0000047111-23-000065 | 10-Q | XBRL Viewer

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STOCK COMPENSATION PLANS - SCHEDULE OF PSUs AND RSUs ACTIVITY (Details) - Performance and restricted stock units - $ / shares	9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding shares at beginning of period (shares)	1,141,679
Granted (shares)	293,256	305,109
Performance assumption change (shares)	43,898
Vested (shares)	(429,751)
Forfeited (shares)	(21,345)
Outstanding shares at end of period (shares)	1,027,737
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 period (USD per share)	$ 181.91
Weighted-average fair value at date of grant (USD per share)	249.46	$ 211.29
Performance assumption change (USD per share)	224.47
Vested (USD per share)	172.42
Forfeited (USD per share)	204.92
Outstanding at end of period (USD per share)	$ 206.49

SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables)

9 Months Ended

Oct. 01, 2023

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	October 1, 2023		December 31, 2022
Assets
Operating lease ROU assets	Other non-current assets	$	315,524	$	326,472

Finance lease ROU assets, at cost	Property, plant and equipment, gross	86,129		86,703
Accumulated amortization	Accumulated depreciation	(18,570)		(14,543)
Finance lease ROU assets, net	Property, plant and equipment, net	67,559		72,160

Total leased assets		$	383,083	$	398,632

Liabilities
Current
Operating	Accrued liabilities	$	34,320	$	31,787
Finance	Current portion of long-term debt	4,659		4,285
Non-current
Operating	Other long-term liabilities	283,967		294,849
Finance	Long-term debt	68,037		69,194
Total lease liabilities		$	390,983	$	400,115

The components of certain asset accounts included within our Consolidated Balance Sheets are as follows:


	October 1, 2023		December 31, 2022
Inventories:
Raw materials	$	469,455	$	372,612
Goods in process	184,397		137,298
Finished goods	969,620		855,217
Inventories at First In First Out	1,623,472		1,365,127
Adjustment to Last In First Out	(275,652)		(192,008)
Total inventories	$	1,347,820	$	1,173,119

Prepaid expenses and other:
Prepaid expenses	$	133,265	$	143,888

Other current assets	110,352		128,307
Total prepaid expenses and other	$	243,617	$	272,195

Property, plant and equipment:
Land	$	159,701	$	155,963
Buildings	1,618,136		1,545,053
Machinery and equipment	3,836,925		3,592,251
Construction in progress	618,631		416,220
Property, plant and equipment, gross	6,233,393		5,709,487
Accumulated depreciation	(3,077,329)		(2,939,785)
Property, plant and equipment, net	$	3,156,064	$	2,769,702

Other non-current assets:
Pension	$	42,754	$	53,495
Capitalized software, net	345,198		320,034

Operating lease ROU assets	315,524		326,472
Investments in unconsolidated affiliates	126,325		133,029
Other non-current assets	120,594		111,959
Total other non-current assets	$	950,395	$	944,989


The components of certain liability and stockholders’ equity accounts included within our Consolidated Balance Sheets are as follows:
	October 1, 2023		December 31, 2022
Accounts payable:
Accounts payable—trade	$	675,389	$	636,472
Supplier finance program obligations	149,533		105,293
Other	260,094		228,793
Total accounts payable	$	1,085,016	$	970,558

Accrued liabilities:
Payroll, compensation and benefits	$	245,975	$	293,865
Advertising, promotion and product allowances	384,872		337,024
Operating lease liabilities	34,320		31,787

Other	303,759		169,842
Total accrued liabilities	$	968,926	$	832,518

Other long-term liabilities:
Post-retirement benefits liabilities	$	77,995	$	147,174
Pension benefits liabilities	27,515		27,696
Operating lease liabilities	283,967		294,849
Other	252,324		250,023
Total other long-term liabilities	$	641,801	$	719,742

Accumulated other comprehensive loss:
Foreign currency translation adjustments	$	(101,489)	$	(110,364)
Pension and post-retirement benefit plans, net of tax	(131,993)		(118,254)
Cash flow hedges, net of tax	(17,165)		(23,715)
Total accumulated other comprehensive loss	$	(250,647)	$	(252,333)

BUSINESS ACQUISITIONS - DOT'S PRETZELS ASSETS ACQUIRED AND LIABILITIES ASSUMED ALLOCATION (Details) - USD ($) $ in Thousands	Oct. 01, 2023	Dec. 31, 2022	Dec. 13, 2021
Business Acquisition [Line Items]
Goodwill	$ 2,693,182	$ 2,606,956
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

DERIVATIVE INSTRUMENTS - SCHEDULE OF THE CLASSIFICATION OF DERIVATIVE ASSETS AND LIABILITIES WITHIN THE CONSOLIDATED BALANCE SHEETS (Details) - USD ($) $ in Thousands	Oct. 01, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative asset	$ 5,846	$ 6,074
Derivative liability	6,942	923
Designated as Hedging Instrument \| Cash Flow Hedges \| Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Derivative asset	3,080	3,921
Derivative liability	3,022	261
Non-designated Hedges
Derivatives, Fair Value [Line Items]
Derivative asset	2,766	2,153
Derivative liability	3,920	662
Non-designated Hedges \| Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Derivative asset	116	246
Derivative liability	59	0
Non-designated Hedges \| Commodities futures and options
Derivatives, Fair Value [Line Items]
Derivative asset	874	685
Derivative liability	3,861	662
Gross derivative assets, included within derivative liabilities	36,052	25,308
Derivative liability, gross liabilities	36,023	25,296
Non-designated Hedges \| Deferred compensation derivatives
Derivatives, Fair Value [Line Items]
Derivative asset	1,776	1,222
Derivative liability	$ 0	$ 0

EARNINGS PER SHARE

9 Months Ended

Oct. 01, 2023

Earnings Per Share [Abstract]

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 May 2023, 2,500,000 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.


	Three Months Ended
	October 1, 2023				October 2, 2022
	Common Stock		Class B Common Stock		Common Stock		Class B Common Stock
Basic earnings per share:
Numerator:
Allocation of distributed earnings (cash dividends paid)	$	178,573	$	59,146	$	152,262	$	54,743
Allocation of undistributed earnings	211,085		69,773		141,630		50,852
Total earnings—basic	$	389,658	$	128,919	$	293,892	$	105,595

Denominator (shares in thousands):
Total weighted-average shares—basic	150,116		54,614		147,169		58,114

Earnings Per Share—basic	$	2.60	$	2.36	$	2.00	$	1.82

Diluted earnings per share:
Numerator:
Allocation of total earnings used in basic computation	$	389,658	$	128,919	$	293,892	$	105,595
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	128,919		—		105,595		—
Reallocation of undistributed earnings	—		(264)		—		(251)
Total earnings—diluted	$	518,577	$	128,655	$	399,487	$	105,344

Denominator (shares in thousands):
Number of shares used in basic computation	150,116		54,614		147,169		58,114
Weighted-average effect of dilutive securities:
Conversion of Class B common stock to Common shares outstanding	54,614		—		58,114		—
Employee stock options	400		—		561		—
Performance and restricted stock units	358		—		430		—
Total weighted-average shares—diluted	205,488		54,614		206,274		58,114

Earnings Per Share—diluted	$	2.52	$	2.36	$	1.94	$	1.81

The earnings per share calculations for the three months ended October 1, 2023 and October 2, 2022 excluded 8 and 4 stock options (in thousands), respectively, that would have been antidilutive.


	Nine Months Ended
	October 1, 2023				October 2, 2022
	Common Stock		Class B Common Stock		Common Stock		Class B Common Stock
Basic earnings per share:
Numerator:
Allocation of distributed earnings (cash dividends paid)	$	484,517	$	166,749	$	415,599	$	152,390
Allocation of undistributed earnings	644,062		217,417		498,070		182,462
Total earnings—basic	$	1,128,579	$	384,166	$	913,669	$	334,852

Denominator (shares in thousands):
Total weighted-average shares—basic	149,307		55,447		146,557		59,058

Earnings Per Share—basic	$	7.56	$	6.93	$	6.23	$	5.67

Diluted earnings per share:
Numerator:
Allocation of total earnings used in basic computation	$	1,128,579	$	384,166	$	913,669	$	334,852
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	384,166		—		334,852		—
Reallocation of undistributed earnings	—		(931)		—		(954)
Total earnings—diluted	$	1,512,745	$	383,235	$	1,248,521	$	333,898

Denominator (shares in thousands):
Number of shares used in basic computation	149,307		55,447		146,557		59,058
Weighted-average effect of dilutive securities:
Conversion of Class B common stock to Common shares outstanding	55,447		—		59,058		—
Employee stock options	457		—		582		—
Performance and restricted stock units	402		—		470		—
Total weighted-average shares—diluted	205,613		55,447		206,667		59,058

Earnings Per Share—diluted	$	7.36	$	6.91	$	6.04	$	5.65

The earnings per share calculations for the nine months ended October 1, 2023 and October 2, 2022 excluded 12 and 4 stock options (in thousands), respectively, that would have been antidilutive.

INVESTMENTS IN UNCONSOLIDATED AFFILIATES (Details) - USD ($) $ in Thousands	Oct. 01, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Investments in unconsolidated affiliates	$ 126,325	$ 133,029
Other non-current assets
Business Acquisition [Line Items]
Investments in unconsolidated affiliates	$ 126,325	$ 133,029

SHORT AND LONG-TERM DEBT - LONG TERM DEBT INTEREST RATES (Details) - Corporate Debt Securities	Oct. 01, 2023	Jul. 02, 2023	May 15, 2023	May 01, 2023	Dec. 31, 2022
2.625% Notes
Debt Instrument [Line Items]
Interest rate, stated percentage				2.625%	2.625%
3.375% Notes
Debt Instrument [Line Items]
Interest rate, stated percentage			3.375%		3.375%
2.050% Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.05%				2.05%
0.900% Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	0.90%				0.90%
3.200% Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.20%				3.20%
2.300% Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.30%				2.30%
7.200% Debentures
Debt Instrument [Line Items]
Interest rate, stated percentage	7.20%				7.20%
4.250% Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.25%	4.25%
2.450% Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.45%				2.45%
1.700% Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	1.70%				1.70%
4.500% Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.50%	4.50%
3.375% Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.375%				3.375%
3.125% Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.125%				3.125%
2.650% Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.65%				2.65%

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Oct. 01, 2023	Dec. 31, 2022
Preferred stock, shares issued (shares)	0	0
Treasury stock, shares (shares)	17,063,009	16,588,308
Common stock
Common stock, shares issued (shares)	166,938,702	163,439,248
Class B common stock
Common stock, shares issued (shares)	54,613,514	58,113,777

BUSINESS ACQUISITIONS - PRETZELS, INC ASSETS ACQUIRED AND LIABILITIES ASSUMED ALLOCATION (Details) - USD ($) $ in Thousands	Oct. 01, 2023	Dec. 31, 2022	Dec. 14, 2021
Business Acquisition [Line Items]
Goodwill	$ 2,693,182	$ 2,606,956
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

LEASES (Tables)

9 Months Ended

Oct. 01, 2023

Leases [Abstract]

Schedule of Components of Lease Expense

The components of lease expense for the three months ended October 1, 2023 and October 2, 2022 were as follows:


		Three Months Ended
Lease expense	Classification	October 1, 2023		October 2, 2022
Operating lease cost	Cost of sales or SM&A (1)	$	12,101	$	11,812
Finance lease cost:
Amortization of ROU assets	Depreciation and amortization (1)	1,849		1,539
Interest on lease liabilities	Interest expense, net	1,095		1,030
Net lease cost (2)		$	15,045	$	14,381

The components of lease expense for the nine months ended October 1, 2023 and October 2, 2022 were as follows:


		Nine Months Ended
Lease expense	Classification	October 1, 2023		October 2, 2022
Operating lease cost	Cost of sales or SM&A (1)	$	36,464	$	37,309
Finance lease cost:
Amortization of ROU assets	Depreciation and amortization (1)	5,545		4,989
Interest on lease liabilities	Interest expense, net	3,287		3,083
Net lease cost (2)		$	45,296	$	45,381

(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:


	October 1, 2023		December 31, 2022
Weighted-average remaining lease term (years)
Operating leases	14.5		15.0
Finance leases	27.3		27.7

Weighted-average discount rate
Operating leases	3.5	%	3.2	%
Finance leases	6.2	%	6.1	%

Schedule of Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases were as follows:


Leases	Classification	October 1, 2023		December 31, 2022
Assets
Operating lease ROU assets	Other non-current assets	$	315,524	$	326,472

Finance lease ROU assets, at cost	Property, plant and equipment, gross	86,129		86,703
Accumulated amortization	Accumulated depreciation	(18,570)		(14,543)
Finance lease ROU assets, net	Property, plant and equipment, net	67,559		72,160

Total leased assets		$	383,083	$	398,632

Liabilities
Current
Operating	Accrued liabilities	$	34,320	$	31,787
Finance	Current portion of long-term debt	4,659		4,285
Non-current
Operating	Other long-term liabilities	283,967		294,849
Finance	Long-term debt	68,037		69,194
Total lease liabilities		$	390,983	$	400,115

The components of certain asset accounts included within our Consolidated Balance Sheets are as follows:


	October 1, 2023		December 31, 2022
Inventories:
Raw materials	$	469,455	$	372,612
Goods in process	184,397		137,298
Finished goods	969,620		855,217
Inventories at First In First Out	1,623,472		1,365,127
Adjustment to Last In First Out	(275,652)		(192,008)
Total inventories	$	1,347,820	$	1,173,119

Prepaid expenses and other:
Prepaid expenses	$	133,265	$	143,888

Other current assets	110,352		128,307
Total prepaid expenses and other	$	243,617	$	272,195

Property, plant and equipment:
Land	$	159,701	$	155,963
Buildings	1,618,136		1,545,053
Machinery and equipment	3,836,925		3,592,251
Construction in progress	618,631		416,220
Property, plant and equipment, gross	6,233,393		5,709,487
Accumulated depreciation	(3,077,329)		(2,939,785)
Property, plant and equipment, net	$	3,156,064	$	2,769,702

Other non-current assets:
Pension	$	42,754	$	53,495
Capitalized software, net	345,198		320,034

Operating lease ROU assets	315,524		326,472
Investments in unconsolidated affiliates	126,325		133,029
Other non-current assets	120,594		111,959
Total other non-current assets	$	950,395	$	944,989


