100
Current assets acquired	51,121
Property, plant and equipment, net	40,266
Other non-current assets	2,201
Other liabilities assumed, primarily current liabilities	(29,946)
Net assets acquired	$	891,169

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	$	175,826
Other intangible assets	235,800
Other assets acquired, primarily current assets	33,092
Other liabilities assumed, primarily current liabilities	(9,620)
Deferred income taxes	(7,888)
Net assets acquired	$	427,210

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2022

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 segment for the years ended December 31, 2022 and 2021 are as follows:


	North America Confectionery		North America Salty Snacks		International		Total
Goodwill	$	1,854,266	$	121,152	$	375,145	$	2,350,563
Accumulated impairment loss	(4,973)		—		(357,375)		(362,348)
Balance at January 1, 2021	1,849,293		121,152		17,770		1,988,215
Acquired during the period	174,516		468,646		—		643,162
Measurement period adjustments	1,310		—		—		1,310

Foreign currency translation	887		—		(400)		487
Balance at December 31, 2021	2,026,006		589,798		17,370		2,633,174

Measurement period adjustments	—		(18,028)		—		(18,028)

Foreign currency translation	(7,576)		—		(614)		(8,190)
Balance at December 31, 2022	$	2,018,430	$	571,770	$	16,756	$	2,606,956

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:


December 31,	2022				2021
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Intangible assets subject to amortization:
Trademarks	$	1,701,932	$	(190,045)	$	1,705,390	$	(141,760)
Customer-related	513,188		(93,495)		504,667		(65,131)
Patents	8,053		(8,053)		8,623		(8,623)

Total	2,223,173		(291,593)		2,218,680		(215,514)

Intangible assets not subject to amortization:
Trademarks	34,689				34,422
Total other intangible assets	$	1,966,269			$	2,037,588

Schedule of Amortization Expense, for the Next Five Years

Amortization expense for the next five years, based on current intangible asset balances, is estimated to be as follows:


Year ending December 31,	2023		2024		2025		2026		2027
Amortization expense	$	79,249	$	78,667	$	78,667	$	78,620	$	77,527

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

SHORT AND LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Short-term Debt

Short-term debt consisted of the following:


	December 31, 2022			December 31, 2021
Short-term foreign bank borrowings against lines of credit	$	135,555		$	119,038
U.S. commercial paper	558,235			820,385
Total short-term debt	$	693,790		$	939,423
Weighted average interest rate on outstanding commercial paper	4.3		%	0.1		%

Schedule of Long-term Debt Instruments

Long-term debt consisted of the following:


December 31,	Maturity Date	2022		2021
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)		73,479		69,146
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts		(19,563)		(23,314)
Total long-term debt		4,097,555		4,089,471
Less—current portion		753,578		2,844
Long-term portion		$	3,343,977	$	4,086,627

In February 2021, we repaid $84,715 of 8.800% Debentures due upon their maturity. In May 2021, we repaid $350,000 of 3.100% Notes due upon their maturity.

Schedule of Maturities of Long-term Debt


2023	$	750,000
2024	300,000
2025	600,000
2026	500,000
2027	193,639
Thereafter	1,700,000

Schedule of Net Interest Expense

Net interest expense consists of the following:


For the years ended December 31,	2022		2021		2020
Interest expense	$	148,226	$	139,156	$	160,204
Capitalized interest	(8,131)		(9,310)		(6,733)
Interest expense	140,095		129,846		153,471
Interest income	(2,538)		(2,429)		(4,097)
Interest expense, net	$	137,557	$	127,417	$	149,374

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

DERIVATIVE INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2022

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 December 31, 2022 and 2021:


December 31,	2022				2021
	Assets (1)		Liabilities (1)		Assets (1)		Liabilities (1)
Derivatives designated as cash flow hedging instruments:

Foreign exchange contracts	$	3,921	$	261	$	2,949	$	711






Derivatives not designated as hedging instruments:
Commodities futures and options (2)	685		662		2,423		1,376
Deferred compensation derivatives	1,222		—		2,412		—
Foreign exchange contracts	246		—		550		—
	2,153		662		5,385		1,376
Total	$	6,074	$	923	$	8,334	$	2,087

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 years ended December 31, 2022 and 2021 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 AOCI into income (b)
	2022		2021		2022		2021		2022		2021
Commodities futures and options	$	44,569	$	85,402	$	—	$	—	$	—	$	—
Foreign exchange contracts	(274)		547		2,056		(1,551)		636		(7,145)
Interest rate swap agreements	—		—		—		—		(10,836)		(10,972)
Deferred compensation derivatives	(4,920)		6,004		—		—		—		—
Total	$	39,375	$	91,953	$	2,056	$	(1,551)	$	(10,200)	$	(18,117)

FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2022

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 December 31, 2022 and 2021:


	Assets (Liabilities)
	Level 1		Level 2		Level 3		Total
December 31, 2022:
Derivative Instruments:
Assets:
Foreign exchange contracts (1)	$	—	$	4,167	$	—	$	4,167

Deferred compensation derivatives (2)	—		1,222		—		1,222
Commodities futures and options (3)	685		—		—		685
Liabilities:
Foreign exchange contracts (1)	—		261		—		261


Commodities futures and options (3)	662		—		—		662
December 31, 2021:
Assets:
Foreign exchange contracts (1)	$	—	$	3,499	$	—	$	3,499

Deferred compensation derivatives (2)	—		2,412		—		2,412
Commodities futures and options (3)	2,423		—		—		2,423
Liabilities:
Foreign exchange contracts (1)	—		711		—		711


Commodities futures and options (3)	1,376		—		—		1,376

(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
At December 31,	2022		2021		2022		2021
Current portion of long-term debt	$	749,345	$	2,844	$	753,578	$	2,844
Long-term debt	2,854,165		4,274,304		3,343,977		4,086,627
Total	$	3,603,510	$	4,277,148	$	4,097,555	$	4,089,471

Schedule of Other Fair Value Measurements

2020 Activity

During 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

(2)In connection with a previous sale, the Company wrote-down certain receivables deemed uncollectible.

LEASES (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of Components of Lease Expense

The components of lease expense were as follows:


Lease expense	Classification	2022		2021
Operating lease cost	Cost of sales or SM&A (1)	$	48,988	$	44,444
Finance lease cost:
Amortization of ROU assets	Depreciation and amortization (1)	7,043		8,098
Interest on lease liabilities	Interest expense, net	4,192		4,358
Net lease cost (2)		$	60,223	$	56,900

(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:


	2022		2021
Weighted-average remaining lease term (years)
Operating leases	15.0		15.4
Finance leases	27.7		30.0

Weighted-average discount rate
Operating leases	3.2	%	3.1	%
Finance leases	6.1	%	6.1	%

Schedule of Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases were as follows:


Leases	Classification	2022		2021
Assets
Operating lease ROU assets	Other non-current assets	$	326,472	$	351,712

Finance lease ROU assets, at cost	Property, plant and equipment, gross	86,703		89,190
Accumulated amortization	Accumulated depreciation	(14,543)		(16,694)
Finance lease ROU assets, net	Property, plant and equipment, net	72,160		72,496

Total leased assets		$	398,632	$	424,208

Liabilities
Current
Operating	Accrued liabilities	$	31,787	$	36,292
Finance	Current portion of long-term debt	4,285		3,564
Non-current
Operating	Other long-term liabilities	294,849		310,899
Finance	Long-term debt	69,194		65,582
Total lease liabilities		$	400,115	$	416,337

The components of certain Consolidated Balance Sheet accounts are as follows:


December 31,	2022		2021
Inventories:
Raw materials	$	372,612	$	395,358
Goods in process	137,298		110,008
Finished goods	855,217		649,082
Inventories at FIFO	1,365,127		1,154,448
Adjustment to LIFO	(192,008)		(165,937)
Total inventories	$	1,173,119	$	988,511

Prepaid expenses and other:
Prepaid expenses	$	143,888	$	129,287

Other current assets	128,307		127,678
Total prepaid expenses and other	$	272,195	$	256,965

Property, plant and equipment:
Land	$	155,963	$	154,494
Buildings	1,545,053		1,508,139
Machinery and equipment	3,592,251		3,443,500
Construction in progress	416,220		294,824
Property, plant and equipment, gross	5,709,487		5,400,957
Accumulated depreciation	(2,939,785)		(2,814,770)
Property, plant and equipment, net	$	2,769,702	$	2,586,187

Other non-current assets:
Pension	$	53,495	$	71,618
Capitalized software, net	320,034		260,656

Operating lease ROU assets	326,472		351,712
Investments in unconsolidated affiliates	133,029		93,089
Other non-current assets	111,959		91,128
Total other non-current assets	$	944,989	$	868,203

Accrued liabilities:
Payroll, compensation and benefits	$	293,865	$	291,446
Advertising, promotion and product allowances	337,024		305,050
Operating lease liabilities	31,787		36,292

Other	169,842		222,850
Total accrued liabilities	$	832,518	$	855,638

Other long-term liabilities:
Post-retirement benefits liabilities	$	147,174	$	193,604
Pension benefits liabilities	27,696		37,023
Operating lease liabilities	294,849		310,899
Other	250,023		245,532
Total other long-term liabilities	$	719,742	$	787,058

Accumulated other comprehensive loss:
Foreign currency translation adjustments	$	(110,364)	$	(100,025)
Pension and post-retirement benefit plans, net of tax	(118,254)		(116,381)
Cash flow hedges, net of tax	(23,715)		(32,809)
Total accumulated other comprehensive loss	$	(252,333)	$	(249,215)

Schedule of Maturity of Operating Lease Liabilities

The maturity of our lease liabilities as of December 31, 2022 were as follows:


	Operating leases		Finance leases		Total
2023	$	41,393	$	8,289	$	49,682
2024	38,789		7,478		46,267
2025	27,466		5,535		33,001
2026	23,596		4,036		27,632
2027	23,770		4,065		27,835
Thereafter	264,553		142,020		406,573
Total lease payments	419,567		171,423		590,990
Less: Imputed interest	92,931		97,944		190,875
Total lease liabilities	$	326,636	$	73,479	$	400,115

Schedule of Maturity of Finance Lease Liabilities

The maturity of our lease liabilities as of December 31, 2022 were as follows:


	Operating leases		Finance leases		Total
2023	$	41,393	$	8,289	$	49,682
2024	38,789		7,478		46,267
2025	27,466		5,535		33,001
2026	23,596		4,036		27,632
2027	23,770		4,065		27,835
Thereafter	264,553		142,020		406,573
Total lease payments	419,567		171,423		590,990
Less: Imputed interest	92,931		97,944		190,875
Total lease liabilities	$	326,636	$	73,479	$	400,115

Schedule of Supplemental Cash Flow Information Related To Leases

Supplemental cash flow and other information related to leases were as follows:


	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	45,179	$	42,584
Operating cash flows from finance leases	$	4,192	$	4,730
Financing cash flows from finance leases	$	4,717	$	4,358

ROU assets obtained in exchange for lease liabilities:
Operating leases	$	13,998	$	164,951
Finance leases	$	9,617	$	(6,424)

BUSINESS REALIGNMENT ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2022

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:


For the years ended December 31,	2022		2021		2020
Cost of sales	$	3	$	5,220	$	2,209
Selling, marketing and administrative expense	2,425		7,854		10,801
Business realignment costs	1,989		3,525		18,503
Costs associated with business realignment activities	$	4,417	$	16,599	$	31,513

Costs recorded by program in 2022, 2021 and 2020 related to these activities were as follows:


For the years ended December 31,	2022		2021		2020
International Optimization Program:
Severance and employee benefit costs	$	2,001	$	3,982	$	18,977
Other program costs	2,416		12,617		10,366
Margin for Growth Program:
Severance	—		—		(653)
Other program costs	—		—		2,823
Total	$	4,417	$	16,599	$	31,513

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Income Taxes

The components of income before income taxes were as follows:


For the years ended December 31,	2022		2021		2020
Domestic	$	1,816,622	$	1,775,361	$	1,405,254
Foreign	100,449		21,863		89,743
Income before income taxes	$	1,917,071	$	1,797,224	$	1,494,997

Schedule of Components of Income Tax Expense (Benefit)

The components of our provision for income taxes were as follows:


For the years ended December 31,	2022		2021		2020
Current:
Federal	$	121,968	$	161,402	$	117,348
State	85,741		60,979		46,198
Foreign	27,656		78,650		29,158
	235,365		301,031		192,704
Deferred:
Federal	34,848		26,726		24,486
State	3,393		8,253		3,746
Foreign	(1,352)		(21,605)		(1,352)
	36,889		13,374		26,880
Total provision for income taxes	$	272,254	$	314,405	$	219,584

Schedule of Deferred Tax Asset and Liabilities

The significant temporary differences that comprised the deferred tax assets and liabilities are as follows:


December 31,	2022		2021
Deferred tax assets:
Post-retirement benefit obligations	$	40,100	$	51,026
Accrued expenses and other reserves	78,523		81,847
Stock-based compensation	19,847		21,898
Derivative instruments	3,983		—

Lease liabilities	91,099		95,503
Accrued trade promotion reserves	23,082		25,382
Net operating loss carryforwards	130,944		152,389
Capital loss carryforwards	1,999		2,522

Other	52,802		49,760
Gross deferred tax assets	442,379		480,327
Valuation allowance	(137,531)		(167,788)
Total deferred tax assets	304,848		312,539
Deferred tax liabilities:
Property, plant and equipment, net	247,964		234,474
Acquired intangibles	193,160		168,087
Lease ROU assets	28,573		76,285
Inventories	72,602		20,105
Derivative instruments	—		1,352
Pension	11,038		11,871
Other	39,416		47,496
Total deferred tax liabilities	592,753		559,670
Net deferred tax liabilities	$	(287,905)	$	(247,131)
Included in:
Non-current deferred tax assets, net	$	40,498	$	40,873
Non-current deferred tax liabilities, net	(328,403)		(288,004)
Net deferred tax liabilities	$	(287,905)	$	(247,131)

Schedule of Effective Income Tax Rate Reconciliation

The following table reconciles the federal statutory income tax rate with our effective income tax rate:


For the years ended December 31,	2022		2021		2020
Federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Increase (reduction) resulting from:
State income taxes, net of Federal income tax benefits	3.2		2.8		2.7


Foreign rate differences	(0.1)		(0.2)		(0.5)
Historic and solar tax credits	(9.9)		(6.2)		(7.7)

Tax contingencies	0.4		1.7		0.1
Stock compensation	(0.7)		(0.5)		(0.6)

Other, net	0.3		(1.1)		(0.3)
Effective income tax rate	14.2	%	17.5	%	14.7	%

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


December 31,	2022		2021
Balance at beginning of year	$	143,305	$	108,543
Additions for tax positions taken during prior years	17,987		40,145
Reductions for tax positions taken during prior years	(9,310)		(3,601)
Additions for tax positions taken during the current year	4,112		14,329
Settlements	—		(9,858)
Expiration of statutes of limitations	(7,749)		(6,253)
Balance at end of year	$	148,345	$	143,305

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Schedule of Defined Benefit Obligations, Plan Assets, and Funded Status

A summary of the changes in benefit obligations, plan assets and funded status of these plans is as follows:


	Pension Benefits				Other Benefits
December 31,	2022		2021		2022		2021
Change in benefit obligation
Projected benefit obligation at beginning of year	$	1,076,180	$	1,168,838	$	211,490	$	243,308
Service cost	17,500		21,361		302		1,879
Interest cost	30,491		18,320		4,603		3,857

Actuarial (gain) loss	(184,775)		(33,984)		(28,145)		(14,787)

Settlement	(82,907)		(75,985)		—		—
Currency translation and other	(3,268)		619		(613)		113
Benefits paid	(22,936)		(22,989)		(22,748)		(22,880)
Projected benefit obligation at end of year	830,285		1,076,180		164,889		211,490
Change in plan assets
Fair value of plan assets at beginning of year	1,098,191		1,100,245		—		—
Actual return on plan assets	(196,969)		68,361		—		—
Employer contributions	55,799		28,220		22,748		22,880
Settlement	(82,907)		(75,985)		—		—
Currency translation and other	(2,746)		339		—		—
Benefits paid	(22,936)		(22,989)		(22,748)		(22,880)
Fair value of plan assets at end of year	848,432		1,098,191		—		—
Funded status at end of year	$	18,147	$	22,011	$	(164,889)	$	(211,490)

Amounts recognized in the Consolidated Balance Sheets:
Other assets	$	53,495	$	71,618	$	—	$	—
Accrued liabilities	(7,652)		(12,584)		(17,715)		(17,886)
Other long-term liabilities	(27,696)		(37,023)		(147,174)		(193,604)
Total	$	18,147	$	22,011	$	(164,889)	$	(211,490)

Amounts recognized in Accumulated Other Comprehensive Income (Loss), net of tax:
Actuarial net (loss) gain	$	(150,378)	$	(132,917)	$	19,689	$	1,137
Net prior service credit	12,435		15,399		—		—
Net amounts recognized in AOCI	$	(137,943)	$	(117,518)	$	19,689	$	1,137

Schedule of Accumulated Benefit Obligations in Excess of Plan Assets

Plans with accumulated benefit obligations in excess of plan assets were as follows:


December 31,	2022		2021
Projected benefit obligation	$	79,932	$	108,034
Accumulated benefit obligation	68,665		92,462
Fair value of plan assets	44,584		58,427

Schedule of Components of Net Periodic Benefit Cost

The components of net periodic benefit cost were as follows:


	Pension Benefits						Other Benefits
For the years ended December 31,	2022		2021		2020		2022		2021		2020
Amounts recognized in net periodic benefit cost
Service cost	$	17,500	$	21,361	$	21,734	$	302	$	1,879	$	159
Interest cost	30,491		18,320		26,112		4,603		3,857		6,029
Expected return on plan assets	(47,637)		(49,091)		(52,907)		—		—		—
Amortization of prior service (credit) cost	(5,651)		(6,142)		(7,308)		—		—		300
Amortization of net loss	16,060		20,556		26,952		(92)		1,593		(39)

Settlement loss	20,692		16,085		13,421		—		—		—
Total net periodic benefit cost	$	31,455	$	21,089	$	28,004	$	4,813	$	7,329	$	6,449

Change in plan assets and benefit obligations recognized in AOCI, pre-tax
Actuarial net (gain) loss	$	22,609	$	(80,047)	$	(15,606)	$	(26,212)	$	(16,374)	$	15,266
Prior service cost (credit)	5,601		6,447		7,310		—		—		(300)
Total recognized in other comprehensive (income) loss, pre-tax	$	28,210	$	(73,600)	$	(8,296)	$	(26,212)	$	(16,374)	$	14,966
Net amounts recognized in periodic benefit cost and AOCI	$	59,665	$	(52,511)	$	19,708	$	(21,399)	$	(9,045)	$	21,415

Schedule of Weighted-Average Assumptions Used in Computing the Benefit Obligation

The weighted-average assumptions used in computing the year end benefit obligations were as follows:


	Pension Benefits				Other Benefits
December 31,	2022		2021		2022		2021
Discount rate	5.5	%	2.7	%	5.5	%	2.9	%
Rate of increase in compensation levels	3.4	%	3.5	%	4.0	%	N/A
Interest crediting rate	4.7	%	4.6	%	N/A		N/A

The weighted-average assumptions used in computing net periodic benefit cost were as follows:


	Pension Benefits						Other Benefits
For the years ended December 31,	2022		2021		2020		2022		2021		2020
Discount rate	2.7	%	2.3	%	3.1	%	2.9	%	2.5	%	3.2	%
Expected long-term return on plan assets	4.9	%	4.8	%	5.3	%	N/A		N/A		N/A
Rate of compensation increase	3.5	%	3.5	%	3.6	%	N/A		N/A		N/A

Schedule of Allocation of Plan Assets

Our target asset allocation for our major domestic pension plans as of December 31, 2022 was as follows:


Asset Class						Target Asset Allocation
Cash						1%
Equity securities						27%
Fixed income securities						48%
Alternative investments, including real estate, listed infrastructure and other						24%

The following table sets forth by level, within the fair value hierarchy (as defined in Note 6), pension plan assets at their fair values as of December 31, 2022:


	Quoted prices in active markets of identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant other unobservable inputs (Level 3)		Investments Using NAV as a Practical Expedient (1)		Total
Cash and cash equivalents	$	327	$	29,595	$	—	$	566	$	30,488
Equity securities:
Global all-cap (a)	—		—		—		206,636		206,636
Fixed income securities:
U.S. government/agency	—		—		—		173,122		173,122
Corporate bonds (b)	—		—		—		58,646		58,646
International government/corporate bonds (c)	—		—		—		26,489		26,489
Diversified credit (d)	—		—		—		109,926		109,926
Alternative investments:
Global diversified assets (e)	—		—		—		95,243		95,243
Real assets fund (f)	—		—		—		147,882		147,882

Total pension plan assets	$	327	$	29,595	$	—	$	818,510	$	848,432

The following table sets forth by level, within the fair value hierarchy, pension plan assets at their fair values as of December 31, 2021:


	Quoted prices in active markets of identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant other unobservable inputs (Level 3)		Investments Using NAV as a Practical Expedient (1)		Total
Cash and cash equivalents	$	534	$	23,715	$	—	$	649	$	24,898
Equity securities:
Global all-cap (a)	—		—		—		294,090		294,090
Fixed income securities:
U.S. government/agency	—		—		—		248,579		248,579
Corporate bonds (b)	—		—		—		78,360		78,360
International government/corporate bonds (c)	—		—		—		31,922		31,922
Diversified credit (d)	—		—		—		154,004		154,004
Alternative investments:
Global diversified assets (e)	—		—		—		97,412		97,412
Real assets fund (f)	—		—		—		168,926		168,926

Total pension plan assets	$	534	$	23,715	$	—	$	1,073,942	$	1,098,191


(a)			This category comprises equity funds that primarily track the MSCI World Index or MSCI All Country World Index.
(b)			This category comprises fixed income funds primarily invested in investment grade and high yield bonds.
(c)			This category comprises fixed income funds primarily invested in Canadian and other international bonds.
(d)			This category comprises fixed income funds primarily invested in high yield bonds, loans, securitized debt and emerging market debt.
(e)			This category comprises diversified funds invested across alternative asset classes.
(f)			This category comprises funds primarily invested in publicly traded real estate securities, publicly listed infrastructure securities and real estate debt.