The components of certain liability and stockholders’ equity accounts included within our Consolidated Balance Sheets are as follows:
	October 1, 2023		December 31, 2022
Accounts payable:
Accounts payable—trade	$	675,389	$	636,472
Supplier finance program obligations	149,533		105,293
Other	260,094		228,793
Total accounts payable	$	1,085,016	$	970,558

Accrued liabilities:
Payroll, compensation and benefits	$	245,975	$	293,865
Advertising, promotion and product allowances	384,872		337,024
Operating lease liabilities	34,320		31,787

Other	303,759		169,842
Total accrued liabilities	$	968,926	$	832,518

Other long-term liabilities:
Post-retirement benefits liabilities	$	77,995	$	147,174
Pension benefits liabilities	27,515		27,696
Operating lease liabilities	283,967		294,849
Other	252,324		250,023
Total other long-term liabilities	$	641,801	$	719,742

Accumulated other comprehensive loss:
Foreign currency translation adjustments	$	(101,489)	$	(110,364)
Pension and post-retirement benefit plans, net of tax	(131,993)		(118,254)
Cash flow hedges, net of tax	(17,165)		(23,715)
Total accumulated other comprehensive loss	$	(250,647)	$	(252,333)

Schedule of Maturity of Operating Lease Liabilities

The maturity of our lease liabilities as of October 1, 2023 were as follows:


	Operating leases		Finance leases		Total
2023 (rest of year)	$	11,317	$	2,300	$	13,617
2024	44,184		8,515		52,699
2025	30,800		6,471		37,271
2026	26,212		4,257		30,469
2027	25,653		4,065		29,718
Thereafter	267,948		142,022		409,970
Total lease payments	406,114		167,630		573,744
Less: Imputed interest	87,827		94,934		182,761
Total lease liabilities	$	318,287	$	72,696	$	390,983

Schedule of Maturity of Finance Lease Liabilities

The maturity of our lease liabilities as of October 1, 2023 were as follows:


	Operating leases		Finance leases		Total
2023 (rest of year)	$	11,317	$	2,300	$	13,617
2024	44,184		8,515		52,699
2025	30,800		6,471		37,271
2026	26,212		4,257		30,469
2027	25,653		4,065		29,718
Thereafter	267,948		142,022		409,970
Total lease payments	406,114		167,630		573,744
Less: Imputed interest	87,827		94,934		182,761
Total lease liabilities	$	318,287	$	72,696	$	390,983

Schedule of Supplemental Cash Flow Information Related To Leases

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


	Nine Months Ended
	October 1, 2023		October 2, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	33,872	$	34,528
Operating cash flows from finance leases	3,287		3,083
Financing cash flows from finance leases	3,540		3,336

ROU assets obtained in exchange for lease liabilities:
Operating leases	$	16,857	$	6,629
Finance leases	993		4,192

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022
Operating Activities
Net income	$ 1,512,745	$ 1,248,521
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	303,096	279,082
Stock-based compensation expense	56,351	50,640
Deferred income taxes	(16,539)	(9,751)
Write-down of equity investments	115,418	70,754
Other	75,677	92,632
Changes in assets and liabilities, net of business acquisition:
Accounts receivable—trade, net	(409,688)	(259,064)
Inventories	(168,110)	(201,425)
Prepaid expenses and other current assets	(12,937)	(40,565)
Accounts payable and accrued liabilities	128,178	248,230
Accrued income taxes	83,227	124,965
Contributions to pension and other benefit plans	(21,073)	(16,639)
Other assets and liabilities	(80,804)	(27,186)
Net cash provided by operating activities	1,565,541	1,560,194
Investing Activities
Capital additions (including software)	(548,600)	(359,993)
Equity investments in tax credit qualifying partnerships	(18,132)	(159,713)
Business acquisitions, net of cash and cash equivalents acquired	(165,818)	0
Other investing activities	(2,993)	9,730
Net cash used in investing activities	(735,543)	(509,976)
Financing Activities
Net increase (decrease) in short-term debt	126,090	(145,552)
Long-term borrowings, net of debt issuance costs	744,092	0
Repayment of long-term debt and finance leases	(753,545)	(3,321)
Cash dividends paid	(651,266)	(567,989)
Repurchase of common stock	(239,910)	(355,271)
Proceeds from exercised stock options	24,254	30,824
Taxes withheld and paid on employee stock awards	(34,080)	(34,722)
Net cash used in financing activities	(784,365)	(1,076,031)
Effect of exchange rate changes on cash and cash equivalents	(38,270)	24,288
Net increase (decrease) in cash and cash equivalents	7,363	(1,525)
Cash and cash equivalents, beginning of period	463,889	329,266
Cash and cash equivalents, end of period	471,252	327,741
Supplemental Disclosure
Interest paid	111,678	90,787
Income taxes paid	$ 264,497	$ 190,724

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 01, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 471,252	$ 463,889
Accounts receivable—trade, net	1,127,728	711,203
Inventories	1,347,820	1,173,119
Prepaid expenses and other	243,617	272,195
Total current assets	3,190,417	2,620,406
Property, plant and equipment, net	3,156,064	2,769,702
Goodwill	2,693,182	2,606,956
Other intangibles	1,907,371	1,966,269
Other non-current assets	950,395	944,989
Deferred income taxes	38,242	40,498
Total assets	11,935,671	10,948,820
Current liabilities:
Accounts payable	1,085,016	970,558
Accrued liabilities	968,926	832,518
Accrued income taxes	54,864	6,710
Short-term debt	819,880	693,790
Current portion of long-term debt	7,791	753,578
Total current liabilities	2,936,477	3,257,154
Long-term debt	4,086,087	3,343,977
Other long-term liabilities	641,801	719,742
Deferred income taxes	303,666	328,403
Total liabilities	7,968,031	7,649,276
Stockholders’ equity:
Preferred stock, shares issued: none in 2023 and 2022	0	0
Additional paid-in capital	1,321,533	1,296,572
Retained earnings	4,451,463	3,589,781
Treasury—common stock shares, at cost: 17,063,009 at October 1, 2023 and 16,588,308 at December 31, 2022	(1,776,262)	(1,556,029)
Accumulated other comprehensive loss	(250,647)	(252,333)
Total stockholders’ equity	3,967,640	3,299,544
Total liabilities and stockholders’ equity	11,935,671	10,948,820
Common stock
Stockholders’ equity:
Common stock	166,939	163,439
Class B common stock
Stockholders’ equity:
Common stock	$ 54,614	$ 58,114

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 (Loss) Income
Beginning 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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,248,521							1,248,521
Other comprehensive loss	(46,835)											(46,835)
Dividends (including dividend equivalents):
Common Stock		$ (414,869)	$ (152,390)						$ (414,869)	$ (152,390)
Conversion of Class B Common Stock into Common Stock	0				2,500	(2,500)
Stock-based compensation	50,592						50,592
Exercise of stock options and incentive-based transactions	(3,897)						(30,461)				26,564
Repurchase of common stock (including excise tax)	(355,271)										(355,271)
Ending balance, stockholders' equity at Oct. 02, 2022	3,083,080			0	163,439	58,114	1,280,462	3,401,198			(1,524,083)	(296,050)
Beginning balance, stockholders' equity at Jul. 03, 2022	2,891,740			0	163,439	58,114	1,258,091	3,208,598			(1,528,121)	(268,381)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	399,487							399,487
Other comprehensive loss	(27,669)											(27,669)
Dividends (including dividend equivalents):
Common Stock		(152,144)	(54,743)						(152,144)	(54,743)
Stock-based compensation	18,132						18,132
Exercise of stock options and incentive-based transactions	8,277						4,239				4,038
Ending balance, stockholders' equity at Oct. 02, 2022	3,083,080			0	163,439	58,114	1,280,462	3,401,198			(1,524,083)	(296,050)
Beginning 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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,512,745							1,512,745
Other comprehensive loss	1,686											1,686
Dividends (including dividend equivalents):
Common Stock		(484,314)	(166,749)						(484,314)	(166,749)
Conversion of Class B Common Stock into Common Stock	0				3,500	(3,500)
Stock-based compensation	56,644						56,644
Exercise of stock options and incentive-based transactions	(9,825)						(31,683)				21,858
Repurchase of common stock (including excise tax)	(242,091)										(242,091)
Ending balance, stockholders' equity at Oct. 01, 2023	3,967,640			0	166,939	54,614	1,321,533	4,451,463			(1,776,262)	(250,647)
Beginning balance, stockholders' equity at Jul. 02, 2023	3,694,785			0	166,939	54,614	1,301,247	4,171,010			(1,777,984)	(221,041)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	518,577							518,577
Other comprehensive loss	(29,606)											(29,606)
Dividends (including dividend equivalents):
Common Stock		$ (178,978)	$ (59,146)						$ (178,978)	$ (59,146)
Conversion of Class B Common Stock into Common Stock					0	0
Stock-based compensation	20,884						20,884
Exercise of stock options and incentive-based transactions	1,107						(598)				1,705
Repurchase of common stock (including excise tax)	17										17
Ending balance, stockholders' equity at Oct. 01, 2023	$ 3,967,640			$ 0	$ 166,939	$ 54,614	$ 1,321,533	$ 4,451,463			$ (1,776,262)	$ (250,647)

LEASES - SCHEDULE OF INFORMATION REGARDING OUR LEASE TERMS AND DISCOUNT RATES (Details)	Oct. 01, 2023	Dec. 31, 2022
Leases [Abstract]
Operating leases, Weighted-average remaining lease term (years)	14 years 6 months	15 years
Finance leases, Weighted-average remaining lease term (years)	27 years 3 months 18 days	27 years 8 months 12 days
Operating leases, Weighted-average remaining discount rate	3.50%	3.20%
Finance leases, Weighted-average remaining discount rate	6.20%	6.10%

STOCK COMPENSATION PLANS - NARRATIVE (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized	$ 94,733
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition	1 year 10 months 24 days
Share-based compensation arrangement by share-based payment award, award requisite service period	3 years
Intrinsic value of share-based liabilities paid, combined with the fair value of shares vested (in millions of dollars)	$ 103,600	$ 103,081
Deferred performance stock units, deferred restricted stock units, and directors' fees and accumulated dividend amounts representing deferred stock units outstanding (shares)	261,654
Employee stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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 (USD per share)	$ 57.65	$ 37.28
Intrinsic value of options exercised (in millions of dollars)	$ 34,060	$ 36,362
Performance stock units and restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, conversion basis (shares)	1
Performance stock units and restricted stock units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, performance score, target amounts	0.00%	0.00%
Performance stock units and restricted stock units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, performance score, target amounts	250.00%	250.00%

DERIVATIVE INSTRUMENTS - SCHEDULE OF THE EFFECT OF DERIVATIVE INSTRUMENTS ON THE CONSOLIDATED STATEMENTS OF INCOME (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Derivative [Line Items]
Gains (losses) recognized in income	$ 15,417	$ (15,181)	$ 2,187	$ 21,712
Gains (losses) recognized in other comprehensive income (“OCI”)	2,945	891	(538)	245
Commodities futures and options
Derivative [Line Items]
Gains (losses) recognized in income	17,103	(14,044)	52	28,027
Foreign exchange contracts
Derivative [Line Items]
Gains (losses) recognized in income	(583)	(39)	359	(173)
Interest rate swap agreements
Derivative [Line Items]
Gains (losses) recognized in income	0	0	0	0
Deferred compensation derivatives
Derivative [Line Items]
Gains (losses) recognized in income	(1,103)	(1,098)	1,776	(6,142)
Designated as Hedging Instrument \| Cash Flow Hedges
Derivative [Line Items]
Gains (losses) recognized in other comprehensive income (“OCI”)	2,945	891	(538)	245
Gains (losses) reclassified from accumulated OCI (“AOCI”) into income (b)	(4,198)	(2,258)	(13,451)	(9,143)
Designated as Hedging Instrument \| Cash Flow Hedges \| Commodities futures and options
Derivative [Line Items]
Gains (losses) recognized in other comprehensive income (“OCI”)	0	0	0	0
Gains (losses) reclassified from accumulated OCI (“AOCI”) into income (b)	0	0	0	0
Designated as Hedging Instrument \| Cash Flow Hedges \| Foreign exchange contracts
Derivative [Line Items]
Gains (losses) recognized in other comprehensive income (“OCI”)	2,945	891	(3,711)	245
Gains (losses) reclassified from accumulated OCI (“AOCI”) into income (b)	(1,924)	421	(196)	(956)
Designated as Hedging Instrument \| Cash Flow Hedges \| Interest rate swap agreements
Derivative [Line Items]
Gains (losses) recognized in other comprehensive income (“OCI”)	0	0	3,173	0
Gains (losses) reclassified from accumulated OCI (“AOCI”) into income (b)	(2,274)	(2,679)	(13,255)	(8,187)
Designated as Hedging Instrument \| Cash Flow Hedges \| Deferred compensation derivatives
Derivative [Line Items]
Gains (losses) recognized in other comprehensive income (“OCI”)	0	0	0	0
Gains (losses) reclassified from accumulated OCI (“AOCI”) into income (b)	$ 0	$ 0	$ 0	$ 0

INVESTMENTS IN UNCONSOLIDATED AFFILIATES	9 Months Ended
INVESTMENTS IN UNCONSOLIDATED AFFILIATES	Oct. 01, 2023
Business Combinations [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 were $126,325 and $133,029 as of October 1, 2023 and December 31, 2022, respectively.

RELATED PARTY TRANSACTIONS (Details) - Hershey Trust Company - Donation Agreement $ in Thousands	Jun. 17, 2022 USD ($)	May 23, 2022 a
Related Party Transaction [Line Items]
Area of land \| a		6
Proceeds from sale of property, plant, and equipment	$ 6,300
Loss on sale of property	$ 13,568

BUSINESS ACQUISITIONS - PRETZELS, INC NARRATIVE (Details) - Pretzels, Inc. $ in Thousands	Dec. 14, 2021 USD ($) location
Business Acquisition [Line Items]
Number of manufacturing locations \| location	3
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

SHORT AND LONG-TERM DEBT

9 Months Ended

Oct. 01, 2023

Debt Disclosure [Abstract]

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 $1.35 billion unsecured revolving credit facility with the option to increase borrowings by an additional $500 million with the consent of the lenders. The credit facility is scheduled to expire on April 26, 2028; however, we may extend the termination date for up to two additional one-year periods upon notice to the administrative agent.

The credit agreements governing the credit facility contain certain financial and other covenants, customary representations, warranties and events of default. As of October 1, 2023, we were in compliance with all covenants pertaining to the credit facility, and we had no significant compensating balance agreements that legally restricted access to these funds. For more information, refer to the Consolidated Financial Statements included in our 2022 Annual Report on Form 10-K.