Schedule of Expected Benefit Payments

Total benefit payments expected to be paid to plan participants, including pension benefits funded from the plans and other benefits funded from Company assets, are as follows:


	Expected Benefit Payments
	2023		2024		2025		2026		2027		2028-2032
Pension Benefits	$	115,689	$	88,637	$	88,579	$	91,949	$	75,724	$	326,440
Other Benefits	17,745		16,794		15,579		14,465		13,654		57,698

STOCK COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2022

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:


For the years ended December 31,	2022		2021		2020
Pre-tax compensation expense	$	65,991	$	66,711	$	57,584
Related income tax benefit	9,635		11,608		8,580

Schedule of Activity Relating to the Grants of Stock Options

A summary of activity relating to grants of stock options for the year ended December 31, 2022 is as follows:


Stock Options	Shares	Weighted-Average Exercise Price (per share)	Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at beginning of the period	1,332,956	$102.78	4.4 years
Granted	4,025	$202.03
Exercised	(351,503)	$99.11
Forfeited	(6,971)	$123.07
Expired	(1,873)	$103.07
Outstanding as of December 31, 2022	976,634	$104.36	3.8 years	$	124,240
Options exercisable as of December 31, 2022	943,561	$102.54	3.7 years	$	121,749

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:


For the years ended December 31,	2022		2021		2020
Dividend yields	1.9	%	2.2	%	2.1	%
Expected volatility	21.1	%	21.8	%	17.5	%
Risk-free interest rates	1.9	%	1	%	1.3	%
Expected term in years	6.3		6.3		6.7

•“Dividend yields” means the sum of dividends declared for the four most recent quarterly periods, divided by the average price of our Common Stock for the comparable periods;

•“Expected volatility” means the historical volatility of our Common Stock over the expected term of each grant;

•“Risk-free interest rates” means the U.S. Treasury yield curve rate in effect at the time of grant for periods within the contractual life of the stock option; and

•“Expected term” means the period of time that stock options granted are expected to be outstanding based on historical data.

Schedule of Outstanding Stock Options

The following table summarizes information about stock options outstanding as of December 31, 2022:


	Options Outstanding			Options Exercisable
Range of Exercise Prices	Number Outstanding as of 12/31/22	Weighted-Average Remaining Contractual Life in Years	Weighted-Average Exercise Price	Number Exercisable as of 12/31/22	Weighted-Average Exercise Price
$60.68 - $99.90	472,273	4.1	$96.38	472,273	$96.38
$99.91 - $107.95	376,889	2.8	$106.88	376,889	$106.88
$107.96 - $202.03	127,472	5.6	$126.44	94,399	$116.00
$60.68 - $202.03	976,634	3.8	$104.36	943,561	$102.54

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 December 31, 2022 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	1,303,521	$146.96
Granted	313,285	$211.85
Performance assumption change (1)	77,150	$253.68
Vested	(516,502)	$130.69
Forfeited	(35,775)	$167.81
Outstanding at end of year	1,141,679	$181.91

(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


For the years ended December 31,	2022			2021			2020
Units granted	313,285			404,517			353,037
Weighted-average fair value at date of grant	$	211.85		$	154.83		$	161.30
Monte Carlo simulation assumptions:
Estimated values	$	100.41		$	66.44		$	80.08
Dividend yields	1.8		%	2.2		%	2.0		%
Expected volatility	25.3		%	26.4		%	17.3		%

•“Estimated values” means the fair value for the market-based total shareholder return component of each PSU at the date of grant using a Monte Carlo simulation model;

•“Dividend yields” means the sum of dividends declared for the four most recently quarterly periods, divided by the average price of our Common Stock for the comparable periods;

•“Expected volatility” means the historical volatility of our Common Stock over the expected term of each grant.

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of Net Sales and Earnings by Segment

Our segment net sales and earnings were as follows:


For the years ended December 31,	2022		2021		2020
Net sales:
North America Confectionery	$	8,536,480	$	7,682,416	$	7,084,860
North America Salty Snacks	1,029,405		555,424		438,224
International	853,409		733,497		626,635
Total	$	10,419,294	$	8,971,337	$	8,149,719

Segment income (loss):
North America Confectionery	$	2,811,066	$	2,475,873	$	2,274,584
North America Salty Snacks	159,935		100,777		75,845
International	107,927		74,170		(14)
Total segment income	3,078,928		2,650,820		2,350,415
Unallocated corporate expense (1)	735,542		614,875		520,632
Unallocated mark-to-market losses (gains) on commodity derivatives	78,182		(24,376)		6,429
Long-lived asset impairment charges (see Note 6)	—		—		9,143
Costs associated with business realignment activities (see Note 9)	4,417		16,599		31,513


Operating profit	2,260,787		2,043,722		1,782,698
Interest expense, net (see Note 4)	137,557		127,417		149,374
Other (income) expense, net (see Note 17)	206,159		119,081		138,327
Income before income taxes	$	1,917,071	$	1,797,224	$	1,494,997

Schedule of Unallocated Mark-to-Market Losses (Gains) on Commodity Derivatives

Activity within the unallocated mark-to-market losses (gains) on commodity derivatives is as follows:


For the years ended December 31,	2022		2021		2020
Net gains on mark-to-market valuation of commodity derivative positions recognized in income	$	(44,569)	$	(85,402)	$	(6,593)
Net gains on commodity derivative positions reclassified from unallocated to segment income	122,751		61,026		13,022
Net losses (gains) on mark-to-market valuation of commodity derivative positions recognized in unallocated derivative losses (gains)	$	78,182	$	(24,376)	$	6,429

Schedule of Depreciation and Amortization Expense Included within Segment Income

Depreciation and amortization expense included within segment income presented above is as follows:


For the years ended December 31,	2022		2021		2020
North America Confectionery	$	228,399	$	213,113	$	198,951
North America Salty Snacks	68,600		29,744		27,362
International	23,148		22,754		24,533
Corporate	58,812		49,391		44,061
Total	$	378,959	$	315,002	$	294,907

Schedule of Segment Information by Geography

Additional information regarding our net sales and long-lived assets disaggregated by geographical region is as follows:


For the years ended December 31,	2022		2021		2020
Net sales:
United States	$	9,121,166	$	7,807,606	$	7,042,804
Other	1,298,128		1,163,731		1,106,915
Total	$	10,419,294	$	8,971,337	$	8,149,719

Long-lived assets:
United States	$	2,272,811	$	2,099,786	$	1,836,114
Other	496,891		486,401		449,141
Total	$	2,769,702	$	2,586,187	$	2,285,255

EQUITY AND NONCONTROLLING INTEREST (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Schedule of the Changes in the Outstanding Shares of Common Stock

Changes in the outstanding shares of Common Stock for the past three years were as follows:


For the years ended December 31,	2022	2021	2020
Shares issued	221,553,025	221,553,025	221,553,025
Treasury shares at beginning of year	(15,444,011)	(13,325,898)	(12,723,592)
Stock repurchases:
Shares repurchased in the open market under pre-approved share repurchase programs	—	(871,144)	(951,138)
Milton Hershey School Trust repurchase	(1,000,000)	—	—
Shares repurchased in the open market to replace Treasury Stock issued for stock options and incentive compensation	(824,701)	(2,005,500)	(450,000)
Stock issuances:
Shares issued for stock options and incentive compensation	680,404	758,531	798,832

Treasury shares at end of year	(16,588,308)	(15,444,011)	(13,325,898)

Net shares outstanding at end of year	204,964,717	206,109,014	208,227,127

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Purchase Obligations Covered by Purchase Agreements with Various Suppliers Future Maturity Schedule


in millions	2023		2024		2025		2026		2027
Purchase obligations	$	1,871.0	$	202.6	$	12.5	$	12.5	$	12.5

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share

We compute basic and diluted earnings per share based on the weighted-average number of shares of Common Stock and Class B common stock outstanding as follows:


For the years ended December 31,	2022				2021				2020
	Common Stock		Class B Common Stock		Common Stock		Class B Common Stock		Common Stock		Class B Common Stock
Basic earnings per share:
Numerator:
Allocation of distributed earnings (cash dividends paid)	$	567,897	$	207,133	$	498,084	$	187,903	$	467,013	$	173,719
Allocation of undistributed earnings	637,438		232,349		574,772		216,753		464,802		173,174
Total earnings—basic	$	1,205,335	$	439,482	$	1,072,856	$	404,656	$	931,815	$	346,893

Denominator (shares in thousands):
Total weighted-average shares—basic	146,713		58,822		146,120		60,614		147,832		60,614

Earnings Per Share—basic	$	8.22	$	7.47	$	7.34	$	6.68	$	6.30	$	5.72

Diluted earnings per share:
Numerator:
Allocation of total earnings used in basic computation	$	1,205,335	$	439,482	$	1,072,856	$	404,656	$	931,815	$	346,893
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	439,482		—		404,656		—		346,893		—
Reallocation of undistributed earnings	—		(1,201)		—		(1,098)		—		(822)
Total earnings—diluted	$	1,644,817	$	438,281	$	1,477,512	$	403,558	$	1,278,708	$	346,071

Denominator (shares in thousands):
Number of shares used in basic computation	146,713		58,822		146,120		60,614		147,832		60,614
Weighted-average effect of dilutive securities:
Conversion of Class B common stock to Common shares outstanding	58,822		—		60,614		—		60,614		—
Employee stock options	571		—		609		—		600		—
Performance and restricted stock units	469		—		415		—		368		—
Total weighted-average shares—diluted	206,575		58,822		207,758		60,614		209,414		60,614

Earnings Per Share—diluted	$	7.96	$	7.45	$	7.11	$	6.66	$	6.11	$	5.71

OTHER (INCOME) EXPENSE, NET OTHER (INCOME) EXPENSE, NET (Tables)

12 Months Ended

Dec. 31, 2022

Other Income and Expenses [Abstract]

Schedule of Other (Income) Expense, Net

A summary of the components of other (income) expense, net is as follows:


For the years ended December 31,	2022		2021		2020
Write-down of equity investments in partnerships qualifying for historic and renewable energy tax credits (see Note 8)	$	188,286	$	113,756	$	125,579
Non-service cost components of net periodic benefit cost relating to pension and other post-retirement benefit plans (see Note 11)	18,466		5,177		12,560

Other (income) expense, net	(593)		148		188
Total	$	206,159	$	119,081	$	138,327

SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables)

12 Months Ended

Dec. 31, 2022

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	2022		2021
Assets
Operating lease ROU assets	Other non-current assets	$	326,472	$	351,712

Finance lease ROU assets, at cost	Property, plant and equipment, gross	86,703		89,190
Accumulated amortization	Accumulated depreciation	(14,543)		(16,694)
Finance lease ROU assets, net	Property, plant and equipment, net	72,160		72,496

Total leased assets		$	398,632	$	424,208

Liabilities
Current
Operating	Accrued liabilities	$	31,787	$	36,292
Finance	Current portion of long-term debt	4,285		3,564
Non-current
Operating	Other long-term liabilities	294,849		310,899
Finance	Long-term debt	69,194		65,582
Total lease liabilities		$	400,115	$	416,337

The components of certain Consolidated Balance Sheet accounts are as follows:


December 31,	2022		2021
Inventories:
Raw materials	$	372,612	$	395,358
Goods in process	137,298		110,008
Finished goods	855,217		649,082
Inventories at FIFO	1,365,127		1,154,448
Adjustment to LIFO	(192,008)		(165,937)
Total inventories	$	1,173,119	$	988,511

Prepaid expenses and other:
Prepaid expenses	$	143,888	$	129,287

Other current assets	128,307		127,678
Total prepaid expenses and other	$	272,195	$	256,965

Property, plant and equipment:
Land	$	155,963	$	154,494
Buildings	1,545,053		1,508,139
Machinery and equipment	3,592,251		3,443,500
Construction in progress	416,220		294,824
Property, plant and equipment, gross	5,709,487		5,400,957
Accumulated depreciation	(2,939,785)		(2,814,770)
Property, plant and equipment, net	$	2,769,702	$	2,586,187

Other non-current assets:
Pension	$	53,495	$	71,618
Capitalized software, net	320,034		260,656

Operating lease ROU assets	326,472		351,712
Investments in unconsolidated affiliates	133,029		93,089
Other non-current assets	111,959		91,128
Total other non-current assets	$	944,989	$	868,203

Accrued liabilities:
Payroll, compensation and benefits	$	293,865	$	291,446
Advertising, promotion and product allowances	337,024		305,050
Operating lease liabilities	31,787		36,292

Other	169,842		222,850
Total accrued liabilities	$	832,518	$	855,638

Other long-term liabilities:
Post-retirement benefits liabilities	$	147,174	$	193,604
Pension benefits liabilities	27,696		37,023
Operating lease liabilities	294,849		310,899
Other	250,023		245,532
Total other long-term liabilities	$	719,742	$	787,058

Accumulated other comprehensive loss:
Foreign currency translation adjustments	$	(110,364)	$	(100,025)
Pension and post-retirement benefit plans, net of tax	(118,254)		(116,381)
Cash flow hedges, net of tax	(23,715)		(32,809)
Total accumulated other comprehensive loss	$	(252,333)	$	(249,215)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details)	12 Months Ended
	Dec. 31, 2022 brandName country segment
Accounting Policies [Abstract]
Number of brand names \| brandName	100
Number of countries in which products are marketed, sold and distributed (country) \| country	80
Number of reportable segments (segment) \| segment	3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Promotional Costs, Estimate Deviation, Percentage (Less Than)	3.00%	3.00%	3.00%
Unsettled Accrued Liabilities	$ 215,688	$ 174,046
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk \| McLane Company, Inc.
Concentration risk, percentage	28.00%	30.00%	31.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - SELLING, MARKETING AND ADMINISTRATIVE EXPENSE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Research and development costs	$ 46,943	$ 40,107	$ 37,577
Advertising expense	517,677	511,798	$ 516,936
Prepaid advertising expense	$ 241	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - ACCOUNTS RECEIVABLE - TRADE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenue, Major Customer [Line Items]
Allowance for doubtful accounts	$ 26,001	$ 28,837
McLane Company, Inc. \| Customer Concentration Risk \| Accounts Receivable
Revenue, Major Customer [Line Items]
Concentration risk, percentage	26.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - INVENTORIES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Percentage of LIFO inventory	53.00%
LIFO inventory amount	$ 621,614	$ 589,850

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Finance Lease, Right-of-Use Asset	$ 72,160	$ 72,496
Depreciation	$ 253,582	$ 230,638	$ 219,021
Machinery and Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Machinery and Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	15 years
Building and Building Improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	25 years
Building and Building Improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	40 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - COMPUTER SOFTWARE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Capitalized Software [Line Items]
Capitalized software, net	$ 320,034	$ 260,656
Computer Software
Capitalized Software [Line Items]
Capitalized software, net	320,034	260,656
Capitalized computer software, accumulated amortization	$ 350,620	$ 321,939
Computer Software \| Minimum
Capitalized Software [Line Items]
Property, plant and equipment, useful life	3 years
Computer Software \| Maximum
Capitalized Software [Line Items]
Property, plant and equipment, useful life	7 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - GOODWILL AND OTHER INTANGIBLES ASSETS (Details)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Finite-Lived intangible assets, weighted-average amortization period	29 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - SUPPLIER FINANCE PROGRAM OBLIGATIONS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Supplier finance program obligations	$ 105,293	$ 36,386

BUSINESS ACQUISITIONS AND DIVESTITURES - PRETZELS, INC NARRATIVE (Details) - Pretzels, Inc. $ in Thousands	Dec. 14, 2021 USD ($)
Business Acquisition [Line Items]
Consideration transferred	$ 304,334
Trademarks	5,700
Customer relationships	$ 20,400
Trademarks
Business Acquisition [Line Items]
Useful life	5 years
Customer Relationships
Business Acquisition [Line Items]
Useful life	19 years

BUSINESS ACQUISITIONS AND DIVESTITURES - PRETZELS, INC ASSETS ACQUIRED AND LIABILITIES ASSUMED ALLOCATION (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Oct. 02, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 2,606,956		$ 2,633,174	$ 1,988,215
Pretzels, Inc.
Business Acquisition [Line Items]
Goodwill		$ 166,191
Other intangible assets		26,100
Current assets acquired		30,835
Property, plant and equipment, net		100,716
Other non-current assets, primarily operating lease ROU assets		111,787
Deferred income taxes		773
Current liabilities acquired		(22,713)
Other long-term liabilities, primarily operating lease liabilities		(109,355)
Net assets acquired		$ 304,334

BUSINESS ACQUISITIONS AND DIVESTITURES - DOT'S PRETZELS, LLC NARRATIVE (Details) - Dot's Pretzels, LLC $ in Thousands	Dec. 13, 2021 USD ($)
Business Acquisition [Line Items]
Consideration transferred	$ 891,169
Trademarks	336,600
Customer relationships	$ 206,500
Trademarks
Business Acquisition [Line Items]
Useful life	33 years
Minimum \| Customer Relationships
Business Acquisition [Line Items]
Useful life	18 years

BUSINESS ACQUISITIONS AND DIVESTITURES - DOT'S PRETZELS, INC. ASSETS ACQUIRED AN LIABILITIES ASSUMED ALLOCATION (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Oct. 02, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 2,606,956		$ 2,633,174	$ 1,988,215
Dot's Pretzels, LLC
Business Acquisition [Line Items]
Goodwill		$ 284,427
Other intangible assets		543,100
Current assets acquired		51,121
Property, plant and equipment, net		40,266
Other non-current assets		2,201
Other liabilities assumed, primarily current liabilities		(29,946)
Net assets acquired		$ 891,169

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

BUSINESS ACQUISITIONS AND DIVESTITURES - LILY'S SWEETS, LLC NARRATIVE (Details) - Lily's Sweets, LLC - USD ($) $ in Thousands	Jun. 25, 2021	Dec. 31, 2022
Business Acquisition [Line Items]
Consideration transferred	$ 422,210
Contingent consideration, liability	5,000	$ 1,250
Trademarks	151,600
Customer relationships	$ 84,200
Trademarks
Business Acquisition [Line Items]
Useful life	33 years
Customer Relationships \| Minimum
Business Acquisition [Line Items]
Useful life	17 years
Customer Relationships \| Maximum
Business Acquisition [Line Items]
Useful life	18 years

BUSINESS ACQUISITIONS AND DIVESTITURES - LILY'S SWEETS, LLC ASSETS ACQUIRED AND LIABILITIES ASSUMED ALLOCATION (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 2,606,956	$ 2,633,174	$ 1,988,215
Lily's Sweets, LLC
Business Acquisition [Line Items]
Goodwill		175,826
Other intangible assets		235,800
Other assets acquired, primarily current assets		33,092
Other liabilities assumed, primarily current liabilities		(9,620)
Deferred income taxes		(7,888)
Net assets acquired		$ 427,210

- Definition

+ References + Details

GOODWILL AND INTANGIBLE ASSETS - SCHEDULE OF CHANGES IN CARRYING VALUE OF GOODWILL BY REPORTABLE SEGMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Goodwill, gross			$ 2,350,563
Accumulated impairment loss			(362,348)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 2,606,956	$ 2,633,174	1,988,215
Acquired during the period		643,162
Measurement period adjustments	(18,028)	1,310
Foreign currency translation	(8,190)	487
Goodwill, ending balance	2,606,956	2,633,174
Operating Segments \| North America Confectionery
Goodwill [Line Items]
Goodwill, gross			1,854,266
Accumulated impairment loss			(4,973)
Goodwill [Roll Forward]
Goodwill, beginning balance	2,018,430	2,026,006	1,849,293
Acquired during the period		174,516
Measurement period adjustments	0	1,310
Foreign currency translation	(7,576)	887
Goodwill, ending balance	2,018,430	2,026,006
Operating Segments \| North America Salty Snacks
Goodwill [Line Items]
Goodwill, gross			121,152
Accumulated impairment loss			0
Goodwill [Roll Forward]
Goodwill, beginning balance	571,770	589,798	121,152
Acquired during the period		468,646
Measurement period adjustments	(18,028)	0
Foreign currency translation	0	0
Goodwill, ending balance	571,770	589,798
Operating Segments \| International
Goodwill [Line Items]
Goodwill, gross			375,145
Accumulated impairment loss			(357,375)
Goodwill [Roll Forward]
Goodwill, beginning balance	16,756	17,370	$ 17,770
Acquired during the period		0
Measurement period adjustments	0	0
Foreign currency translation	(614)	(400)
Goodwill, ending balance	$ 16,756	$ 17,370

GOODWILL AND INTANGIBLE ASSETS - GOODWILL AND INTANGIBLE ASSETS NARRATIVE (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Goodwill, Impairment Loss	$ 0	$ 0	$ 0
Long-lived asset impairment charges	0	0	9,143,000
Amortization of Intangible Assets	$ 79,690,000	$ 52,124,000	$ 46,472,000

GOODWILL AND INTANGIBLE ASSETS - SCHEDULE OF GROSS CARRYING AMOUNT AND ACCUMULATED AMORTIZATION FOR EACH MAJOR CLASS OF INTANGIBLE ASSET (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 2,223,173	$ 2,218,680
Finite-lived intangible assets, accumulated amortization	(291,593)	(215,514)
Total other intangible assets	1,966,269	2,037,588
Trademarks
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, excluding goodwill	34,689	34,422
Trademarks
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	1,701,932	1,705,390
Finite-lived intangible assets, accumulated amortization	(190,045)	(141,760)
Customer-related
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	513,188	504,667
Finite-lived intangible assets, accumulated amortization	(93,495)	(65,131)
Patents
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	8,053	8,623
Finite-lived intangible assets, accumulated amortization	$ (8,053)	$ (8,623)

GOODWILL AND INTANGIBLE ASSETS - SCHEDULE OF AMORTIZATION EXPENSE, FOR THE NEXT FIVE YEARS (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 79,249
2024	78,667
2025	78,667
2026	78,620
2027	$ 77,527

SHORT AND LONG-TERM DEBT - SHORT-TERM DEBT NARRATIVE (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) period	Dec. 31, 2021 USD ($)
Line of Credit Facility [Line Items]
Short-term debt	$ 693,790,000	$ 939,423,000
Short-term debt, weighted average interest rate	4.40%	0.20%
Maximum amount of short term borrowing outstanding	$ 937,593,000	$ 939,423,000
Commercial Paper
Line of Credit Facility [Line Items]
Short-term debt	$ 558,235,000	$ 820,385,000
Short-term debt, weighted average interest rate	4.30%	0.10%
Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Debt instrument, covenant, pre-tax income from operations to consolidated interest expense, minimum	200.00%
Revolving Credit Facility \| Foreign Line of Credit
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 313,195,000	$ 280,650,000
Short-term foreign bank loans against the lines of credit	135,555,000	$ 119,038,000
Line of Credit \| Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	1,500,000,000
Line Of Credit Facility, Accordion Feature Increase Limit	$ 500,000,000
Debt, Termination Date, Number of Extension Option \| period	2
Debt, Termination Date, Extension Term	1 year

SHORT AND LONG-TERM DEBT - SCHEDULE OF LONG-TERM DEBT INSTRUMENTS (Details) - USD ($) $ in Thousands	1 Months Ended
	May 30, 2021	Feb. 28, 2021	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Finance lease obligations			$ 73,479	$ 69,146
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts			(19,563)	(23,314)
Total long-term debt			$ 4,097,555	$ 4,089,471
Finance lease obligations, extensible enumeration			Total long-term debt	Total long-term debt
Less—current portion			$ 753,578	$ 2,844
Long-term debt			$ 3,343,977	4,086,627
Corporate Debt Securities \| 8.800% Debentures
Debt Instrument [Line Items]
Interest rate, stated percentage			8.80%
Repayments of Debt		$ 84,715
Corporate Debt Securities \| 3.100% Notes
Debt Instrument [Line Items]
Interest rate, stated percentage			3.10%
Repayments of Debt	$ 350,000
Corporate Debt Securities \| 2.625% Notes
Debt Instrument [Line Items]
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]
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]
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]
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]
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]
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]
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]
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]
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]
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]
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]
Long-term debt			$ 350,000	$ 350,000
Interest rate, stated percentage			2.65%	2.65%