In addition to the revolving credit facility, we maintain lines of credit with domestic and international commercial banks. Commitment fees relating to our revolving credit facility and lines of credit are not material. Short-term debt consisted of the following:


	October 1, 2023			December 31, 2022
Short-term foreign bank borrowings against lines of credit	$	181,988		$	135,555
U.S. commercial paper	637,892			558,235
Total short-term debt	$	819,880		$	693,790
Weighted average interest rate on outstanding commercial paper	5.4		%	4.3		%

Long-term Debt

Long-term debt consisted of the following:


Debt Type and Rate	Maturity Date	October 1, 2023		December 31, 2022
2.625% Notes (1)	May 1, 2023	—		250,000
3.375% Notes (1)	May 15, 2023	—		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
4.250% Notes (2)	May 4, 2028	350,000		—
2.450% Notes	November 15, 2029	300,000		300,000
1.700% Notes	June 1, 2030	350,000		350,000
4.500% Notes (2)	May 4, 2033	400,000		—
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)		72,696		73,479
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts		(22,457)		(19,563)
Total long-term debt		4,093,878		4,097,555
Less—current portion		7,791		753,578
Long-term portion		$	4,086,087	$	3,343,977

(1) In May 2023, we repaid $250,000 of 2.625% Notes and $500,000 of 3.375% Notes due upon their maturity.

(2) During the second quarter of 2023, we issued $350,000 of 4.250% Notes due in May 2028 and $400,000 of 4.500% Notes due in May 2033 (the “2023 Notes”). Proceeds from the issuance of the 2023 Notes, net of discounts and issuance costs, totaled $744,092. The 2023 Notes were issued under a shelf registration on Form S-3 filed in May 2021 that registered an indeterminate amount of debt securities.

Interest Expense

Net interest expense consists of the following:


	Three Months Ended				Nine Months Ended
	October 1, 2023		October 2, 2022		October 1, 2023		October 2, 2022
Interest expense	$	45,776	$	38,520	$	132,175	$	109,526
Capitalized interest	(3,932)		(2,487)		(10,720)		(6,155)
Interest expense	41,844		36,033		121,455		103,371
Interest income	(2,089)		(655)		(7,354)		(1,401)
Interest expense, net	$	39,755	$	35,378	$	114,101	$	101,970

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Oct. 01, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited consolidated financial statements provided in this report include the accounts of The Hershey Company (the “Company,” “Hershey,” “we” or “us”) and our majority-owned subsidiaries and entities in which we have a controlling financial interest after the elimination of intercompany accounts and transactions. 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. 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. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not contain certain information and disclosures required by GAAP for comprehensive financial statements. The financial statements reflect all adjustments (consisting of normal recurring adjustments) which are, in our opinion, necessary for a fair presentation of the results of operations, financial position, and cash flows for the indicated periods. Operating results for the quarter ended October 1, 2023 may not be indicative of the results that may be expected for the year ending December 31, 2023 because of seasonal effects on our business. These financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2022 (our “2022 Annual Report on Form 10-K”), which provides a more complete understanding of our accounting policies, financial position, operating results and other matters.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements 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. As a result of the adoption of this new standard, we made the required disclosures in the consolidated financial statements. 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. As a result, we adopted the provisions of this ASU in the first quarter of 2023. This new standard was not applicable to the May 2023 acquisition (as discussed in Note 2); however, will be applied in relevant future acquisitions. Recently Issued Accounting Pronouncements Not Yet Adopted In March 2023, the FASB issued ASU No. 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in tax credit structures using the proportional amortization method. This ASU allows entities to elect the proportional amortization method for all tax equity investments, regardless of how the tax credits are received as long as certain criteria are met. This ASU may be applied in a modified retrospective or retrospective basis and an entity must evaluate the investments in which it still expects to receive tax credits or other income tax benefits as of the beginning of the earliest period presented. ASU 2023-02 is effective for annual periods beginning after December 15, 2023 and interim periods within those annual periods. We are currently evaluating the impact of the new standard on our consolidated financial statements and related disclosures. 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.

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS - SCHEDULE OF COMPONENTS OF NET PERIODIC BENEFIT COST (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 3,747	$ 4,028	$ 11,269	$ 13,639
Interest cost	10,259	8,810	30,819	20,438
Expected return on plan assets	(12,275)	(11,973)	(37,041)	(36,788)
Amortization of prior service credit	(1,414)	(1,413)	(4,243)	(4,238)
Amortization of net loss	4,974	4,563	14,961	10,402
Settlement loss	943	3,728	5,332	14,104
Total net periodic benefit cost	6,234	7,743	21,097	17,557
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	57	80	166	238
Interest cost	1,794	1,154	5,984	3,467
Expected return on plan assets	0	0	0	0
Amortization of prior service credit	(13)	0	(13)	0
Amortization of net loss	(242)	26	(901)	77
Settlement loss	926	0	926	0
Total net periodic benefit cost	$ 2,522	$ 1,260	$ 6,162	$ 3,782

EARNINGS PER SHARE - NARRATIVE (Details) - shares		3 Months Ended		9 Months Ended
EARNINGS PER SHARE - NARRATIVE (Details) - shares	May 24, 2023	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Hershey Trust Company \| Class B common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Conversion of stock, shares converted (shares)	2,500,000
Employee stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (shares)		8,000	4,000	12,000	4,000

BUSINESS REALIGNMENT ACTIVITIES - SCHEDULE OF BUSINESS REALIGNMENT ACTIVITY (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Restructuring Cost and Reserve [Line Items]
Business realignment costs	$ (426)	$ 393	$ 3,440	$ 2,373
Cost of sales
Restructuring Cost and Reserve [Line Items]
Business realignment costs	(506)	(1)	527	3
Selling, marketing and administrative expense
Restructuring Cost and Reserve [Line Items]
Business realignment costs	80	394	2,472	2,096
Business realignment costs
Restructuring Cost and Reserve [Line Items]
Business realignment costs	0	0	441	274
International Optimization Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs			3,440	2,373
Severance and employee benefit costs \| International Optimization Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs	0	2	441	287
Other program costs \| International Optimization Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs	$ (426)	$ 391	$ 2,999	$ 2,086

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

OTHER (INCOME) EXPENSE, NET (Tables)

9 Months Ended

Oct. 01, 2023

Other Income and Expenses [Abstract]

Schedule of Other (Income) Expense, Net

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


	Three Months Ended				Nine Months Ended
	October 1, 2023		October 2, 2022		October 1, 2023		October 2, 2022
Write-down of equity investments in partnerships qualifying for historic and renewable energy tax credits (see Note 8)	$	38,058	$	43,314	$	115,418	$	70,754
Non-service cost components of net periodic benefit cost relating to pension and other post-retirement benefit plans (see Note 11)	4,952		4,895		15,824		7,462

Other (income) expense, net	(229)		(52)		(994)		6
Total	$	42,781	$	48,157	$	130,248	$	78,222

DOCUMENT AND ENTITY INFORMATION - shares	9 Months Ended
DOCUMENT AND ENTITY INFORMATION - shares	Oct. 01, 2023	Oct. 20, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 01, 2023
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000047111
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		149,884,670
Class B common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		54,613,514

LEASES - SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES (Details) - USD ($) $ in Thousands	Oct. 01, 2023	Dec. 31, 2022
Lease, Description [Line Items]
Operating lease ROU assets	$ 315,524	$ 326,472
Total leased assets	383,083	398,632
Operating lease liabilities	34,320	31,787
Finance lease liabilities, current	4,659	4,285
Operating lease liabilities	283,967	294,849
Finance lease liabilities, non-current	68,037	69,194
Total leased liabilities	390,983	400,115
Property, plant and equipment, gross
Lease, Description [Line Items]
Finance lease ROU assets	86,129	86,703
Accumulated depreciation
Lease, Description [Line Items]
Accumulated amortization	(18,570)	(14,543)
Property, plant and equipment, net
Lease, Description [Line Items]
Finance lease ROU assets	$ 67,559	$ 72,160

INCOME TAXES - NARRATIVE (Details) - USD ($) $ in Thousands	9 Months Ended
INCOME TAXES - NARRATIVE (Details) - USD ($) $ in Thousands	Oct. 01, 2023	Oct. 02, 2022
Income Tax Disclosure [Abstract]
Statutory tax rate	21.00%
Effective income tax rate reconciliation, percent	18.30%	19.70%
Significant change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit	$ 24,628

GOODWILL AND INTANGIBLE ASSETS - SCHEDULE OF CHANGES IN CARRYING VALUE OF GOODWILL BY REPORTABLE SEGMENT (Details) $ in Thousands	9 Months Ended
	Oct. 01, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 2,606,956
Acquired during the period	85,231
Foreign currency translation	995
Goodwill, ending balance	2,693,182
Operating Segments \| North America Confectionery
Goodwill [Roll Forward]
Goodwill, beginning balance	2,018,430
Acquired during the period	0
Foreign currency translation	(154)
Goodwill, ending balance	2,018,276
Operating Segments \| North America Salty Snacks
Goodwill [Roll Forward]
Goodwill, beginning balance	571,771
Acquired during the period	85,231
Foreign currency translation	0
Goodwill, ending balance	657,002
Operating Segments \| International
Goodwill [Roll Forward]
Goodwill, beginning balance	16,755
Acquired during the period	0
Foreign currency translation	1,149
Goodwill, ending balance	$ 17,904

- Definition

+ References + Details

BUSINESS ACQUISITIONS - DOT'S PRETZELS 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
Customer Relationships
Business Acquisition [Line Items]
Useful life	18 years

GOODWILL AND INTANGIBLE ASSETS (Tables)

9 Months Ended

Oct. 01, 2023

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 reportable segment for the nine months ended October 1, 2023 are as follows:


	North America Confectionery		North America Salty Snacks		International		Total
Balance at December 31, 2022	$	2,018,430	$	571,771	$	16,755	$	2,606,956
Acquired during the period (see Note 2)	—		85,231		—		85,231


Foreign currency translation	(154)		—		1,149		995
Balance at October 1, 2023	$	2,018,276	$	657,002	$	17,904	$	2,693,182

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:


	October 1, 2023				December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Intangible assets subject to amortization:
Trademarks	$	1,701,863	$	(227,276)	$	1,701,932	$	(190,045)
Customer-related	513,142		(115,697)		513,188		(93,495)
Patents	8,041		(8,041)		8,053		(8,053)

Total	2,223,046		(351,014)		2,223,173		(291,593)

Intangible assets not subject to amortization:
Trademarks	35,339				34,689
Total other intangible assets	$	1,907,371			$	1,966,269

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Topic 350
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

SEGMENT INFORMATION (Tables)

9 Months Ended

Oct. 01, 2023

Segment Reporting [Abstract]

Schedule of Net Sales and Earnings by Segment

Our segment net sales and earnings were as follows:


	Three Months Ended				Nine Months Ended
	October 1, 2023		October 2, 2022		October 1, 2023		October 2, 2022
Net sales:
North America Confectionery	$	2,457,647	$	2,235,550	$	6,902,891	$	6,361,695
North America Salty Snacks	345,182		275,024		887,532		757,443
International	227,158		217,579		717,458		647,818
Total	$	3,029,987	$	2,728,153	$	8,507,881	$	7,766,956

Segment income:
North America Confectionery	$	847,469	$	706,815	$	2,392,397	$	2,107,564
North America Salty Snacks	57,389		44,516		147,934		103,250
International	31,688		35,379		127,838		108,058
Total segment income	936,546		786,710		2,668,169		2,318,872
Unallocated corporate expense (1)	199,270		179,632		562,974		518,834
Unallocated mark-to-market losses on commodity derivatives	1,753		50,065		5,217		63,524

(Benefits) costs associated with business realignment activities (see Note 9)	(426)		393		3,440		2,373


Operating profit	735,949		556,620		2,096,538		1,734,141
Interest expense, net (see Note 4)	39,755		35,378		114,101		101,970
Other (income) expense, net (see Note 17)	42,781		48,157		130,248		78,222
Income before income taxes	$	653,413	$	473,085	$	1,852,189	$	1,553,949

(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.

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

Activity within the unallocated mark-to-market adjustment for commodity derivatives is as follows:


	Three Months Ended				Nine Months Ended
	October 1, 2023		October 2, 2022		October 1, 2023		October 2, 2022
Net (gains) losses on mark-to-market valuation of commodity derivative positions recognized in income	$	(17,103)	$	14,044	$	(52)	$	(28,027)
Net gains on commodity derivative positions reclassified from unallocated to segment income	18,856		36,021		5,269		91,551
Net losses on mark-to-market valuation of commodity derivative positions recognized in unallocated derivative (gains) losses	$	1,753	$	50,065	$	5,217	$	63,524

Schedule of Depreciation and Amortization Expense Included within Segment Income

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


	Three Months Ended				Nine Months Ended
	October 1, 2023		October 2, 2022		October 1, 2023		October 2, 2022
North America Confectionery	$	59,921	$	56,678	$	176,604	$	170,025
North America Salty Snacks	19,779		17,444		55,622		51,106
International	5,919		5,929		17,597		17,510
Corporate	17,690		14,149		53,273		40,441
Total	$	103,309	$	94,200	$	303,096	$	279,082

Schedule of Segment Information by Geography

Additional information regarding our net sales disaggregated by geographical region is as follows:


	Three Months Ended				Nine Months Ended
	October 1, 2023		October 2, 2022		October 1, 2023		October 2, 2022
Net sales:
United States	$	2,683,348	$	2,392,590	$	7,459,710	$	6,793,283
All other countries	346,639		335,563		1,048,171		973,673
Total	$	3,029,987	$	2,728,153	$	8,507,881	$	7,766,956

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS (Tables)

9 Months Ended

Oct. 01, 2023

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Benefit Cost

The components of net periodic benefit cost for the three months ended October 1, 2023 and October 2, 2022 were as follows:


	Pension Benefits				Other Benefits
	Three Months Ended				Three Months Ended
	October 1, 2023		October 2, 2022		October 1, 2023		October 2, 2022
Service cost	$	3,747	$	4,028	$	57	$	80
Interest cost	10,259		8,810		1,794		1,154
Expected return on plan assets	(12,275)		(11,973)		—		—
Amortization of prior service credit	(1,414)		(1,413)		(13)		—
Amortization of net loss (gain)	4,974		4,563		(242)		26
Settlement loss	943		3,728		926		—
Total net periodic benefit cost	$	6,234	$	7,743	$	2,522	$	1,260