SHORT AND LONG-TERM DEBT - SCHEDULE OF MATURITIES OF LONG-TERM DEBT (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2023	$ 750,000
2024	300,000
2025	600,000
2026	500,000
2027	193,639
Thereafter	$ 1,700,000

SHORT AND LONG-TERM DEBT - SCHEDULE OF NET INTEREST EXPENSE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Interest expense	$ 148,226	$ 139,156	$ 160,204
Capitalized interest	(8,131)	(9,310)	(6,733)
Interest expense	140,095	129,846	153,471
Interest income	(2,538)	(2,429)	(4,097)
Interest expense, net	$ 137,557	$ 127,417	$ 149,374

DERIVATIVE INSTRUMENTS - NARRATIVE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Cash flow hedge gain (loss) to be reclassified within twelve months	$ 7,176
Commodities futures and options \| Non-designated Hedges
Derivative [Line Items]
Derivative, notional amount	$ 243,009	$ 313,200
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	$ 59,448	94,623
Foreign exchange contracts \| Non-designated Hedges
Derivative [Line Items]
Derivative, notional amount	1,843	2,993
Deferred compensation derivatives
Derivative [Line Items]
Derivative, notional amount	$ 18,803	$ 24,975
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

DERIVATIVE INSTRUMENTS - SCHEDULE OF THE CLASSIFICATION OF DERIVATIVE ASSETS AND LIABILITIES WITHIN THE CONSOLIDATED BALANCE SHEETS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Derivative asset	$ 6,074	$ 8,334
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other non-current assets, Prepaid expenses and other	Other non-current assets, Prepaid expenses and other
Derivative liability	$ 923	$ 2,087
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities, Other long-term liabilities	Accrued liabilities, Other long-term liabilities
Designated as Hedging Instrument \| Cash Flow Hedges \| Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Derivative asset	$ 3,921	$ 2,949
Derivative liability	261	711
Non-designated Hedges
Derivatives, Fair Value [Line Items]
Derivative asset	2,153	5,385
Derivative liability	662	1,376
Non-designated Hedges \| Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Derivative asset	246	550
Derivative liability	0	0
Non-designated Hedges \| Commodities futures and options
Derivatives, Fair Value [Line Items]
Derivative asset	685	2,423
Derivative liability	662	1,376
Gross derivative assets, included within derivative liabilities	25,308	31,774
Derivative liability, gross liabilities	25,296	32,701
Non-designated Hedges \| Deferred compensation derivatives
Derivatives, Fair Value [Line Items]
Derivative asset	1,222	2,412
Derivative liability	$ 0	$ 0

DERIVATIVE INSTRUMENTS - SCHEDULE OF THE EFFECT OF DERIVATIVE INSTRUMENTS ON THE CONSOLIDATED STATEMENTS OF INCOME (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 39,375	$ 91,953
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	2,056	(1,551)	$ (780)
Commodities futures and options
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	44,569	85,402
Foreign exchange contracts
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(274)	547
Interest rate swap agreements
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	0	0
Deferred compensation derivatives
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(4,920)	6,004
Designated as Hedging Instrument \| Cash Flow Hedges
Derivative [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	2,056	(1,551)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	(10,200)	(18,117)
Designated as Hedging Instrument \| Cash Flow Hedges \| Commodities futures and options
Derivative [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	0	0
Designated as Hedging Instrument \| Cash Flow Hedges \| Foreign exchange contracts
Derivative [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	2,056	(1,551)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	636	(7,145)
Designated as Hedging Instrument \| Cash Flow Hedges \| Interest rate swap agreements
Derivative [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	(10,836)	(10,972)
Designated as Hedging Instrument \| Cash Flow Hedges \| Deferred compensation derivatives
Derivative [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	$ 0	$ 0

FAIR VALUE MEASUREMENTS - FAIR VALUE MEASUREMENTS NARRATIVE (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Significant other unobservable inputs (Level 3)
Derivative [Line Items]
Fair Value, Net Asset (Liability)	$ 0	$ 0

FAIR VALUE MEASUREMENTS - SCHEDULE OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	$ 6,074	$ 8,334
Derivative liability	923	2,087
Fair Value, Measurements, Recurring \| Foreign exchange contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	4,167	3,499
Derivative liability	261	711
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	4,167	3,499
Derivative liability	261	711
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	1,222	2,412
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	1,222	2,412
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	685	2,423
Derivative liability	662	1,376
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	685	2,423
Derivative liability	662	1,376
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 - SCHEDULE OF FAIR VALUES AND CARRYING VALUES OF LONG-TERM DEBT (Details) - Significant other observable inputs (Level 2) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current portion of long-term debt, fair value	$ 749,345	$ 2,844
Long-term debt, fair value	2,854,165	4,274,304
Total long-term debt, fair value	3,603,510	4,277,148
Current portion of long-term debt	753,578	2,844
Long-term portion	3,343,977	4,086,627
Long-term Debt	$ 4,097,555	$ 4,089,471

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

FAIR VALUE MEASUREMENTS - SCHEDULE OF IMPAIRMENT CHARGES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charge on reclassified assets			$ 6,200
Long-lived asset impairment charges	$ 0	$ 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 COMPONENTS OF LEASE EXPENSE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 48,988	$ 44,444
Amortization of ROU assets, Finance lease cost	7,043	8,098
Interest on lease liabilities, Finance lease cost	4,192	4,358
Net lease cost	$ 60,223	$ 56,900

LEASES - SCHEDULE OF INFORMATION REGARDING OUR LEASE TERMS AND DISCOUNT RATES (Details)	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating leases, Weighted-average remaining lease term	15 years	15 years 4 months 24 days
Finance leases, Weighted-average remaining lease term	27 years 8 months 12 days	30 years
Operating leases, Weighted-average remaining discount rate	3.20%	3.10%
Finance leases, Weighted-average remaining discount rate	6.10%	6.10%

LEASES - SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease ROU assets	$ 326,472	$ 351,712
Operating lease, ROU assets, extensible enumeration	Other non-current assets	Other non-current assets
Finance lease ROU assets, at cost	$ 86,703	$ 89,190
Accumulated amortization	(14,543)	(16,694)
Finance lease ROU assets, net	$ 72,160	$ 72,496
Finance lease ROU asset, net, extensible enumeration	Property, plant and equipment, net	Property, plant and equipment, net
Total leased assets	$ 398,632	$ 424,208
Operating lease liabilities, current	$ 31,787	$ 36,292
Operating lease liabilities, current, extensible enumeration	Accrued liabilities	Accrued liabilities
Finance lease liabilities, current	$ 4,285	$ 3,564
Finance lease liabilities, current, extensible enumeration	Current portion of long-term debt	Current portion of long-term debt
Operating lease liabilities, non-current	$ 294,849	$ 310,899
Operating lease liabilities, non-current, extensible enumeration	Other long-term liabilities	Other long-term liabilities
Finance lease liabilities, non-current	$ 69,194	$ 65,582
Finance lease liabilities, non-current, extensible Enumeration	Long-term debt	Long-term debt
Total leased liabilities	$ 400,115	$ 416,337

LEASES - SCHEDULE OF MATURITIES OF LEASE LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2023	$ 49,682
2024	46,267
2025	33,001
2026	27,632
2027	27,835
Thereafter	406,573
Total lease payments	590,990
Less: Imputed interest	190,875
Total lease liabilities	400,115
Operating leases
2023	41,393
2024	38,789
2025	27,466
2026	23,596
2027	23,770
Thereafter	264,553
Total lease payments	419,567
Less: Imputed interest	92,931
Total operating lease liabilities	326,636
Finance leases
2023	8,289
2024	7,478
2025	5,535
2026	4,036
2027	4,065
Thereafter	142,020
Total lease payments	171,423
Less: Imputed interest	97,944
Total finance lease liabilities	$ 73,479	$ 69,146

LEASES - SCHEDULE OF SUPPLEMENTAL CASH FLOW INFORMATION RELATED TO LEASES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating cash flows from operating leases	$ 45,179	$ 42,584
Operating cash flows from finance leases	4,192	4,730
Financing cash flows from finance leases	4,717	4,358
Operating leases	13,998	164,951
Finance leases	$ 9,617	$ (6,424)

INVESTMENTS IN UNCONSOLIDATED AFFILIATES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Investments in unconsolidated affiliates	$ 133,029	$ 93,089
Other Noncurrent Assets
Business Acquisition [Line Items]
Investments in unconsolidated affiliates	$ 133,029	$ 93,089

BUSINESS REALIGNMENT ACTIVITIES - SCHEDULE OF BUSINESS REALIGNMENT ACTIVITY (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Business realignment costs	$ 4,417	$ 16,599	$ 31,513
International Optimization Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs	4,417	16,599
Margin for Growth Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs			2,170
Severance \| International Optimization Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs	2,001	3,982	18,977
Severance \| Margin for Growth Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs	0	0	(653)
Other program costs \| International Optimization Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs	2,416	12,617	10,366
Other program costs \| Margin for Growth Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs	0	0	2,823
Cost of Sales
Restructuring Cost and Reserve [Line Items]
Business realignment costs	3	5,220	2,209
Selling, marketing and administrative
Restructuring Cost and Reserve [Line Items]
Business realignment costs	2,425	7,854	10,801
Business realignment charges
Restructuring Cost and Reserve [Line Items]
Business realignment costs	$ 1,989	$ 3,525	$ 18,503

BUSINESS REALIGNMENT ACTIVITIES - BUSINESS REALIGNMENT ACTIVITIES NARRATIVE (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) position	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Restructuring Cost and Reserve [Line Items]
Business realignment costs	$ 4,417	$ 16,599	$ 31,513
International Optimization Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs	4,417	$ 16,599
Restructuring and related cost, cost incurred to date	$ 50,359
International Optimization Program \| Other
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected number of positions eliminated \| position	350
Margin for Growth Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs			$ 2,170
Margin for Growth Program \| Business realignment charges \| Geographic Concentration Risk \| North America Confectionery
Restructuring Cost and Reserve [Line Items]
Concentration risk, percentage	63.00%
Margin for Growth Program \| Business realignment charges \| Geographic Concentration Risk \| International
Restructuring Cost and Reserve [Line Items]
Concentration risk, percentage	37.00%
Minimum \| International Optimization Program
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	$ 50,000
Restructuring and related cost, expected cost, cash portion	40,000
Maximum \| International Optimization Program
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	75,000
Restructuring and related cost, expected cost, cash portion	$ 65,000

INCOME TAXES - SCHEDULE OF INCOME (LOSS) BEFORE TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Domestic	$ 1,816,622	$ 1,775,361	$ 1,405,254
Foreign	100,449	21,863	89,743
Income before income taxes	$ 1,917,071	$ 1,797,224	$ 1,494,997

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=126941158&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

INCOME TAXES - SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE (BENEFIT) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ 121,968	$ 161,402	$ 117,348
State	85,741	60,979	46,198
Foreign	27,656	78,650	29,158
Current Income Tax Expense (Benefit), Total	235,365	301,031	192,704
Deferred:
Federal	34,848	26,726	24,486
State	3,393	8,253	3,746
Foreign	(1,352)	(21,605)	(1,352)
Deferred Income Tax Expense (Benefit), Total	36,889	13,374	26,880
Total provision for income taxes	$ 272,254	$ 314,405	$ 219,584