The components of net periodic benefit cost for the nine months ended October 1, 2023 and October 2, 2022 were as follows:


	Pension Benefits				Other Benefits
	Nine Months Ended				Nine Months Ended
	October 1, 2023		October 2, 2022		October 1, 2023		October 2, 2022
Service cost	$	11,269	$	13,639	$	166	$	238
Interest cost	30,819		20,438		5,984		3,467
Expected return on plan assets	(37,041)		(36,788)		—		—
Amortization of prior service credit	(4,243)		(4,238)		(13)		—
Amortization of net loss	14,961		10,402		(901)		77
Settlement loss	5,332		14,104		926		—
Total net periodic benefit cost	$	21,097	$	17,557	$	6,162	$	3,782

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS - NARRATIVE (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Aug. 31, 2023 USD ($)	Oct. 01, 2023 USD ($)	Oct. 02, 2022 USD ($)	Oct. 01, 2023 USD ($)	Oct. 02, 2022 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, remeasurement, basis spread on discount rate (basis points)				0.0053
Defined benefit plan, assumptions used calculating net periodic benefit cost, expected long-term rate of return on plan assets				6.30%
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Employer contributions		$ 987	$ 824	$ 4,849	$ 4,580
Non-cash pre tax settlement charge		943	3,728	5,332	14,104
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Employer contributions		5,314	1,484	16,224	12,059
Non-cash pre tax settlement charge		926	$ 0	$ 926	$ 0
Other Benefits \| The Hershey Company Retiree Medical and Life Insurance Plan
Defined Benefit Plan Disclosure [Line Items]
Payment to acquire annuity contract	$ 88,689
Non-cash pre tax settlement charge		$ 926

STOCK COMPENSATION PLANS - SCHEDULE OF COMPENSATION EXPENSE AND INCOME TAX BENEFITS FOR STOCK-BASED COMPENSATION PROGRAMS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Share-Based Payment Arrangement [Abstract]
Pre-tax compensation expense	$ 20,511	$ 18,079	$ 56,351	$ 50,640
Related income tax benefit	$ 4,173	$ 2,990	$ 10,481	$ 9,925

TREASURY STOCK ACTIVITY

9 Months Ended

Oct. 01, 2023

Equity [Abstract]

TREASURY STOCK ACTIVITY

A summary of our treasury stock activity is as follows:


	Nine Months Ended October 1, 2023

	Shares	Dollars
		In thousands

Milton Hershey School Trust repurchase	1,000,000	$	239,910


Shares issued for stock options and incentive compensation	(525,299)	(21,858)
Total net share repurchases	474,701	218,052
Excise tax associated with net share repurchases (1)	—	2,181
Net change	474,701	$	220,233

(1)A corresponding liability for excise tax associated with net share repurchases is classified on our Consolidated Balance Sheets within accrued liabilities.

In February 2023, the Company entered into a Stock Purchase Agreement with Hershey Trust Company, as trustee for the Milton Hershey School Trust (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.

In July 2018, our Board of Directors approved a $500 million share repurchase authorization to repurchase shares of our Common Stock. In May 2021, our Board of Directors approved an additional $500 million share repurchase authorization. As a result of the February 2023 Stock Purchase Agreement with Hershey Trust Company, as trustee for the School Trust, the July 2018 share repurchase authorization was completed and as of October 1, 2023, approximately $370 million remains available for repurchases under our May 2021 share repurchase authorization. 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.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 505
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+ Details

OTHER (INCOME) EXPENSE, NET

9 Months Ended

Oct. 01, 2023

Other Income and Expenses [Abstract]

OTHER (INCOME) EXPENSE, NET

OTHER (INCOME) EXPENSE, NETOther (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:


	Three Months Ended				Nine Months Ended
	October 1, 2023		October 2, 2022		October 1, 2023		October 2, 2022
Write-down of equity investments in partnerships qualifying for historic and renewable energy tax credits (see Note 8)	$	38,058	$	43,314	$	115,418	$	70,754
Non-service cost components of net periodic benefit cost relating to pension and other post-retirement benefit plans (see Note 11)	4,952		4,895		15,824		7,462

Other (income) expense, net	(229)		(52)		(994)		6
Total	$	42,781	$	48,157	$	130,248	$	78,222

FAIR VALUE MEASUREMENTS - SCHEDULE OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE (Details) - USD ($) $ in Thousands	Oct. 01, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	$ 5,846	$ 6,074
Derivative liability	6,942	923
Fair Value, Measurements, Recurring \| Foreign exchange contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	1,390	4,167
Derivative liability	5,561	261
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	1,390	4,167
Derivative liability	5,561	261
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	1,103	1,222
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	1,103	1,222
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	874	685
Derivative liability	3,861	662
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	874	685
Derivative liability	3,861	662
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

STOCK COMPENSATION PLANS - SCHEDULE OF FAIR VALUE WEIGHTED-AVERAGE ASSUMPTIONS (Details)	9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022
Share-Based Payment Arrangement [Abstract]
Dividend yields	1.70%	1.90%
Expected volatility	20.90%	21.10%
Risk-free interest rates	4.10%	1.90%
Expected term in years	6 years 3 months 18 days	6 years 3 months 18 days

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Common stock
Dividends paid per share (USD per share)	$ 1.192	$ 1.036	$ 3.264	$ 2.838
Class B common stock
Dividends paid per share (USD per share)	$ 1.083	$ 0.942	$ 2.967	$ 2.580

GOODWILL AND INTANGIBLE ASSETS - SCHEDULE OF GROSS CARRYING AMOUNT AND ACCUMULATED AMORTIZATION FOR EACH MAJOR CLASS OF INTANGIBLE ASSET (Details) - USD ($) $ in Thousands	Oct. 01, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 2,223,046	$ 2,223,173
Finite-lived intangible assets, accumulated amortization	(351,014)	(291,593)
Total other intangible assets	1,907,371	1,966,269
Trademarks
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, excluding goodwill	35,339	34,689
Trademarks
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	1,701,863	1,701,932
Finite-lived intangible assets, accumulated amortization	(227,276)	(190,045)
Customer-related
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	513,142	513,188
Finite-lived intangible assets, accumulated amortization	(115,697)	(93,495)
Patents
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	8,041	8,053
Finite-lived intangible assets, accumulated amortization	$ (8,041)	$ (8,053)

SEGMENT INFORMATION - SCHEDULE OF UNALLOCATED MARK-TO-MARKET (GAINS) LOSSES ON COMMODITY DERIVATIVES (Details) - Commodities futures and options - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Segment Reporting Information [Line Items]
Net losses on mark-to-market valuation of commodity derivative positions recognized in unallocated derivative (gains) losses	$ 1,753	$ 50,065	$ 5,217	$ 63,524
Operating Segments
Segment Reporting Information [Line Items]
Net gains on commodity derivative positions reclassified from unallocated to segment income	18,856	36,021	5,269	91,551
Non-designated Hedges
Segment Reporting Information [Line Items]
Unallocated mark-to-market losses on commodity derivatives	$ (17,103)	$ 14,044	$ (52)	$ (28,027)

SHORT AND LONG-TERM DEBT (Tables)

9 Months Ended

Oct. 01, 2023

Debt Disclosure [Abstract]

Schedule of Short-term Debt

Short-term debt consisted of the following:


	October 1, 2023			December 31, 2022
Short-term foreign bank borrowings against lines of credit	$	181,988		$	135,555
U.S. commercial paper	637,892			558,235
Total short-term debt	$	819,880		$	693,790
Weighted average interest rate on outstanding commercial paper	5.4		%	4.3		%

Schedule of Long-term Debt Instruments

Long-term debt consisted of the following:


Debt Type and Rate	Maturity Date	October 1, 2023		December 31, 2022
2.625% Notes (1)	May 1, 2023	—		250,000
3.375% Notes (1)	May 15, 2023	—		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
4.250% Notes (2)	May 4, 2028	350,000		—
2.450% Notes	November 15, 2029	300,000		300,000
1.700% Notes	June 1, 2030	350,000		350,000
4.500% Notes (2)	May 4, 2033	400,000		—
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)		72,696		73,479
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts		(22,457)		(19,563)
Total long-term debt		4,093,878		4,097,555
Less—current portion		7,791		753,578
Long-term portion		$	4,086,087	$	3,343,977

(1) In May 2023, we repaid $250,000 of 2.625% Notes and $500,000 of 3.375% Notes due upon their maturity.

Schedule of Net Interest Expense

Net interest expense consists of the following:


	Three Months Ended				Nine Months Ended
	October 1, 2023		October 2, 2022		October 1, 2023		October 2, 2022
Interest expense	$	45,776	$	38,520	$	132,175	$	109,526
Capitalized interest	(3,932)		(2,487)		(10,720)		(6,155)
Interest expense	41,844		36,033		121,455		103,371
Interest income	(2,089)		(655)		(7,354)		(1,401)
Interest expense, net	$	39,755	$	35,378	$	114,101	$	101,970

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
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-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

STOCK COMPENSATION PLANS (Tables)

9 Months Ended

Oct. 01, 2023

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:


	Three Months Ended				Nine Months Ended
	October 1, 2023		October 2, 2022		October 1, 2023		October 2, 2022
Pre-tax compensation expense	$	20,511	$	18,079	$	56,351	$	50,640
Related income tax benefit	4,173		2,990		10,481		9,925

Schedule of Activity Relating to the Grants of Stock Options

A summary of activity relating to grants of stock options for the period ended October 1, 2023 is as follows:


Stock Options	Shares	Weighted-Average Exercise Price (per share)	Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at beginning of year	976,634	$104.36	3.8 years
Granted	5,215	$240.90
Exercised	(238,117)	$103.17


Outstanding as of October 1, 2023	743,732	$105.70	3.5 years	$	70,417
Options exercisable as of October 1, 2023	717,677	$103.21	3.3 years	$	69,525

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:


	Nine Months Ended
	October 1, 2023		October 2, 2022
Dividend yields	1.7	%	1.9	%
Expected volatility	20.9	%	21.1	%
Risk-free interest rates	4.1	%	1.9	%
Expected term in years	6.3		6.3

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 October 1, 2023 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	1,141,679	$181.91
Granted	293,256	$249.46
Performance assumption change (1)	43,898	$224.47
Vested	(429,751)	$172.42
Forfeited	(21,345)	$204.92
Outstanding as of October 1, 2023	1,027,737	$206.49

(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

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.


	Nine Months Ended
	October 1, 2023			October 2, 2022
Units granted	293,256			305,109
Weighted-average fair value at date of grant	$	249.46		$	211.29
Monte Carlo simulation assumptions:
Estimated values	$	118.90		$	100.41
Dividend yields	1.7		%	1.8		%
Expected volatility	19.2		%	25.3		%

BUSINESS ACQUISITIONS (Tables)

9 Months Ended

Oct. 01, 2023

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

EARNINGS PER SHARE - SCHEDULE OF BASIC AND DILUTED EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Common stock
Basic earnings per share:
Allocation of distributed earnings (cash dividends paid)	$ 178,573	$ 152,262	$ 484,517	$ 415,599
Allocation of undistributed earnings	211,085	141,630	644,062	498,070
Total earnings—basic	$ 389,658	$ 293,892	$ 1,128,579	$ 913,669
Total weighted-average shares—basic (shares)	150,116	147,169	149,307	146,557
Net income per share - basic (USD per share)	$ 2.60	$ 2.00	$ 7.56	$ 6.23
Diluted earnings per share:
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	$ 128,919	$ 105,595	$ 384,166	$ 334,852
Reallocation of undistributed earnings	0	0	0	0
Total earnings—diluted	$ 518,577	$ 399,487	$ 1,512,745	$ 1,248,521
Conversion of Class B common stock to Common shares outstanding (shares)	54,614	58,114	55,447	59,058
Total weighted-average shares—diluted (shares)	205,488	206,274	205,613	206,667
Net income per share - diluted (USD per share)	$ 2.52	$ 1.94	$ 7.36	$ 6.04
Common stock \| Employee stock options
Diluted earnings per share:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (shares)	400	561	457	582
Common stock \| Performance and restricted stock units
Diluted earnings per share:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (shares)	358	430	402	470
Class B common stock
Basic earnings per share:
Allocation of distributed earnings (cash dividends paid)	$ 59,146	$ 54,743	$ 166,749	$ 152,390
Allocation of undistributed earnings	69,773	50,852	217,417	182,462
Total earnings—basic	$ 128,919	$ 105,595	$ 384,166	$ 334,852
Total weighted-average shares—basic (shares)	54,614	58,114	55,447	59,058
Net income per share - basic (USD per share)	$ 2.36	$ 1.82	$ 6.93	$ 5.67
Diluted earnings per share:
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	$ 0	$ 0	$ 0	$ 0
Reallocation of undistributed earnings	(264)	(251)	(931)	(954)
Total earnings—diluted	$ 128,655	$ 105,344	$ 383,235	$ 333,898
Conversion of Class B common stock to Common shares outstanding (shares)	0	0	0	0
Total weighted-average shares—diluted (shares)	54,614	58,114	55,447	59,058
Net income per share - diluted (USD per share)	$ 2.36	$ 1.81	$ 6.91	$ 5.65
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	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	0

SEGMENT INFORMATION - SCHEDULE OF DEPRECIATION AND AMORTIZATION EXPENSE INCLUDED WITHIN SEGMENT INCOME (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 103,309	$ 94,200	$ 303,096	$ 279,082
Operating Segments \| North America Confectionery
Segment Reporting Information [Line Items]
Depreciation and amortization	59,921	56,678	176,604	170,025
Operating Segments \| North America Salty Snacks
Segment Reporting Information [Line Items]
Depreciation and amortization	19,779	17,444	55,622	51,106
Operating Segments \| International
Segment Reporting Information [Line Items]
Depreciation and amortization	5,919	5,929	17,597	17,510
Corporate, Non-Segment \| Corporate
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 17,690	$ 14,149	$ 53,273	$ 40,441

GOODWILL AND INTANGIBLE ASSETS - NARRATIVE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 19,882	$ 19,909	$ 59,620	$ 59,827

TREASURY STOCK ACTIVITY - NARRATIVE (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 13, 2023	Oct. 01, 2023	May 31, 2021	Jul. 24, 2018
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, remaining authorized repurchase amount		$ 370,000
2018 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount				$ 500,000
2021 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount			$ 500,000
Hershey Trust Company
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (shares)	1,000,000
Treasury stock acquired, average cost per share (USD per share)	$ 239.91
Stock repurchased during period, value	$ 239,910

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

TREASURY STOCK ACTIVITY - SCHEDULE OF TREASURY STOCK ACTIVITY (Details) - USD ($) $ in Thousands		9 Months Ended
	Feb. 13, 2023	Oct. 01, 2023
Class of Stock [Line Items]
Shares issued for stock options and incentive compensation (shares)		(525,299)
Total net share repurchases (shares)		474,701
Excise tax associated with net share repurchases (shares)		0
Net change (shares)		474,701
Shares issued for stock options and incentive compensation		$ (21,858)
Total net share repurchases		218,052
Excise tax associated with net share repurchases		2,181
Net change		$ 220,233
Hershey Trust Company
Class of Stock [Line Items]
Treasury stock, shares, acquired (shares)	1,000,000
Treasury stock, shares, acquired	$ 239,910
Hershey Common Stock \| Hershey Trust Company
Class of Stock [Line Items]
Treasury stock, shares, acquired (shares)		1,000,000
Treasury stock, shares, acquired		$ 239,910

RELATED PARTY TRANSACTIONS	9 Months Ended
RELATED PARTY TRANSACTIONS	Oct. 01, 2023
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 for 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 nine months ended October 1, 2023 and October 2, 2022 is as follows: Stock Purchase Agreement 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). 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.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 2
-Subparagraph (c)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

SEGMENT INFORMATION - NARRATIVE (Details) $ in Thousands	3 Months Ended		9 Months Ended
SEGMENT INFORMATION - NARRATIVE (Details) $ in Thousands	Oct. 01, 2023 USD ($)	Oct. 02, 2022 USD ($)	Sep. 29, 2024 USD ($)	Oct. 01, 2023 USD ($) segment	Oct. 02, 2022 USD ($)
Revenue, Major Customer [Line Items]
Number of reportable segments \| segment				3
Operating Segments \| Commodities futures and options
Revenue, Major Customer [Line Items]
Net pre-tax gains on commodity derivatives	$ (18,856)	$ (36,021)		$ (5,269)	$ (91,551)
Scenario, Forecast \| Operating Segments \| Commodities futures and options
Revenue, Major Customer [Line Items]
Net pre-tax gains on commodity derivatives			$ (1,502)
Cost of sales \| Commodities futures and options
Revenue, Major Customer [Line Items]
Cumulative amount of mark-to-market gains (losses) on commodity derivatives				$ 3,515

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS

9 Months Ended

Oct. 01, 2023

Retirement Benefits [Abstract]

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS

Net Periodic Benefit Cost

The components of net periodic benefit cost for the three months ended October 1, 2023 and October 2, 2022 were as follows:


	Pension Benefits				Other Benefits
	Three Months Ended				Three Months Ended
	October 1, 2023		October 2, 2022		October 1, 2023		October 2, 2022
Service cost	$	3,747	$	4,028	$	57	$	80
Interest cost	10,259		8,810		1,794		1,154
Expected return on plan assets	(12,275)		(11,973)		—		—
Amortization of prior service credit	(1,414)		(1,413)		(13)		—
Amortization of net loss (gain)	4,974		4,563		(242)		26
Settlement loss	943		3,728		926		—
Total net periodic benefit cost	$	6,234	$	7,743	$	2,522	$	1,260

We made contributions of $987 and $5,314 to the pension plans and other benefits plans, respectively, during the third quarter of 2023. In the third quarter of 2022, we made contributions of $824 and $1,484 to our pension plans and other benefit plans, respectively. The contributions in 2023 and 2022 also included benefit payments from our non-qualified pension plans and post-retirement benefit plans.

The components of net periodic benefit cost for the nine months ended October 1, 2023 and October 2, 2022 were as follows:


	Pension Benefits				Other Benefits
	Nine Months Ended				Nine Months Ended
	October 1, 2023		October 2, 2022		October 1, 2023		October 2, 2022
Service cost	$	11,269	$	13,639	$	166	$	238
Interest cost	30,819		20,438		5,984		3,467
Expected return on plan assets	(37,041)		(36,788)		—		—
Amortization of prior service credit	(4,243)		(4,238)		(13)		—
Amortization of net loss	14,961		10,402		(901)		77
Settlement loss	5,332		14,104		926		—
Total net periodic benefit cost	$	21,097	$	17,557	$	6,162	$	3,782

We made contributions of $4,849 and $16,224 to the pension plans and other benefits plans, respectively, during the first nine months of 2023. In the first nine months of 2022, we made contributions of $4,580 and $12,059 to our pension plans and other benefit plans, respectively. The contributions in 2023 and 2022 also included benefit payments from our non-qualified pension plans and post-retirement benefit plans.

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).

During the first nine months of 2023, we recognized pension settlement charges in our hourly retirement plan due to lump sum withdrawals by employees retiring or leaving the Company. The non-cash settlement charges, which represent the acceleration of a portion of the respective plan’s accumulated unrecognized actuarial loss, were triggered when the cumulative lump sum distributions exceeded the plan’s anticipated annual service and interest costs. In connection with the third quarter 2023 settlements, the related plan assets and liabilities were remeasured using a discount rate as of the remeasurement date that was 53 basis points higher than the rate as of December 31, 2022 and an expected rate of return on plan assets of 6.3%, which was consistent with the rate as of December 31, 2022.

Annuitization of Other Post Employment Benefits

On August 21, 2023, the Hershey Employee Benefits Committee approved the purchase of an irrevocable group annuity contract with an insurance company for eligible retirees of The Hershey Company Retiree Medical and Life Insurance Plan to cover their medical benefits. On August 31, 2023, we paid $88,689 for the irrevocable group annuity contract. As a result of this transaction, we remeasured the projected benefit obligation and recognized a $926 non-cash pre-tax settlement charge during the quarter ended October 1, 2023.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
-Paragraph 1
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (q)
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Paragraph 1
-Subparagraph (o)
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

STOCK COMPENSATION PLANS

9 Months Ended

Oct. 01, 2023

Share-Based Payment Arrangement [Abstract]

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.

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:


	Three Months Ended				Nine Months Ended
	October 1, 2023		October 2, 2022		October 1, 2023		October 2, 2022
Pre-tax compensation expense	$	20,511	$	18,079	$	56,351	$	50,640
Related income tax benefit	4,173		2,990		10,481		9,925

Compensation expenses for stock compensation plans are primarily included in SM&A expense. As of October 1, 2023, total stock-based compensation expense related to non-vested awards not yet recognized was $94,733 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 period ended October 1, 2023 is as follows:


Stock Options	Shares	Weighted-Average Exercise Price (per share)	Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at beginning of year	976,634	$104.36	3.8 years
Granted	5,215	$240.90
Exercised	(238,117)	$103.17


Outstanding as of October 1, 2023	743,732	$105.70	3.5 years	$	70,417
Options exercisable as of October 1, 2023	717,677	$103.21	3.3 years	$	69,525

The weighted-average fair value of options granted was $57.65 and $37.28 per share for the periods ended October 1, 2023 and October 2, 2022, respectively. The fair value was estimated on the date of grant using a Black-Scholes option-pricing model and the following weighted-average assumptions:


	Nine Months Ended
	October 1, 2023		October 2, 2022
Dividend yields	1.7	%	1.9	%
Expected volatility	20.9	%	21.1	%
Risk-free interest rates	4.1	%	1.9	%
Expected term in years	6.3		6.3

The total intrinsic value of options exercised was $34,060 and $36,362 for the periods ended October 1, 2023 and October 2, 2022, respectively.

Performance Stock Units and Restricted Stock Units

Under the EICP, we grant PSUs to select executives and other key employees. Vesting is contingent upon the achievement of certain performance objectives. We grant PSUs over three-year performance cycles. If we meet targets for financial measures at the end of the applicable three-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 PSU grants during the nine months ended October 1, 2023 and October 2, 2022 can range from 0% to 250% of the targeted amounts.

We recognize the compensation expenses associated with PSUs ratably over the three-year term. Compensation expenses are 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.

During the nine months ended October 1, 2023 and October 2, 2022, we awarded RSUs to certain executive officers and other key employees under the EICP. We also awarded RSUs to non-employee directors.

We recognize the compensation expenses 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 expenses 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 October 1, 2023 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	1,141,679	$181.91
Granted	293,256	$249.46
Performance assumption change (1)	43,898	$224.47
Vested	(429,751)	$172.42
Forfeited	(21,345)	$204.92
Outstanding as of October 1, 2023	1,027,737	$206.49

(1)Reflects the net number of PSUs above and below target levels based on the performance metrics.


	Nine Months Ended
	October 1, 2023			October 2, 2022
Units granted	293,256			305,109
Weighted-average fair value at date of grant	$	249.46		$	211.29
Monte Carlo simulation assumptions:
Estimated values	$	118.90		$	100.41
Dividend yields	1.7		%	1.8		%
Expected volatility	19.2		%	25.3		%

The fair value of shares vested totaled $103,600 and $103,081 for the periods ended October 1, 2023 and October 2, 2022, respectively.

Deferred PSUs, deferred RSUs and deferred stock units representing directors’ fees totaled 261,654 units as of October 1, 2023. Each unit is equivalent to one share of the Company’s Common Stock.

SHORT AND LONG-TERM DEBT - SCHEDULE OF SHORT-TERM DEBT (Details) - USD ($) $ in Thousands	Oct. 01, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Short-term debt	$ 819,880	$ 693,790
Commercial Paper
Line of Credit Facility [Line Items]
Short-term debt	$ 637,892	$ 558,235
Weighted average interest rate on outstanding commercial paper	5.40%	4.30%
Revolving Credit Facility \| Foreign Line of Credit
Line of Credit Facility [Line Items]
Short-term foreign bank borrowings against lines of credit	$ 181,988	$ 135,555

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Oct. 01, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The unaudited consolidated financial statements provided in this report include the accounts of The Hershey Company (the “Company,” “Hershey,” “we” or “us”) and our majority-owned subsidiaries and entities in which we have a controlling financial interest after the elimination of intercompany accounts and transactions. 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. 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. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not contain certain information and disclosures required by GAAP for comprehensive financial statements. The financial statements reflect all adjustments (consisting of normal recurring adjustments) which are, in our opinion, necessary for a fair presentation of the results of operations, financial position, and cash flows for the indicated periods. Operating results for the quarter ended October 1, 2023 may not be indicative of the results that may be expected for the year ending December 31, 2023 because of seasonal effects on our business. These financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2022 (our “2022 Annual Report on Form 10-K”), which provides a more complete understanding of our accounting policies, financial position, operating results and other matters. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements 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. As a result of the adoption of this new standard, we made the required disclosures in the consolidated financial statements. 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. As a result, we adopted the provisions of this ASU in the first quarter of 2023. This new standard was not applicable to the May 2023 acquisition (as discussed in Note 2); however, will be applied in relevant future acquisitions. Recently Issued Accounting Pronouncements Not Yet Adopted In March 2023, the FASB issued ASU No. 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in tax credit structures using the proportional amortization method. This ASU allows entities to elect the proportional amortization method for all tax equity investments, regardless of how the tax credits are received as long as certain criteria are met. This ASU may be applied in a modified retrospective or retrospective basis and an entity must evaluate the investments in which it still expects to receive tax credits or other income tax benefits as of the beginning of the earliest period presented. ASU 2023-02 is effective for annual periods beginning after December 15, 2023 and interim periods within those annual periods. We are currently evaluating the impact of the new standard on our consolidated financial statements and related disclosures. 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.

FAIR VALUE MEASUREMENTS - NARRATIVE (Details) - USD ($)	Oct. 01, 2023	Dec. 31, 2022
Significant other unobservable inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value, net asset (liability)	$ 0	$ 0

LEASES

9 Months Ended

Oct. 01, 2023

Leases [Abstract]

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 consolidated balance sheet.

Right-of-use (“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 are allocated to the lease 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 for the three months ended October 1, 2023 and October 2, 2022 were as follows:


		Three Months Ended
Lease expense	Classification	October 1, 2023		October 2, 2022
Operating lease cost	Cost of sales or SM&A (1)	$	12,101	$	11,812
Finance lease cost:
Amortization of ROU assets	Depreciation and amortization (1)	1,849		1,539
Interest on lease liabilities	Interest expense, net	1,095		1,030
Net lease cost (2)		$	15,045	$	14,381

The components of lease expense for the nine months ended October 1, 2023 and October 2, 2022 were as follows:


		Nine Months Ended
Lease expense	Classification	October 1, 2023		October 2, 2022
Operating lease cost	Cost of sales or SM&A (1)	$	36,464	$	37,309
Finance lease cost:
Amortization of ROU assets	Depreciation and amortization (1)	5,545		4,989
Interest on lease liabilities	Interest expense, net	3,287		3,083
Net lease cost (2)		$	45,296	$	45,381

(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:


	October 1, 2023		December 31, 2022
Weighted-average remaining lease term (years)
Operating leases	14.5		15.0
Finance leases	27.3		27.7

Weighted-average discount rate
Operating leases	3.5	%	3.2	%
Finance leases	6.2	%	6.1	%

Supplemental balance sheet information related to leases were as follows:


Leases	Classification	October 1, 2023		December 31, 2022
Assets
Operating lease ROU assets	Other non-current assets	$	315,524	$	326,472

Finance lease ROU assets, at cost	Property, plant and equipment, gross	86,129		86,703
Accumulated amortization	Accumulated depreciation	(18,570)		(14,543)
Finance lease ROU assets, net	Property, plant and equipment, net	67,559		72,160

Total leased assets		$	383,083	$	398,632

Liabilities
Current
Operating	Accrued liabilities	$	34,320	$	31,787
Finance	Current portion of long-term debt	4,659		4,285
Non-current
Operating	Other long-term liabilities	283,967		294,849
Finance	Long-term debt	68,037		69,194
Total lease liabilities		$	390,983	$	400,115

The maturity of our lease liabilities as of October 1, 2023 were as follows:


	Operating leases		Finance leases		Total
2023 (rest of year)	$	11,317	$	2,300	$	13,617
2024	44,184		8,515		52,699
2025	30,800		6,471		37,271
2026	26,212		4,257		30,469
2027	25,653		4,065		29,718
Thereafter	267,948		142,022		409,970
Total lease payments	406,114		167,630		573,744
Less: Imputed interest	87,827		94,934		182,761
Total lease liabilities	$	318,287	$	72,696	$	390,983