INCOME TAXES - SCHEDULE OF DEFERRED TAX ASSET AND LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Post-retirement benefit obligations	$ 40,100	$ 51,026
Accrued expenses and other reserves	78,523	81,847
Stock-based compensation	19,847	21,898
Derivative instruments	3,983	0
Lease liabilities	91,099	95,503
Accrued trade promotion reserves	23,082	25,382
Net operating loss carryforwards	130,944	152,389
Capital loss carryforwards	1,999	2,522
Other	52,802	49,760
Gross deferred tax assets	442,379	480,327
Valuation allowance	(137,531)	(167,788)
Total deferred tax assets	304,848	312,539
Deferred tax liabilities:
Property, plant and equipment, net	247,964	234,474
Acquired intangibles	193,160	168,087
Lease ROU assets	28,573	76,285
Inventories	72,602	20,105
Derivative instruments	0	1,352
Pension	11,038	11,871
Other	39,416	47,496
Total deferred tax liabilities	592,753	559,670
Net deferred tax liabilities	(287,905)	(247,131)
Included in:
Non-current deferred tax assets, net	40,498	40,873
Non-current deferred tax liabilities, net	$ (328,403)	$ (288,004)

INCOME TAXES - SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21.00%	21.00%	21.00%
State income taxes, net of Federal income tax benefits	3.20%	2.80%	2.70%
Foreign rate differences	(0.10%)	(0.20%)	(0.50%)
Historic and solar tax credits	(9.90%)	(6.20%)	(7.70%)
Tax contingencies	0.40%	1.70%	0.10%
Stock compensation	(0.70%)	(0.50%)	(0.60%)
Other, net	0.30%	(1.10%)	(0.30%)
Effective income tax rate	14.20%	17.50%	14.70%

INCOME TAXES - SCHEDULE OF UNRECOGNIZED TAX BENEFITS ROLL FORWARD (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 143,305	$ 108,543
Additions for tax positions taken during prior years	17,987	40,145
Reductions for tax positions taken during prior years	(9,310)	(3,601)
Additions for tax positions taken during the current year	4,112	14,329
Settlements	0	(9,858)
Expiration of statutes of limitations	(7,749)	(6,253)
Balance at end of year	$ 148,345	$ 143,305

INCOME TAXES - INCOME TAXES NARRATIVE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Contingency [Line Items]
Amount of unrecognized tax benefits that if recognized would affect the effective tax rate	$ 120,699	$ 117,552
Net tax expense (benefit) for interest and penalties	4,862	8,924	$ 1,564
Accrued net interest and penalties	25,328	20,466
Expected reduction in the liability for unrecognized tax benefits within the next 12 months	22,253
Undistributed earnings of foreign subsidiaries	620,697
Investment tax credits and related tax depreciation benefits	228,819	136,243	146,021
Write-down of equity investments	188,286	113,756	125,579
Other Nonoperating Income (Expense) \| Partnerships Qualifying For Tax Credits
Income Tax Contingency [Line Items]
Write-down of equity investments	$ 188,286	$ 113,756	$ 125,579

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS - PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS NARRATIVE (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) post-retirementPlan	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2030	Dec. 31, 2025
Defined Benefit Plan Disclosure [Line Items]
Number of Defined Benefit Other Post-retirement Plans and Defined Contribution Other Post-retirement Plans \| post-retirementPlan	2
Defined Benefit Plan, Accumulated Benefit Obligation	$ 799,635	$ 1,031,197
Defined Contribution Plan, Cost	61,477	58,883	$ 52,793
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)	$ 184,775	$ 33,984
Discount rate	5.50%	2.70%
Employer contributions	$ 55,799	$ 28,220
Defined Benefit Plans, Minimum Future Employer Contributions in Next Fiscal Year	1,746
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)	$ 28,145	$ 14,787
Discount rate	5.50%	2.90%
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year	6.70%	6.20%
Employer contributions	$ 22,748	$ 22,880
Other Benefits \| Scenario, Forecast
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate				5.00%	5.00%

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS - SCHEDULE OF DEFINED BENEFIT OBLIGATIONS, PLAN ASSETS AND FUNDED STATUS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Amounts recognized in the Consolidated Balance Sheets:
Pension	$ 53,495	$ 71,618
Amounts recognized in Accumulated Other Comprehensive Income (Loss), net of tax:
Net amounts recognized in AOCI	118,254	116,381
Pension Benefits
Change in benefit obligation
Projected benefit obligation at beginning of year	1,076,180	1,168,838
Service cost	17,500	21,361	$ 21,734
Interest cost	30,491	18,320	26,112
Actuarial (gain) loss	(184,775)	(33,984)
Settlement	(82,907)	(75,985)
Currency translation and other	(3,268)	619
Benefits paid	(22,936)	(22,989)
Projected benefit obligation at end of year	830,285	1,076,180	1,168,838
Change in plan assets
Fair value of plan assets at beginning of year	1,098,191	1,100,245
Actual return on plan assets	(196,969)	68,361
Employer contributions	55,799	28,220
Settlement	(82,907)	(75,985)
Currency translation and other	(2,746)	339
Benefits paid	(22,936)	(22,989)
Fair value of plan assets at end of year	848,432	1,098,191	1,100,245
Funded status at end of year	18,147	22,011
Amounts recognized in the Consolidated Balance Sheets:
Pension	53,495	71,618
Accrued liabilities	(7,652)	(12,584)
Other long-term liabilities	(27,696)	(37,023)
Total	18,147	22,011
Amounts recognized in Accumulated Other Comprehensive Income (Loss), net of tax:
Actuarial net (loss) gain	(150,378)	(132,917)
Net prior service credit	12,435	15,399
Net amounts recognized in AOCI	(137,943)	(117,518)
Other Benefits
Change in benefit obligation
Projected benefit obligation at beginning of year	211,490	243,308
Service cost	302	1,879	159
Interest cost	4,603	3,857	6,029
Actuarial (gain) loss	(28,145)	(14,787)
Settlement	0	0
Currency translation and other	(613)	113
Benefits paid	(22,748)	(22,880)
Projected benefit obligation at end of year	164,889	211,490	243,308
Change in plan assets
Fair value of plan assets at beginning of year	0	0
Actual return on plan assets	0	0
Employer contributions	22,748	22,880
Settlement	0	0
Currency translation and other	0	0
Benefits paid	(22,748)	(22,880)
Fair value of plan assets at end of year	0	0	$ 0
Funded status at end of year	(164,889)	(211,490)
Amounts recognized in the Consolidated Balance Sheets:
Pension	0	0
Accrued liabilities	(17,715)	(17,886)
Other long-term liabilities	(147,174)	(193,604)
Total	(164,889)	(211,490)
Amounts recognized in Accumulated Other Comprehensive Income (Loss), net of tax:
Actuarial net (loss) gain	19,689	1,137
Net prior service credit	0	0
Net amounts recognized in AOCI	$ 19,689	$ 1,137

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS - SCHEDULE OF ACCUMULATED BENEFIT OBLIGATIONS IN EXCESS OF PLAN ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Projected benefit obligation	$ 79,932	$ 108,034
Accumulated benefit obligation	68,665	92,462
Fair value of plan assets	$ 44,584	$ 58,427

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS - SCHEDULE OF COMPONENTS OF NET PERIODIC BENEFIT COST (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension Benefits
Amounts recognized in net periodic benefit cost
Service cost	$ 17,500	$ 21,361	$ 21,734
Interest cost	30,491	18,320	26,112
Expected return on plan assets	(47,637)	(49,091)	(52,907)
Amortization of prior service (credit) cost	(5,651)	(6,142)	(7,308)
Amortization of net loss	16,060	20,556	26,952
Settlement loss	20,692	16,085	13,421
Total net periodic benefit cost	31,455	21,089	28,004
Change in plan assets and benefit obligations recognized in AOCI, pre-tax
Actuarial net (gain) loss	22,609	(80,047)	(15,606)
Prior service cost (credit)	5,601	6,447	7,310
Total recognized in other comprehensive (income) loss, pre-tax	28,210	(73,600)	(8,296)
Net amounts recognized in periodic benefit cost and AOCI	59,665	(52,511)	19,708
Other Benefits
Amounts recognized in net periodic benefit cost
Service cost	302	1,879	159
Interest cost	4,603	3,857	6,029
Expected return on plan assets	0	0	0
Amortization of prior service (credit) cost	0	0	300
Amortization of net loss	(92)	1,593	(39)
Settlement loss	0	0	0
Total net periodic benefit cost	4,813	7,329	6,449
Change in plan assets and benefit obligations recognized in AOCI, pre-tax
Actuarial net (gain) loss	(26,212)	(16,374)	15,266
Prior service cost (credit)	0	0	(300)
Total recognized in other comprehensive (income) loss, pre-tax	(26,212)	(16,374)	14,966
Net amounts recognized in periodic benefit cost and AOCI	$ (21,399)	$ (9,045)	$ 21,415

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS - SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS USED IN COMPUTING BENEFIT OBLIGATIONS (Details)	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Interest crediting rate	4.70%	4.60%
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.50%	2.70%
Rate of increase in compensation levels	3.40%	3.50%
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.50%	2.90%
Rate of increase in compensation levels	4.00%

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS - SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS USED IN COMPUTING NET PERIODIC BENEFIT COST (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.70%	2.30%	3.10%
Expected long-term return on plan assets	4.90%	4.80%	5.30%
Rate of compensation increase	3.50%	3.50%	3.60%
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.90%	2.50%	3.20%

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS - SCHEDULE OF PLAN ASSETS ACROSS ASSET CLASSES (Details) - Domestic Plans	Dec. 31, 2022
Cash
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	1.00%
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	27.00%
Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	48.00%
Alternative investments, including real estate, listed infrastructure and other
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	24.00%

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS - SCHEDULE OF EXPECTED BENEFIT PAYMENTS TO BE PAID (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
2023	$ 115,689
2024	88,637
2025	88,579
2026	91,949
2027	75,724
2028-2032	326,440
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
2023	17,745
2024	16,794
2025	15,579
2026	14,465
2027	13,654
2028-2032	$ 57,698

STOCK COMPENSATION PLANS - STOCK COMPENSATION PLANS NARRATIVE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares authorized (shares)	65,800,000
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized	$ 74,635
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition	1 year 10 months 24 days
Intrinsic value of share-based liabilities paid, combined with the fair value of shares vested	$ 105,668	$ 52,008	$ 56,294
Deferred performance stock units, deferred restricted stock units, and directors' fees and accumulated dividend amounts representing deferred stock units outstanding (shares)	266,469
Employee stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition	1 year 1 month 6 days
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	$ 37.28	$ 24.12	$ 21.31
Intrinsic value of options exercised	$ 40,882	$ 38,645	$ 32,121
Employee service share-based compensation, nonvested awards, compensation not yet recognized, stock options	$ 826
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition	3 years
Share-based compensation arrangement by share-based payment award, award vesting period	3 years
Performance stock units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation arrangement, by share based payment award, equity instruments other than options, performance score, percentage	0.00%
Performance stock units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation arrangement, by share based payment award, equity instruments other than options, performance score, percentage	250.00%
Performance stock units and restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, conversion basis (shares)	1

STOCK COMPENSATION PLANS - SCHEDULE OF COMPENSATION EXPENSE AND INCOME TAX BENEFITS FOR STOCK-BASED COMPENSATION PROGRAMS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Pre-tax compensation expense	$ 65,991	$ 66,711	$ 57,584
Related income tax benefit	$ 9,635	$ 11,608	$ 8,580

STOCK COMPENSATION PLANS - SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding shares at beginning of period (shares)	1,332,956
Granted (shares)	4,025
Exercised (shares)	(351,503)
Forfeited (shares)	(6,971)
Expired (shares)	(1,873)
Outstanding shares at end of period (shares)	976,634	1,332,956
Options exercisable (shares)	943,561
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding (USD per share)	$ 102.78
Granted (USD per share)	202.03
Exercises (USD per share)	99.11
Forfeited (USD per share)	123.07
Expired (USD per share)	103.07
Outstanding (USD per share)	104.36	$ 102.78
Options exercisable (USD per share)	$ 102.54
Options outstanding, weighted-average remaining contractual term	3 years 9 months 18 days	4 years 4 months 24 days
Options exercisable, weighted aver remaining contractual term	3 years 8 months 12 days
Aggregate intrinsic value of options outstanding	$ 124,240
Aggregate intrinsic value of options exercisable	$ 121,749

STOCK COMPENSATION PLANS - SCHEDULE OF FAIR VALUE WEIGHTED-AVERAGE ASSUMPTIONS (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Dividend yields	1.90%	2.20%	2.10%
Expected volatility	21.10%	21.80%	17.50%
Risk-free interest rates	1.90%	1.00%	1.30%
Expected term in years	6 years 3 months 18 days	6 years 3 months 18 days	6 years 8 months 12 days

STOCK COMPENSATION PLANS - SCHEDULE OF STOCK OPTION INFORMATION BY EXERCISE PRICE RANGE (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
$60.68 - $99.90
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (USD per share)	$ 60.68
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (USD per share)	$ 99.90
Number Outstanding (shares) \| shares	472,273
Weighted-Average Remaining Contractual Life in Years	4 years 1 month 6 days
Weighted- Average Exercise Price (USD per share)	$ 96.38
Number Exercisable (shares) \| shares	472,273
Weighted- Average Exercise Price (USD per share)	$ 96.38
$99.91 - $107.95
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (USD per share)	99.91
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (USD per share)	$ 107.95
Number Outstanding (shares) \| shares	376,889
Weighted-Average Remaining Contractual Life in Years	2 years 9 months 18 days
Weighted- Average Exercise Price (USD per share)	$ 106.88
Number Exercisable (shares) \| shares	376,889
Weighted- Average Exercise Price (USD per share)	$ 106.88
$107.96 - $202.03
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (USD per share)	107.96
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (USD per share)	$ 202.03
Number Outstanding (shares) \| shares	127,472
Weighted-Average Remaining Contractual Life in Years	5 years 7 months 6 days
Weighted- Average Exercise Price (USD per share)	$ 126.44
Number Exercisable (shares) \| shares	94,399
Weighted- Average Exercise Price (USD per share)	$ 116.00
$60.68 - $202.03
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (USD per share)	60.68
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (USD per share)	$ 202.03
Number Outstanding (shares) \| shares	976,634
Weighted-Average Remaining Contractual Life in Years	3 years 9 months 18 days
Weighted- Average Exercise Price (USD per share)	$ 104.36
Number Exercisable (shares) \| shares	943,561
Weighted- Average Exercise Price (USD per share)	$ 102.54

STOCK COMPENSATION PLANS - SCHEDULE OF PSUs AND RSUs ACTIVITY (Details) - Performance and restricted stock units - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at beginning of year (shares)	1,303,521
Granted (shares)	313,285	404,517	353,037
Performance assumption change (shares)	77,150
Vested (shares)	(516,502)
Forfeited (shares)	(35,775)
Outstanding at end of year (shares)	1,141,679	1,303,521
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)	$ 146.96
Weighted-average fair value at date of grant (USD per share)	211.85	$ 154.83	$ 161.30
Performance assumption change (USD per share)	253.68
Vested (USD per share)	130.69
Forfeited (USD per share)	167.81
Outstanding at end of year (USD per share)	$ 181.91	$ 146.96

STOCK COMPENSATION PLANS - SCHEDULE OF PSUs AND RSUS FAIR VALUE WEIGHTED-AVERAGE ASSUMPTIONS (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jul. 01, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated values (USD per share)				$ 221.00
Dividend yields	1.90%	2.20%	2.10%
Performance and restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (shares)	313,285	404,517	353,037
Weighted-average fair value at date of grant (USD per share)	$ 211.85	$ 154.83	$ 161.30
Estimated values (USD per share)	$ 100.41	$ 66.44	$ 80.08
Dividend yields	1.80%	2.20%	2.00%
Expected volatility	25.30%	26.40%	17.30%

SEGMENT INFORMATION - NARRATIVE (Details) $ in Thousands	12 Months Ended
SEGMENT INFORMATION - NARRATIVE (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Revenue, Major Customer [Line Items]
Number of operating segments \| segment		3
Operating Segments \| Commodities futures and options
Revenue, Major Customer [Line Items]
Net gains on commodity derivative positions reclassified from unallocated to segment income		$ 122,751	$ 61,026	$ 13,022
Scenario, Forecast \| Operating Segments \| Commodities futures and options
Revenue, Major Customer [Line Items]
Net gains on commodity derivative positions reclassified from unallocated to segment income	$ 1,228
Cost of Sales \| Commodities futures and options
Revenue, Major Customer [Line Items]
Cumulative Amount of Mark-to-Market Gaines (Losses) on Commodity Derivatives		$ 8,735

SEGMENT INFORMATION - SCHEDULE OF NET SALES AND EARNINGS BY SEGMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net sales	$ 10,419,294	$ 8,971,337	$ 8,149,719
Operating profit	$ 2,260,787	$ 2,043,722	$ 1,782,698
DerivativeGainLossStatementOfIncomeOrComprehensiveIncomeExtensibleEnumerationNotDisclosedFlag	Unallocated mark-to-market losses (gains) on commodity derivatives	Unallocated mark-to-market losses (gains) on commodity derivatives	Unallocated mark-to-market losses (gains) on commodity derivatives
Long-lived asset impairment charges	$ 0	$ 0	$ 9,143
Costs associated with business realignment activities (see Note 9)	4,417	16,599	31,513
Interest expense, net	137,557	127,417	149,374
Other (income) expense, net	206,159	119,081	138,327
Income before income taxes	1,917,071	1,797,224	1,494,997
Operating Segments
Segment Reporting Information [Line Items]
Operating profit	3,078,928	2,650,820	2,350,415
Operating Segments \| North America Confectionery
Segment Reporting Information [Line Items]
Net sales	8,536,480	7,682,416	7,084,860
Operating profit	2,811,066	2,475,873	2,274,584
Operating Segments \| North America Salty Snacks
Segment Reporting Information [Line Items]
Net sales	1,029,405	555,424	438,224
Operating profit	159,935	100,777	75,845
Operating Segments \| International
Segment Reporting Information [Line Items]
Net sales	853,409	733,497	626,635
Operating profit	107,927	74,170	(14)
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Nonoperating Income (Expense)	735,542	614,875	520,632
Segment Reconciling Items
Segment Reporting Information [Line Items]
Unallocated mark-to-market losses (gains) on commodity derivatives	78,182	(24,376)	6,429
Long-lived asset impairment charges	0	0	9,143
Costs associated with business realignment activities (see Note 9)	$ 4,417	$ 16,599	$ 31,513

SEGMENT INFORMATION - SCHEDULE OF UNALLOCATED MARK-TO-MARKET (GAINS) LOSSES ON COMMODITY DERIVATIVES (Details) - Commodities futures and options - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net losses (gains) on mark-to-market valuation of commodity derivative positions recognized in unallocated derivative losses (gains)	$ 78,182	$ (24,376)	$ 6,429
Operating Segments
Segment Reporting Information [Line Items]
Net gains on commodity derivative positions reclassified from unallocated to segment income	122,751	61,026	13,022
Non-designated Hedges
Segment Reporting Information [Line Items]
Net gains on mark-to-market valuation of commodity derivative positions recognized in income	$ (44,569)	$ (85,402)	$ (6,593)

SEGMENT INFORMATION - SCHEDULE OF DEPRECIATION AND AMORTIZATION EXPENSE INCLUDED WITHIN SEGMENT INCOME (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 378,959	$ 315,002	$ 294,907
Operating Segments \| North America Confectionery
Segment Reporting Information [Line Items]
Depreciation and amortization	228,399	213,113	198,951
Operating Segments \| North America Salty Snacks
Segment Reporting Information [Line Items]
Depreciation and amortization	68,600	29,744	27,362
Operating Segments \| International
Segment Reporting Information [Line Items]
Depreciation and amortization	23,148	22,754	24,533
Corporate, Non-Segment \| Corporate
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 58,812	$ 49,391	$ 44,061

SEGMENT INFORMATION - SCHEDULE OF SEGMENT INFORMATION BY GEOGRAPHY (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 10,419,294	$ 8,971,337	$ 8,149,719
Long-lived assets	2,769,702	2,586,187	2,285,255
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	9,121,166	7,807,606	7,042,804
Long-lived assets	2,272,811	2,099,786	1,836,114
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	1,298,128	1,163,731	1,106,915
Long-lived assets	$ 496,891	$ 486,401	$ 449,141

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

EQUITY AND NONCONTROLLING INTEREST - EQUITY AND NONCONTROLLING INTEREST NARRATIVE (Details) $ / shares in Units, $ in Thousands				12 Months Ended
	Feb. 13, 2023 USD ($) $ / shares shares	Jun. 30, 2022 shares	Feb. 14, 2022 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) vote $ / shares shares	Dec. 31, 2021 shares	Dec. 31, 2020 shares	May 31, 2021 USD ($)	Jul. 24, 2018 USD ($)
Class of Stock [Line Items]
Common and preferred shares authorized (shares)				1,055,000,000
Preferred stock, shares authorized (shares)				5,000,000
Preferred stock, par (USD per share) \| $ / shares				$ 1
Dividends, common stock, cash, additional percentage over Class B common stock dividends				10.00%
Stock Repurchase Program, Remaining Authorized Repurchase Amount \| $				$ 109,983
Common stock, shares, outstanding (shares)				204,964,717	206,109,014	208,227,127
2018 Share Repurchase Program
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount \| $								$ 500,000
2021 Share Repurchase Program
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount \| $							$ 500,000
Common stock
Class of Stock [Line Items]
Common stock, shares authorized (shares)				900,000,000
Common stock, par (USD per share) \| $ / shares				$ 1
Common stock, voting rights (vote) \| vote				1
Common Stock Voting Rights, Board Election Percentage				16.66%
Stock repurchases (shares)				0	871,144	951,138
Common stock \| Hershey Trust Company
Class of Stock [Line Items]
Common stock, shares, outstanding (shares)				39,630
Class B common stock
Class of Stock [Line Items]
Common stock, shares authorized (shares)				150,000,000
Common stock, voting rights (vote) \| vote				10
Conversion of stock (shares)				2,500,000	0	0
Class B common stock \| Hershey Trust Company
Class of Stock [Line Items]
Conversion of stock (shares)		1,500,000
Common stock, shares, outstanding (shares)				58,112,012
Common stock, voting percentage				80.00%
Hershey Trust Company
Class of Stock [Line Items]
Stock repurchases (shares)			1,000,000
Treasury stock acquired, average cost per share (USD per share) \| $ / shares			$ 203.35
Stock repurchased during period, value \| $			$ 203,350
Hershey Trust Company \| Subsequent Event
Class of Stock [Line Items]
Stock repurchases (shares)	1,000,000
Treasury stock acquired, average cost per share (USD per share) \| $ / shares	$ 239.91
Stock repurchased during period, value \| $	$ 239,910