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


	Nine Months Ended
	October 1, 2023		October 2, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	33,872	$	34,528
Operating cash flows from finance leases	3,287		3,083
Financing cash flows from finance leases	3,540		3,336

ROU assets obtained in exchange for lease liabilities:
Operating leases	$	16,857	$	6,629
Finance leases	993		4,192

STOCK COMPENSATION PLANS - SCHEDULE OF PSUs AND RSUS FAIR VALUE WEIGHTED-AVERAGE ASSUMPTIONS (Details) - $ / shares	9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yields	1.70%	1.90%
Performance and restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (shares)	293,256	305,109
Weighted-average fair value at date of grant (USD per share)	$ 249.46	$ 211.29
Estimated values (USD per share)	$ 118.90	$ 100.41
Dividend yields	1.70%	1.80%
Expected volatility	19.20%	25.30%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

LEASES - SCHEDULE OF MATURITIES OF LEASE LIABILITIES (Details) - USD ($) $ in Thousands	Oct. 01, 2023	Dec. 31, 2022
Operating leases
2023 (rest of year)	$ 11,317
2024	44,184
2025	30,800
2026	26,212
2027	25,653
Thereafter	267,948
Total lease payments	406,114
Less: Imputed interest	87,827
Total lease liabilities	318,287
Finance leases
2023 (rest of year)	2,300
2024	8,515
2025	6,471
2026	4,257
2027	4,065
Thereafter	142,022
Total lease payments	167,630
Less: Imputed interest	94,934
Total lease liabilities	72,696	$ 73,479
2023 (rest of year)	13,617
2024	52,699
2025	37,271
2026	30,469
2027	29,718
Thereafter	409,970
Total lease payments	573,744
Less: Imputed interest	182,761
Total lease liabilities	$ 390,983

INCOME TAXES	9 Months Ended
INCOME TAXES	Oct. 01, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The majority of our taxable income is generated in the United States and taxed at the United States statutory rate of 21%. The effective tax rates for the nine months ended October 1, 2023 and October 2, 2022 were 18.3% and 19.7%, respectively. Relative to the statutory rate, the 2023 effective tax rate was primarily impacted by investment tax credits and employee share-based payments partially offset by state taxes and tax reserves. 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, 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 $24,628 within the next 12 months because of the expiration of statutes of limitations and settlements of tax audits. 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. For the nine months ended October 1, 2023, the tax-related provisions of the IRA did not have a material impact on our consolidated financial statements, including our annual effective tax rate, or on our liquidity.

- 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

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Pay vs Performance Disclosure
Net income	$ 518,577	$ 399,487	$ 1,512,745	$ 1,248,521

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SHORT AND LONG-TERM DEBT - SHORT-TERM DEBT NARRATIVE (Details) - Line of Credit - Revolving Credit Facility - Line of Credit $ in Millions	9 Months Ended
	Oct. 01, 2023 USD ($) option
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,350
Line of credit facility, accordion feature increase limit	$ 500
Termination date, number of extension option \| option	2
Termination date, extension term	1 year

DERIVATIVE INSTRUMENTS

9 Months Ended

Oct. 01, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 exchange-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 $155,320 as of October 1, 2023 and $243,009 as of December 31, 2022.

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 $76,824 at October 1, 2023 and $59,448 at December 31, 2022. 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 $19,172 at October 1, 2023 and $1,843 at December 31, 2022. 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, from time to time, we enter into interest rate swap agreements to protect against unfavorable interest rate changes relating to forecasted debt transactions. These swaps, which are settled upon issuance of the related debt, are designated as cash flow hedges and the gains and losses that are 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 selling, marketing and administrative expense, together with the change in the related liabilities. The notional amount of the contracts outstanding at October 1, 2023 and December 31, 2022 was $23,641 and $18,803, respectively.

The following table presents the classification of derivative assets and liabilities within the Consolidated Balance Sheets as of October 1, 2023 and December 31, 2022:


	October 1, 2023				December 31, 2022
	Assets (1)		Liabilities (1)		Assets (1)		Liabilities (1)
Derivatives designated as cash flow hedging instruments:

Foreign exchange contracts	$	3,080	$	3,022	$	3,921	$	261






Derivatives not designated as hedging instruments:
Commodities futures and options (2)	874		3,861		685		662
Deferred compensation derivatives	1,776		—		1,222		—
Foreign exchange contracts	116		59		246		—
	2,766		3,920		2,153		662
Total	$	5,846	$	6,942	$	6,074	$	923

(1)Derivative 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 October 1, 2023, amounts reflected on a net basis in liabilities were assets of $36,052 and liabilities of $36,023, 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, 2022 were assets of $25,308 and liabilities of $25,296. At October 1, 2023 and December 31, 2022, 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 three months ended October 1, 2023 and October 2, 2022 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 accumulated OCI (“AOCI”) into income (b)
	2023		2022		2023		2022		2023		2022
Commodities futures and options	$	17,103	$	(14,044)	$	—	$	—	$	—	$	—
Foreign exchange contracts	(583)		(39)		2,945		891		(1,924)		421
Interest rate swap agreements	—		—		—		—		(2,274)		(2,679)
Deferred compensation derivatives	(1,103)		(1,098)		—		—		—		—
Total	$	15,417	$	(15,181)	$	2,945	$	891	$	(4,198)	$	(2,258)

The effect of derivative instruments on the Consolidated Statements of Income for the nine months ended October 1, 2023 and October 2, 2022 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 accumulated OCI (“AOCI”) into income (b)
	2023		2022		2023		2022		2023		2022
Commodities futures and options	$	52	$	28,027	$	—	$	—	$	—	$	—
Foreign exchange contracts	359		(173)		(3,711)		245		(196)		(956)
Interest rate swap agreements	—		—		3,173		—		(13,255)		(8,187)
Deferred compensation derivatives	1,776		(6,142)		—		—		—		—
Total	$	2,187	$	21,712	$	(538)	$	245	$	(13,451)	$	(9,143)

(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 pre-tax 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 $17,930 as of October 1, 2023. This amount is primarily associated with interest rate swap agreements.

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Net sales	$ 3,029,987	$ 2,728,153	$ 8,507,881	$ 7,766,956
Cost of sales	1,669,734	1,619,653	4,633,207	4,412,977
Gross profit	1,360,253	1,108,500	3,874,674	3,353,979
Selling, marketing and administrative expense	624,304	551,880	1,777,695	1,619,564
Business realignment costs	0	0	441	274
Operating profit	735,949	556,620	2,096,538	1,734,141
Interest expense, net	39,755	35,378	114,101	101,970
Other (income) expense, net	42,781	48,157	130,248	78,222
Income before income taxes	653,413	473,085	1,852,189	1,553,949
Provision for income taxes	134,836	73,598	339,444	305,428
Net income	$ 518,577	$ 399,487	$ 1,512,745	$ 1,248,521
Common stock
Net income per share—basic:
Net income per share - basic (USD per share)	$ 2.60	$ 2.00	$ 7.56	$ 6.23
Net income per share—diluted:
Net income per share - diluted (USD per share)	2.52	1.94	7.36	6.04
Dividends paid per share:
Dividends paid per share (USD per share)	1.192	1.036	3.264	2.838
Class B common stock
Net income per share—basic:
Net income per share - basic (USD per share)	2.36	1.82	6.93	5.67
Net income per share—diluted:
Net income per share - diluted (USD per share)	2.36	1.81	6.91	5.65
Dividends paid per share:
Dividends paid per share (USD per share)	$ 1.083	$ 0.942	$ 2.967	$ 2.580

CONTINGENCIES	9 Months Ended
CONTINGENCIES	Oct. 01, 2023
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIES 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.

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Oct. 01, 2023

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 October 1, 2023 and December 31, 2022:


	Assets / Liabilities
	Level 1		Level 2		Level 3		Total
October 1, 2023:
Derivative Instruments:
Assets:
Foreign exchange contracts (1)	$	—	$	1,390	$	—	$	1,390

Deferred compensation derivatives (2)	$	—	$	1,103	$	—	$	1,103
Commodities futures and options (3)	$	874	$	—	$	—	$	874
Liabilities:
Foreign exchange contracts (1)	$	—	$	5,561	$	—	$	5,561


Commodities futures and options (3)	$	3,861	$	—	$	—	$	3,861
December 31, 2022:
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

(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.

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
	October 1, 2023		December 31, 2022		October 1, 2023		December 31, 2022
Current portion of long-term debt	$	7,791	$	749,345	$	7,791	$	753,578
Long-term debt	3,499,711		2,854,165		4,086,087		3,343,977
Total	$	3,507,502	$	3,603,510	$	4,093,878	$	4,097,555

STOCK COMPENSATION PLANS - SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Oct. 01, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding shares at beginning of period (shares)	976,634
Granted (shares)	5,215
Exercised (shares)	(238,117)
Outstanding shares at end of period (shares)	743,732	976,634
Options exercisable at end of period (shares)	717,677
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding at beginning of period (USD per share)	$ 104.36
Granted (USD per share)	240.90
Exercises (USD per share)	103.17
Outstanding at end of period (USD per share)	105.70	$ 104.36
Options exercisable (USD per share)	$ 103.21
Options outstanding, weighted-average remaining contractual term	3 years 6 months	3 years 9 months 18 days
Options exercisable, weighted aver remaining contractual term	3 years 3 months 18 days
Aggregate intrinsic value of options outstanding	$ 70,417
Aggregate intrinsic value of options exercisable	$ 69,525

SEGMENT INFORMATION - SCHEDULE OF SEGMENT INFORMATION BY GEOGRAPHY (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Revenue, Major Customer [Line Items]
Net sales	$ 3,029,987	$ 2,728,153	$ 8,507,881	$ 7,766,956
United States
Revenue, Major Customer [Line Items]
Net sales	2,683,348	2,392,590	7,459,710	6,793,283
All other countries
Revenue, Major Customer [Line Items]
Net sales	$ 346,639	$ 335,563	$ 1,048,171	$ 973,673

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

BUSINESS REALIGNMENT ACTIVITIES (Tables)

9 Months Ended

Oct. 01, 2023

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:


	Three Months Ended				Nine Months Ended
	October 1, 2023		October 2, 2022		October 1, 2023		October 2, 2022
Cost of sales	$	(506)	$	(1)	$	527	$	3
Selling, marketing and administrative expense	80		394		2,472		2,096
Business realignment costs	—		—		441		274
(Benefits) costs associated with business realignment activities	$	(426)	$	393	$	3,440	$	2,373

Costs recorded by program during the three and nine months ended October 1, 2023 and October 2, 2022 related to these activities were as follows:


	Three Months Ended				Nine Months Ended
	October 1, 2023		October 2, 2022		October 1, 2023		October 2, 2022
International Optimization Program:
Severance and employee benefit costs	$	—	$	2	$	441	$	287
Other program costs	(426)		391		2,999		2,086



Total	$	(426)	$	393	$	3,440	$	2,373

SEGMENT INFORMATION - SCHEDULE OF NET SALES AND EARNINGS BY SEGMENT (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Segment Reporting Information [Line Items]
Net sales	$ 3,029,987	$ 2,728,153	$ 8,507,881	$ 7,766,956
Operating profit	735,949	556,620	2,096,538	1,734,141
Cost associated with business realignment activities	(426)	393	3,440	2,373
Interest expense, net	39,755	35,378	114,101	101,970
Other (income) expense, net	42,781	48,157	130,248	78,222
Income before income taxes	653,413	473,085	1,852,189	1,553,949
Operating Segments
Segment Reporting Information [Line Items]
Operating profit	936,546	786,710	2,668,169	2,318,872
Operating Segments \| North America Confectionery
Segment Reporting Information [Line Items]
Net sales	2,457,647	2,235,550	6,902,891	6,361,695
Operating profit	847,469	706,815	2,392,397	2,107,564
Operating Segments \| North America Salty Snacks
Segment Reporting Information [Line Items]
Net sales	345,182	275,024	887,532	757,443
Operating profit	57,389	44,516	147,934	103,250
Operating Segments \| International
Segment Reporting Information [Line Items]
Net sales	227,158	217,579	717,458	647,818
Operating profit	31,688	35,379	127,838	108,058
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Unallocated corporate expense	199,270	179,632	562,974	518,834
Segment Reconciling Items
Segment Reporting Information [Line Items]
Unallocated mark-to-market losses on commodity derivatives	1,753	50,065	5,217	63,524
Cost associated with business realignment activities	$ (426)	$ 393	$ 3,440	$ 2,373

TREASURY STOCK ACTIVITY (Tables)

9 Months Ended

Oct. 01, 2023

Equity [Abstract]

Schedule of Treasury Stock Activity

A summary of our treasury stock activity is as follows:


	Nine Months Ended October 1, 2023

	Shares	Dollars
		In thousands

Milton Hershey School Trust repurchase	1,000,000	$	239,910


Shares issued for stock options and incentive compensation	(525,299)	(21,858)
Total net share repurchases	474,701	218,052
Excise tax associated with net share repurchases (1)	—	2,181
Net change	474,701	$	220,233

(1)A corresponding liability for excise tax associated with net share repurchases is classified on our Consolidated Balance Sheets within accrued liabilities.

BUSINESS ACQUISITIONS

9 Months Ended

Oct. 01, 2023

Business Combinations [Abstract]

BUSINESS ACQUISITIONS

Manufacturing Capacity

On May 31, 2023, we completed the acquisition of certain assets that provide additional manufacturing capacity from Weaver Popcorn Manufacturing, Inc. (“Weaver”), a leader in the production and co-packing of microwave popcorn and ready-to-eat popcorn, and former co-manufacturer of the Company’s SkinnyPop brand. The initial cash consideration paid for Weaver totaled $165,818 and consisted of cash on hand and short-term borrowings. Acquisition-related costs for the Weaver acquisition were immaterial.

The acquisition has been accounted for as a business combination and, accordingly, Weaver has been included within the North America Salty Snacks segment from the date of acquisition. The preliminary purchase consideration was allocated to assets acquired and liabilities assumed based on their respective fair values and consisted of $85,231 to goodwill, $79,136 to property, plant and equipment, net and $1,451 to other net assets acquired. We are in the process of evaluating additional information necessary to finalize the valuation of assets acquired and liabilities assumed as of the acquisition date including, but not limited to, post-closing adjustments. The final fair value determination is not expected to result in material adjustments to our preliminary purchase price allocation, including goodwill. We expect to finalize the purchase price allocation by the end of 2023.