EQUITY AND NONCONTROLLING INTEREST - SCHEDULE OF THE CHANGES IN THE OUTSTANDING SHARES OF COMMMON STOCK (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Common stock, shares issued (shares)	221,553,025	221,553,025	221,553,025
Treasury Stock, Shares [Roll Forward]
Treasury stock, shares, beginning of the period (shares)	(15,444,011)	(13,325,898)	(12,723,592)
Stock issuances:
Treasury stock, shares, end of the period (shares)	(16,588,308)	(15,444,011)	(13,325,898)
Common stock, shares, outstanding (shares)	204,964,717	206,109,014	208,227,127
Employee stock options
Stock repurchases:
Stock repurchases (shares)	(824,701)	(2,005,500)	(450,000)
Stock issuances:
Stock issued during period, shares, share-based compensation (gross) (shares)	680,404	758,531	798,832
Common stock
Class of Stock [Line Items]
Common stock, shares issued (shares)	163,439,248	160,939,248
Stock repurchases:
Stock repurchases (shares)	0	(871,144)	(951,138)
Hershey Trust Company
Stock repurchases:
Stock repurchases (shares)	(1,000,000)	0	0

COMMITMENTS AND CONTINGENCIES - SCHEDULE OF PURCHASE OBLIGATIONS COVERED BY PUTCHASE AGREEMENTS WITH VARIOUS SUPPLIERS FUTURE MATURTY SCHEDULE (Details) - Inventories $ in Millions	Dec. 31, 2022 USD ($)
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract]
2023	$ 1,871.0
2024	202.6
2025	12.5
2026	12.5
2027	$ 12.5

COMMITMENTS AND CONTINGENCIES - COMMITMENTS AND CONTINGENCIES NARRATIVE (Details) - employee	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Concentration Risk [Line Items]
Entity number of employees		18,075
Entity number of part-time employees		1,790
Workforce Subject to Collective Bargaining Arrangements \| Unionized Employees Concentration Risk
Concentration Risk [Line Items]
Entity number of employees		6,470
Percentage of employees		33.00%
Workforce Subject to Collective Bargaining Arrangements \| Unionized Employees Concentration Risk \| Scenario, Forecast
Concentration Risk [Line Items]
Percentage of employees	67.00%

EARNINGS PER SHARE - SCHEDULE OF BASIC AND DILUTED EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Common stock
Basic earnings per share:
Allocation of distributed earnings (cash dividends paid)	$ 567,897	$ 498,084	$ 467,013
Allocation of undistributed earnings	637,438	574,772	464,802
Total earnings—basic	$ 1,205,335	$ 1,072,856	$ 931,815
Total weighted-average shares—basic (shares)	146,713	146,120	147,832
Earnings Per Share—basic (USD per share)	$ 8.22	$ 7.34	$ 6.30
Diluted earnings per share:
Allocation of total earnings used in basic computation	$ 1,205,335	$ 1,072,856	$ 931,815
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	439,482	404,656	346,893
Reallocation of undistributed earnings	0	0	0
Total earnings—diluted	$ 1,644,817	$ 1,477,512	$ 1,278,708
Conversion of Class B common stock to Common shares outstanding (shares	58,822	60,614	60,614
Total weighted-average shares—diluted (shares)	206,575	207,758	209,414
Earnings Per Share—diluted (USD per share)	$ 7.96	$ 7.11	$ 6.11
Common stock \| Employee stock options
Diluted earnings per share:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (shares)	571	609	600
Common stock \| Performance and restricted stock units
Diluted earnings per share:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (shares)	469	415	368
Class B common stock
Basic earnings per share:
Allocation of distributed earnings (cash dividends paid)	$ 207,133	$ 187,903	$ 173,719
Allocation of undistributed earnings	232,349	216,753	173,174
Total earnings—basic	$ 439,482	$ 404,656	$ 346,893
Total weighted-average shares—basic (shares)	58,822	60,614	60,614
Earnings Per Share—basic (USD per share)	$ 7.47	$ 6.68	$ 5.72
Diluted earnings per share:
Allocation of total earnings used in basic computation	$ 439,482	$ 404,656	$ 346,893
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	0	0	0
Reallocation of undistributed earnings	(1,201)	(1,098)	(822)
Total earnings—diluted	$ 438,281	$ 403,558	$ 346,071
Conversion of Class B common stock to Common shares outstanding (shares	0	0	0
Total weighted-average shares—diluted (shares)	58,822	60,614	60,614
Earnings Per Share—diluted (USD per share)	$ 7.45	$ 6.66	$ 5.71
Class B common stock \| Employee stock options
Diluted earnings per share:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (shares)	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 (shares)	0	0	0

EARNINGS PER SHARE - EARNINGS PER SHARE NARRATIVE (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 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)	5	43	15

OTHER (INCOME) EXPENSE, NET - SCHEDULE OF OTHER (INCOME) AND EXPENSE, NET (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Income and Expenses [Abstract]
Write-down of equity investments	$ 188,286	$ 113,756	$ 125,579
Non-service cost components of net periodic benefit cost relating to pension and other post-retirement benefit plans	18,466	5,177	12,560
Other (income) expense, net	(593)	148	188
Total	$ 206,159	$ 119,081	$ 138,327

RELATED PARTY TRANSACTIONS (Details) - Hershey Trust Company - Donation Agreement [Member] $ in Thousands	Jun. 17, 2022 USD ($)	May 23, 2022 a
Related Party Transaction [Line Items]
Area of Land \| a		6
Proceeds from sales of property, plant and equipment and other long-lived assets	$ 6,300
Gain (Loss) on Sale of Properties	$ 13,568

SUPPLEMENTAL BALANCE SHEET INFORMATION - SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Inventory, Net [Abstract]
Raw materials	$ 372,612	$ 395,358
Goods in process	137,298	110,008
Finished goods	855,217	649,082
Inventories at FIFO	1,365,127	1,154,448
Adjustment to LIFO	(192,008)	(165,937)
Total inventories	1,173,119	988,511
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	143,888	129,287
Other current assets	128,307	127,678
Total prepaid expenses and other	272,195	256,965
Property, Plant and Equipment [Abstract]
Land	155,963	154,494
Buildings	1,545,053	1,508,139
Machinery and equipment	3,592,251	3,443,500
Construction in progress	416,220	294,824
Property, plant and equipment, gross	5,709,487	5,400,957
Accumulated depreciation	(2,939,785)	(2,814,770)
Property, plant and equipment, net	2,769,702	2,586,187	$ 2,285,255
Other Assets, Noncurrent [Abstract]
Pension	53,495	71,618
Capitalized software, net	320,034	260,656
Operating lease ROU assets	326,472	351,712
Investments in unconsolidated affiliates	133,029	93,089
Other non-current assets	111,959	91,128
Total other non-current assets	944,989	868,203
Accrued Liabilities, Current [Abstract]
Payroll, compensation and benefits	293,865	291,446
Advertising, promotion and product allowances	337,024	305,050
Operating lease liabilities	31,787	36,292
Other	169,842	222,850
Total accrued liabilities	832,518	855,638
Other Liabilities, Noncurrent [Abstract]
Post-retirement benefits liabilities	147,174	193,604
Pension benefits liabilities	27,696	37,023
Operating lease liabilities	294,849	310,899
Other	250,023	245,532
Total other long-term liabilities	719,742	787,058
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Foreign currency translation adjustments	(110,364)	(100,025)
Pension and post-retirement benefit plans, net of tax	(118,254)	(116,381)
Cash flow hedges, net of tax	(23,715)	(32,809)
Total accumulated other comprehensive loss	$ (252,333)	$ (249,215)

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 233,205	$ 235,988	$ 253,758
Charged to Costs and Expenses	282,538	236,024	210,529
Charged to Other Accounts	0	0	0
Deductions from Reserves	(322,857)	(238,807)	(228,299)
Balance at End of Period	192,886	233,205	235,988
Accounts receivable—trade, net
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	28,837	24,975	24,966
Charged to Costs and Expenses	228,463	198,608	180,764
Charged to Other Accounts	0	0	0
Deductions from Reserves	(231,299)	(194,746)	(180,755)
Balance at End of Period	26,001	28,837	24,975
Valuation allowance on net deferred taxes
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	184,896	193,310	206,743
Charged to Costs and Expenses	9,578	9,759	2,603
Charged to Other Accounts	0	0	0
Deductions from Reserves	(56,943)	(18,173)	(16,036)
Balance at End of Period	137,531	184,896	193,310
Inventory obsolescence reserve
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	19,472	17,703	22,049
Charged to Costs and Expenses	44,497	27,657	27,162
Charged to Other Accounts	0	0	0
Deductions from Reserves	(34,615)	(25,888)	(31,508)
Balance at End of Period	$ 29,354	$ 19,472	$ 17,703

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS - SCHEDULE OF PENSION PLAN ASSETS WITHIN THE FAIR VALUE HIERARCHY (Details) - Pension Benefits - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	$ 848,432	$ 1,098,191	$ 1,100,245
Fair Value, Measurements, Recurring
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	848,432	1,098,191
Defined Benefit Plan, Plan Assets Measured at Net Asset Value	818,510	1,073,942
Fair Value, Measurements, Recurring \| Quoted prices in active markets of identical assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	327	534
Fair Value, Measurements, Recurring \| Significant other observable inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	29,595	23,715
Fair Value, Measurements, Recurring \| Significant other unobservable inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	30,488	24,898
Defined Benefit Plan, Plan Assets Measured at Net Asset Value	566	649
Fair Value, Measurements, Recurring \| Cash and cash equivalents \| Quoted prices in active markets of identical assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	327	534
Fair Value, Measurements, Recurring \| Cash and cash equivalents \| Significant other observable inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	29,595	23,715
Fair Value, Measurements, Recurring \| Cash and cash equivalents \| Significant other unobservable inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| Global all-cap
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	206,636	294,090
Defined Benefit Plan, Plan Assets Measured at Net Asset Value	206,636	294,090
Fair Value, Measurements, Recurring \| Global all-cap \| Quoted prices in active markets of identical assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| Global all-cap \| Significant other observable inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| Global all-cap \| Significant other unobservable inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| U.S. government/agency
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	173,122	248,579
Defined Benefit Plan, Plan Assets Measured at Net Asset Value	173,122	248,579
Fair Value, Measurements, Recurring \| U.S. government/agency \| Quoted prices in active markets of identical assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| U.S. government/agency \| Significant other observable inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| U.S. government/agency \| Significant other unobservable inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	58,646	78,360
Defined Benefit Plan, Plan Assets Measured at Net Asset Value	58,646	78,360
Fair Value, Measurements, Recurring \| Corporate bonds \| Quoted prices in active markets of identical assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| Corporate bonds \| Significant other observable inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| Corporate bonds \| Significant other unobservable inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| International government/corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	26,489	31,922
Defined Benefit Plan, Plan Assets Measured at Net Asset Value	26,489	31,922
Fair Value, Measurements, Recurring \| International government/corporate bonds \| Quoted prices in active markets of identical assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| International government/corporate bonds \| Significant other observable inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| International government/corporate bonds \| Significant other unobservable inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| Diversified credit
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	109,926	154,004
Defined Benefit Plan, Plan Assets Measured at Net Asset Value	109,926	154,004
Fair Value, Measurements, Recurring \| Diversified credit \| Quoted prices in active markets of identical assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| Diversified credit \| Significant other observable inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| Diversified credit \| Significant other unobservable inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| Global diversified assets
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	95,243	97,412
Defined Benefit Plan, Plan Assets Measured at Net Asset Value	95,243	97,412
Fair Value, Measurements, Recurring \| Global diversified assets \| Quoted prices in active markets of identical assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| Global diversified assets \| Significant other observable inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| Global diversified assets \| Significant other unobservable inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| Real assets fund
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	147,882	168,926
Defined Benefit Plan, Plan Assets Measured at Net Asset Value	147,882	168,926
Fair Value, Measurements, Recurring \| Real assets fund \| Quoted prices in active markets of identical assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| Real assets fund \| Significant other observable inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| Real assets fund \| Significant other unobservable inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	$ 0	$ 0