Goodwill was determined as the excess of the purchase price over the fair value of the net assets acquired. The goodwill derived from this acquisition is deductible for tax purposes and reflects the value of leveraging our supply chain capabilities to accelerate growth and access to our portfolio of salty snacks products.

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 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. The measurement period adjustments to the initial allocation were immaterial and 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. The measurement period adjustments to the initial allocation were immaterial and 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 an estimated useful life of 18 years.

FAIR VALUE MEASUREMENTS

9 Months Ended

Oct. 01, 2023

FAIR VALUE MEASUREMENTS [Abstract]

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 October 1, 2023 and December 31, 2022:


	Assets / Liabilities
	Level 1		Level 2		Level 3		Total
October 1, 2023:
Derivative Instruments:
Assets:
Foreign exchange contracts (1)	$	—	$	1,390	$	—	$	1,390

Deferred compensation derivatives (2)	$	—	$	1,103	$	—	$	1,103
Commodities futures and options (3)	$	874	$	—	$	—	$	874
Liabilities:
Foreign exchange contracts (1)	$	—	$	5,561	$	—	$	5,561


Commodities futures and options (3)	$	3,861	$	—	$	—	$	3,861
December 31, 2022:
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

(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 October 1, 2023 and December 31, 2022 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 issues 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
	October 1, 2023		December 31, 2022		October 1, 2023		December 31, 2022
Current portion of long-term debt	$	7,791	$	749,345	$	7,791	$	753,578
Long-term debt	3,499,711		2,854,165		4,086,087		3,343,977
Total	$	3,507,502	$	3,603,510	$	4,093,878	$	4,097,555

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.

In connection with the acquisition of Weaver in May 2023, as discussed in Note 2, we used valuation techniques to determine fair value, with the primary technique being the cost approach to value personal property, which uses significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy. Additionally, in connection with the acquisitions of Pretzels and Dot’s in December 2021 and subsequent measurement period adjustments through the third quarter of 2022, 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.

DERIVATIVE INSTRUMENTS (Tables)

9 Months Ended

Oct. 01, 2023

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 October 1, 2023 and December 31, 2022:


	October 1, 2023				December 31, 2022
	Assets (1)		Liabilities (1)		Assets (1)		Liabilities (1)
Derivatives designated as cash flow hedging instruments:

Foreign exchange contracts	$	3,080	$	3,022	$	3,921	$	261






Derivatives not designated as hedging instruments:
Commodities futures and options (2)	874		3,861		685		662
Deferred compensation derivatives	1,776		—		1,222		—
Foreign exchange contracts	116		59		246		—
	2,766		3,920		2,153		662
Total	$	5,846	$	6,942	$	6,074	$	923

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 three months ended October 1, 2023 and October 2, 2022 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 accumulated OCI (“AOCI”) into income (b)
	2023		2022		2023		2022		2023		2022
Commodities futures and options	$	17,103	$	(14,044)	$	—	$	—	$	—	$	—
Foreign exchange contracts	(583)		(39)		2,945		891		(1,924)		421
Interest rate swap agreements	—		—		—		—		(2,274)		(2,679)
Deferred compensation derivatives	(1,103)		(1,098)		—		—		—		—
Total	$	15,417	$	(15,181)	$	2,945	$	891	$	(4,198)	$	(2,258)

The effect of derivative instruments on the Consolidated Statements of Income for the nine months ended October 1, 2023 and October 2, 2022 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 accumulated OCI (“AOCI”) into income (b)
	2023		2022		2023		2022		2023		2022
Commodities futures and options	$	52	$	28,027	$	—	$	—	$	—	$	—
Foreign exchange contracts	359		(173)		(3,711)		245		(196)		(956)
Interest rate swap agreements	—		—		3,173		—		(13,255)		(8,187)
Deferred compensation derivatives	1,776		(6,142)		—		—		—		—
Total	$	2,187	$	21,712	$	(538)	$	245	$	(13,451)	$	(9,143)

OTHER (INCOME) EXPENSE, NET - SCHEDULE OF OTHER (INCOME) AND EXPENSE, NET (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Other Income and Expenses [Abstract]
Write-down of equity investments in partnerships qualifying for historic and renewable energy tax credits	$ 38,058	$ 43,314	$ 115,418	$ 70,754
Non-service cost components of net periodic benefit cost relating to pension and other post-retirement benefit plans	4,952	4,895	15,824	7,462
Other (income) expense, net	(229)	(52)	(994)	6
Total	$ 42,781	$ 48,157	$ 130,248	$ 78,222

DERIVATIVE INSTRUMENTS - NARRATIVE (Details) - USD ($) $ in Thousands	9 Months Ended
	Oct. 01, 2023	Dec. 31, 2022
Derivative [Line Items]
Cash flow hedge gain (loss) to be reclassified within twelve months	$ 17,930
Commodities futures and options \| Non-designated Hedges
Derivative [Line Items]
Derivative, notional amount	$ 155,320	$ 243,009
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 \| Non-designated Hedges
Derivative [Line Items]
Derivative, notional amount	$ 19,172	1,843
Foreign exchange contracts \| Designated as Hedging Instrument \| Cash Flow Hedges
Derivative [Line Items]
Derivative, notional amount	76,824	59,448
Deferred compensation derivatives
Derivative [Line Items]
Derivative, notional amount	$ 23,641	$ 18,803
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

Insider Trading Arrangements

3 Months Ended

9 Months Ended

Oct. 01, 2023

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

A portion of our directors’ and officers’ compensation is in the form of equity awards and, from time to time, they may engage in open-market transactions with respect to their Company securities for diversification or other personal reasons. All such transactions in Company securities by directors and officers must comply with the Company’s Insider Trading Policy, which requires that transactions be in accordance with applicable U.S. federal securities laws that prohibit trading while in possession of material nonpublic information. Rule 10b5-1 under the Exchange Act provides an affirmative defense that enables directors and officers to prearrange transactions in the Company’s securities in a manner that avoids concerns about initiating transactions while in possession of material nonpublic information.

The following table describes the contracts, instructions or written plans for the purchase or sale of securities adopted by our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) during the three months ended October 1, 2023, that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). No other Rule 10b5-1 trading arrangements or “non-Rule 10b5–1 trading arrangements” (as defined by S-K Item 408(c)) were entered into or terminated by our directors or officers during such period.

Name and Title

Date of Adoption of 10b5-1 Plan

Duration of 10b5-1 Plan(1)

Aggregate Number of Securities to be Sold or Purchased

Rohit Grover

Senior Vice President, International

8/8/2023

3/5/2024

Sell 4,200 shares

Charles R. Raup

President, U.S. Confection

8/25/2023

8/23/2024

Sell 8,260 shares

(1) The plan duration is until the date listed in this column or such earlier date upon the completion of all trades under the plan (or the expiration of the orders relating to such trades without execution) or the occurrence of such other termination events as specified in the plan.

Rule 10b5-1 Arrangement Adopted

true

Non-Rule 10b5-1 Arrangement Adopted

true

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Rohit Grover [Member]

Trading Arrangements, by Individual

Name

Rohit Grover

Title

Senior Vice President, International

Adoption Date

8/8/2023

Arrangement Duration

210 days

Aggregate Available

4,200

Charles R. Raup [Member]

Trading Arrangements, by Individual

Name

Charles R. Raup

Title

President, U.S. Confection

Adoption Date

8/25/2023

Arrangement Duration

364 days

Aggregate Available

8,260

SUPPLEMENTAL BALANCE SHEET INFORMATION - SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION (Details) - USD ($) $ in Thousands	Oct. 01, 2023	Dec. 31, 2022
Inventories:
Raw materials	$ 469,455	$ 372,612
Goods in process	184,397	137,298
Finished goods	969,620	855,217
Inventories at First In First Out	1,623,472	1,365,127
Adjustment to Last In First Out	(275,652)	(192,008)
Total inventories	1,347,820	1,173,119
Prepaid expenses and other:
Prepaid expenses	133,265	143,888
Other current assets	110,352	128,307
Total prepaid expenses and other	243,617	272,195
Property, plant and equipment:
Land	159,701	155,963
Buildings	1,618,136	1,545,053
Machinery and equipment	3,836,925	3,592,251
Construction in progress	618,631	416,220
Property, plant and equipment, gross	6,233,393	5,709,487
Accumulated depreciation	(3,077,329)	(2,939,785)
Property, plant and equipment, net	3,156,064	2,769,702
Other non-current assets:
Pension	42,754	53,495
Capitalized software, net	345,198	320,034
Operating lease ROU assets	315,524	326,472
Investments in unconsolidated affiliates	126,325	133,029
Other non-current assets	120,594	111,959
Total other non-current assets	950,395	944,989
Accounts payable:
Accounts payable—trade	675,389	636,472
Supplier finance program obligations	149,533	105,293
Other	260,094	228,793
Accounts payable	1,085,016	970,558
Accrued liabilities:
Payroll, compensation and benefits	245,975	293,865
Advertising, promotion and product allowances	384,872	337,024
Operating lease liabilities	$ 34,320	$ 31,787
Operating lease liabilities, extensible list	Total accrued liabilities	Total accrued liabilities
Other	$ 303,759	$ 169,842
Total accrued liabilities	968,926	832,518
Other long-term liabilities:
Post-retirement benefits liabilities	77,995	147,174
Pension benefits liabilities	27,515	27,696
Operating lease liabilities	$ 283,967	$ 294,849
Operating lease liabilities, extensible list	Total other long-term liabilities	Total other long-term liabilities
Other	$ 252,324	$ 250,023
Total other long-term liabilities	641,801	719,742
Accumulated other comprehensive loss:
Foreign currency translation adjustments	(101,489)	(110,364)
Pension and post-retirement benefit plans, net of tax	(131,993)	(118,254)
Cash flow hedges, net of tax	(17,165)	(23,715)
Total accumulated other comprehensive loss	$ (250,647)	$ (252,333)

FAIR VALUE MEASUREMENTS - SCHEDULE OF FAIR VALUES AND CARRYING VALUES OF LONG-TERM DEBT (Details) - USD ($) $ in Thousands	Oct. 01, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current portion of long-term debt	$ 7,791	$ 753,578
Long-term portion	4,086,087	3,343,977
Total long-term debt, carrying value	4,093,878	4,097,555
Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current portion of long-term debt, fair value	7,791	749,345
Long-term debt, fair value	3,499,711	2,854,165
Total long-term debt, fair value	3,507,502	3,603,510
Current portion of long-term debt	7,791	753,578
Long-term portion	4,086,087	3,343,977
Total long-term debt, carrying value	$ 4,093,878	$ 4,097,555

- Definition

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

+ References + Details

SUPPLEMENTAL BALANCE SHEET INFORMATION

9 Months Ended

Oct. 01, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

SUPPLEMENTAL BALANCE SHEET INFORMATION

SUPPLEMENTAL BALANCE SHEET INFORMATION The components of certain asset accounts included within our Consolidated Balance Sheets are as follows:


	October 1, 2023		December 31, 2022
Inventories:
Raw materials	$	469,455	$	372,612
Goods in process	184,397		137,298
Finished goods	969,620		855,217
Inventories at First In First Out	1,623,472		1,365,127
Adjustment to Last In First Out	(275,652)		(192,008)
Total inventories	$	1,347,820	$	1,173,119

Prepaid expenses and other:
Prepaid expenses	$	133,265	$	143,888

Other current assets	110,352		128,307
Total prepaid expenses and other	$	243,617	$	272,195

Property, plant and equipment:
Land	$	159,701	$	155,963
Buildings	1,618,136		1,545,053
Machinery and equipment	3,836,925		3,592,251
Construction in progress	618,631		416,220
Property, plant and equipment, gross	6,233,393		5,709,487
Accumulated depreciation	(3,077,329)		(2,939,785)
Property, plant and equipment, net	$	3,156,064	$	2,769,702

Other non-current assets:
Pension	$	42,754	$	53,495
Capitalized software, net	345,198		320,034

Operating lease ROU assets	315,524		326,472
Investments in unconsolidated affiliates	126,325		133,029
Other non-current assets	120,594		111,959
Total other non-current assets	$	950,395	$	944,989


The components of certain liability and stockholders’ equity accounts included within our Consolidated Balance Sheets are as follows:
	October 1, 2023		December 31, 2022
Accounts payable:
Accounts payable—trade	$	675,389	$	636,472
Supplier finance program obligations	149,533		105,293
Other	260,094		228,793
Total accounts payable	$	1,085,016	$	970,558

Accrued liabilities:
Payroll, compensation and benefits	$	245,975	$	293,865
Advertising, promotion and product allowances	384,872		337,024
Operating lease liabilities	34,320		31,787

Other	303,759		169,842
Total accrued liabilities	$	968,926	$	832,518

Other long-term liabilities:
Post-retirement benefits liabilities	$	77,995	$	147,174
Pension benefits liabilities	27,515		27,696
Operating lease liabilities	283,967		294,849
Other	252,324		250,023
Total other long-term liabilities	$	641,801	$	719,742

Accumulated other comprehensive loss:
Foreign currency translation adjustments	$	(101,489)	$	(110,364)
Pension and post-retirement benefit plans, net of tax	(131,993)		(118,254)
Cash flow hedges, net of tax	(17,165)		(23,715)
Total accumulated other comprehensive loss	$	(250,647)	$	(252,333)

BUSINESS REALIGNMENT ACTIVITIES - NARRATIVE (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023 USD ($)	Oct. 02, 2022 USD ($)	Oct. 01, 2023 USD ($) position	Oct. 02, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Business realignment costs	$ (426)	$ 393	$ 3,440	$ 2,373
International Optimization Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs			3,440	$ 2,373
Restructuring and related cost, cost incurred to date	53,799		$ 53,799
International Optimization Program \| Outside of United States
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected number of positions eliminated \| position			350
International Optimization Program \| Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	50,000		$ 50,000
Restructuring and related cost, expected cost, cash portion	40,000		40,000
International Optimization Program \| Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	75,000		75,000
Restructuring and related cost, expected cost, cash portion	$ 65,000		$ 65,000

GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Oct. 01, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETSThe changes in the carrying value of goodwill by reportable segment for the nine months ended October 1, 2023 are as follows:


	North America Confectionery		North America Salty Snacks		International		Total
Balance at December 31, 2022	$	2,018,430	$	571,771	$	16,755	$	2,606,956
Acquired during the period (see Note 2)	—		85,231		—		85,231


Foreign currency translation	(154)		—		1,149		995
Balance at October 1, 2023	$	2,018,276	$	657,002	$	17,904	$	2,693,182

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


	October 1, 2023				December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Intangible assets subject to amortization:
Trademarks	$	1,701,863	$	(227,276)	$	1,701,932	$	(190,045)
Customer-related	513,142		(115,697)		513,188		(93,495)
Patents	8,041		(8,041)		8,053		(8,053)

Total	2,223,046		(351,014)		2,223,173		(291,593)

Intangible assets not subject to amortization:
Trademarks	35,339				34,689
Total other intangible assets	$	1,907,371			$	1,966,269

Total amortization expense for the three months ended October 1, 2023 and October 2, 2022 was $19,882 and $19,909, respectively. Total amortization expense for the nine months ended October 1, 2023 and October 2, 2022 was $59,620 and $59,827, respectively.

EARNINGS PER SHARE (Tables)

9 Months Ended

Oct. 01, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share


	Three Months Ended
	October 1, 2023				October 2, 2022
	Common Stock		Class B Common Stock		Common Stock		Class B Common Stock
Basic earnings per share:
Numerator:
Allocation of distributed earnings (cash dividends paid)	$	178,573	$	59,146	$	152,262	$	54,743
Allocation of undistributed earnings	211,085		69,773		141,630		50,852
Total earnings—basic	$	389,658	$	128,919	$	293,892	$	105,595

Denominator (shares in thousands):
Total weighted-average shares—basic	150,116		54,614		147,169		58,114

Earnings Per Share—basic	$	2.60	$	2.36	$	2.00	$	1.82

Diluted earnings per share:
Numerator:
Allocation of total earnings used in basic computation	$	389,658	$	128,919	$	293,892	$	105,595
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	128,919		—		105,595		—
Reallocation of undistributed earnings	—		(264)		—		(251)
Total earnings—diluted	$	518,577	$	128,655	$	399,487	$	105,344

Denominator (shares in thousands):
Number of shares used in basic computation	150,116		54,614		147,169		58,114
Weighted-average effect of dilutive securities:
Conversion of Class B common stock to Common shares outstanding	54,614		—		58,114		—
Employee stock options	400		—		561		—
Performance and restricted stock units	358		—		430		—
Total weighted-average shares—diluted	205,488		54,614		206,274		58,114

Earnings Per Share—diluted	$	2.52	$	2.36	$	1.94	$	1.81


	Nine Months Ended
	October 1, 2023				October 2, 2022
	Common Stock		Class B Common Stock		Common Stock		Class B Common Stock
Basic earnings per share:
Numerator:
Allocation of distributed earnings (cash dividends paid)	$	484,517	$	166,749	$	415,599	$	152,390
Allocation of undistributed earnings	644,062		217,417		498,070		182,462
Total earnings—basic	$	1,128,579	$	384,166	$	913,669	$	334,852

Denominator (shares in thousands):
Total weighted-average shares—basic	149,307		55,447		146,557		59,058

Earnings Per Share—basic	$	7.56	$	6.93	$	6.23	$	5.67

Diluted earnings per share:
Numerator:
Allocation of total earnings used in basic computation	$	1,128,579	$	384,166	$	913,669	$	334,852
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	384,166		—		334,852		—
Reallocation of undistributed earnings	—		(931)		—		(954)
Total earnings—diluted	$	1,512,745	$	383,235	$	1,248,521	$	333,898

Denominator (shares in thousands):
Number of shares used in basic computation	149,307		55,447		146,557		59,058
Weighted-average effect of dilutive securities:
Conversion of Class B common stock to Common shares outstanding	55,447		—		59,058		—
Employee stock options	457		—		582		—
Performance and restricted stock units	402		—		470		—
Total weighted-average shares—diluted	205,613		55,447		206,667		59,058

Earnings Per Share—diluted	$	7.36	$	6.91	$	6.04	$	5.65

SHORT AND LONG-TERM DEBT - SCHEDULE OF LONG-TERM DEBT INSTRUMENTS (Details) - USD ($) $ in Thousands			3 Months Ended
	May 15, 2023	May 01, 2023	Jul. 02, 2023	Oct. 01, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total lease liabilities				$ 72,696	$ 73,479
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts				(22,457)	(19,563)
Total long-term debt				4,093,878	4,097,555
Less—current portion				7,791	753,578
Long-term portion				4,086,087	3,343,977
Proceeds from issuance of debt			$ 744,092
Corporate Debt Securities \| 2.625% Notes
Debt Instrument [Line Items]
Total long-term debt				0	$ 250,000
Repayments of debt		$ 250,000
Interest rate, stated percentage		2.625%			2.625%
Corporate Debt Securities \| 3.375% Notes
Debt Instrument [Line Items]
Total long-term debt				0	$ 500,000
Repayments of debt	$ 500,000
Interest rate, stated percentage	3.375%				3.375%
Corporate Debt Securities \| 2.050% Notes
Debt Instrument [Line Items]
Total 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]
Total 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]
Total 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]
Total 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]
Total long-term debt				$ 193,639	$ 193,639
Interest rate, stated percentage				7.20%	7.20%
Corporate Debt Securities \| 4.250% Notes
Debt Instrument [Line Items]
Total long-term debt			$ 350,000	$ 350,000	$ 0
Interest rate, stated percentage			4.25%	4.25%
Corporate Debt Securities \| 2.450% Notes
Debt Instrument [Line Items]
Total 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]
Total long-term debt				$ 350,000	$ 350,000
Interest rate, stated percentage				1.70%	1.70%
Corporate Debt Securities \| 4.500% Notes
Debt Instrument [Line Items]
Total long-term debt			$ 400,000	$ 400,000	$ 0
Interest rate, stated percentage			4.50%	4.50%
Corporate Debt Securities \| 3.375% Notes
Debt Instrument [Line Items]
Total 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]
Total 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]
Total long-term debt				$ 350,000	$ 350,000
Interest rate, stated percentage				2.65%	2.65%

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 518,577	$ 399,487	$ 1,512,745	$ 1,248,521
Other comprehensive income, net of tax:
Foreign currency translation (losses) gains during period, pre-tax amount	(12,461)	(13,511)	8,875	(15,851)
Foreign currency translation (losses) gains during period, tax (expense) benefit	0	0	0	0
Foreign currency translation (losses) gains during period, after-tax amount	(12,461)	(13,511)	8,875	(15,851)
Pension and post-retirement benefit plans:
Net actuarial gain (loss) and service cost, pre-tax amount	(35,109)	(27,909)	(34,185)	(66,720)
Net actuarial gain (loss) and service cost, tax (expense) benefit	8,417	6,704	8,239	13,895
Net actuarial gain (loss) and service cost, after tax	(26,692)	(21,205)	(25,946)	(52,825)
Reclassification to earnings, pre-tax amount	5,174	6,904	16,062	20,345
Reclassification to earnings, tax (expense) benefit	(1,242)	(1,657)	(3,855)	(4,883)
Reclassification to earnings, after-tax amount	3,932	5,247	12,207	15,462
Cash flow hedges:
Gains (losses) on cash flow hedging derivatives, pre-tax amount	2,945	891	(538)	245
Gains (losses) on cash flow hedging derivatives, tax (expense) benefit	(1,365)	(706)	(3,096)	(1,343)
Gains (losses) derivatives, after-tax amount	1,580	185	(3,634)	(1,098)
Reclassification to earnings, pre-tax amount	4,198	2,258	13,451	9,143
Reclassification to earnings, tax (expense) benefit	(163)	(643)	(3,267)	(1,666)
Reclassification to earnings, after-tax amount	4,035	1,615	10,184	7,477
Total other comprehensive income, pre-tax amount	(35,253)	(31,367)	3,665	(52,838)
Total other comprehensive income, tax (expense) benefit	5,647	3,698	(1,979)	6,003
Total other comprehensive income, after-tax amount	(29,606)	(27,669)	1,686	(46,835)
Comprehensive income	$ 488,971	$ 371,818	$ 1,514,431	$ 1,201,686

BUSINESS ACQUISITIONS - WEAVER POPCORN MANUFACTURING, INC NARRATIVE (Details) - USD ($) $ in Thousands	May 31, 2023	Oct. 01, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 2,693,182	$ 2,606,956
Weaver Popcorn Manufacturing, Inc.
Business Acquisition [Line Items]
Consideration transferred	$ 165,818
Goodwill	85,231
Property, plant and equipment, net	79,136
Other net assets acquired	$ 1,451

- Definition

+ References + Details

SHORT AND LONG-TERM DEBT - SCHEDULE OF NET INTEREST EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Debt Disclosure [Abstract]
Interest expense	$ 45,776	$ 38,520	$ 132,175	$ 109,526
Capitalized interest	(3,932)	(2,487)	(10,720)	(6,155)
Interest expense	41,844	36,033	121,455	103,371
Interest income	(2,089)	(655)	(7,354)	(1,401)
Interest expense, net	$ 39,755	$ 35,378	$ 114,101	$ 101,970

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

SEGMENT INFORMATION

9 Months Ended

Oct. 01, 2023

Segment Reporting [Abstract]

SEGMENT INFORMATION

The Company reports its operations through three reportable 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 as the measure of segment performance used for incentive compensation purposes.

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:


	Three Months Ended				Nine Months Ended
	October 1, 2023		October 2, 2022		October 1, 2023		October 2, 2022
Net sales:
North America Confectionery	$	2,457,647	$	2,235,550	$	6,902,891	$	6,361,695
North America Salty Snacks	345,182		275,024		887,532		757,443
International	227,158		217,579		717,458		647,818
Total	$	3,029,987	$	2,728,153	$	8,507,881	$	7,766,956

Segment income:
North America Confectionery	$	847,469	$	706,815	$	2,392,397	$	2,107,564
North America Salty Snacks	57,389		44,516		147,934		103,250
International	31,688		35,379		127,838		108,058
Total segment income	936,546		786,710		2,668,169		2,318,872
Unallocated corporate expense (1)	199,270		179,632		562,974		518,834
Unallocated mark-to-market losses on commodity derivatives	1,753		50,065		5,217		63,524

(Benefits) costs associated with business realignment activities (see Note 9)	(426)		393		3,440		2,373


Operating profit	735,949		556,620		2,096,538		1,734,141
Interest expense, net (see Note 4)	39,755		35,378		114,101		101,970
Other (income) expense, net (see Note 17)	42,781		48,157		130,248		78,222
Income before income taxes	$	653,413	$	473,085	$	1,852,189	$	1,553,949

Activity within the unallocated mark-to-market adjustment for commodity derivatives is as follows:


	Three Months Ended				Nine Months Ended
	October 1, 2023		October 2, 2022		October 1, 2023		October 2, 2022
Net (gains) losses on mark-to-market valuation of commodity derivative positions recognized in income	$	(17,103)	$	14,044	$	(52)	$	(28,027)
Net gains on commodity derivative positions reclassified from unallocated to segment income	18,856		36,021		5,269		91,551
Net losses on mark-to-market valuation of commodity derivative positions recognized in unallocated derivative (gains) losses	$	1,753	$	50,065	$	5,217	$	63,524

As of October 1, 2023, 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 $3,515. Based on our forecasts of the timing of the recognition of the underlying hedged items, we expect to reclassify net pre-tax gains on commodity derivatives of $1,502 to segment operating results in the next twelve months.

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


	Three Months Ended				Nine Months Ended
	October 1, 2023		October 2, 2022		October 1, 2023		October 2, 2022
North America Confectionery	$	59,921	$	56,678	$	176,604	$	170,025
North America Salty Snacks	19,779		17,444		55,622		51,106
International	5,919		5,929		17,597		17,510
Corporate	17,690		14,149		53,273		40,441
Total	$	103,309	$	94,200	$	303,096	$	279,082

Additional information regarding our net sales disaggregated by geographical region is as follows:


	Three Months Ended				Nine Months Ended
	October 1, 2023		October 2, 2022		October 1, 2023		October 2, 2022
Net sales:
United States	$	2,683,348	$	2,392,590	$	7,459,710	$	6,793,283
All other countries	346,639		335,563		1,048,171		973,673
Total	$	3,029,987	$	2,728,153	$	8,507,881	$	7,766,956

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

LEASES - SCHEDULE OF COMPONENETS OF LEASE EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Leases [Abstract]
Operating lease cost	$ 12,101	$ 11,812	$ 36,464	$ 37,309
Amortization of ROU assets, Finance lease cost	1,849	1,539	5,545	4,989
Interest on lease liabilities, Finance lease cost	1,095	1,030	3,287	3,083
Net lease cost	$ 15,045	$ 14,381	$ 45,296	$ 45,381

LEASES - SCHEDULE OF SUPPLEMENTAL CASH FLOW INFORMATION RELATED TO LEASES (Details) - USD ($) $ in Thousands	9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022
Leases [Abstract]
Operating cash flows from operating leases	$ 33,872	$ 34,528
Operating cash flows from finance leases	3,287	3,083
Financing cash flows from finance leases	3,540	3,336
ROU assets obtained in exchange for lease liabilities, operating leases	16,857	6,629
ROU assets obtained in exchange for lease liabilities, finance leases	$ 993	$ 4,192

BUSINESS REALIGNMENT ACTIVITIES

9 Months Ended

Oct. 01, 2023

Restructuring and Related Activities [Abstract]

BUSINESS REALIGNMENT ACTIVITIES

We 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:


	Three Months Ended				Nine Months Ended
	October 1, 2023		October 2, 2022		October 1, 2023		October 2, 2022
Cost of sales	$	(506)	$	(1)	$	527	$	3
Selling, marketing and administrative expense	80		394		2,472		2,096
Business realignment costs	—		—		441		274
(Benefits) costs associated with business realignment activities	$	(426)	$	393	$	3,440	$	2,373

Costs recorded by program during the three and nine months ended October 1, 2023 and October 2, 2022 related to these activities were as follows:


	Three Months Ended				Nine Months Ended
	October 1, 2023		October 2, 2022		October 1, 2023		October 2, 2022
International Optimization Program:
Severance and employee benefit costs	$	—	$	2	$	441	$	287
Other program costs	(426)		391		2,999		2,086



Total	$	(426)	$	393	$	3,440	$	2,373

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 October 1, 2023 are not significant.

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 was originally expected to total pre-tax costs of $50,000 to $75,000, with cash costs in the range of $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. This program was completed in 2023.

For the nine months ended October 1, 2023 and October 2, 2022, we recognized total costs associated with the International Optimization Program of $3,440 and $2,373, respectively. 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 $53,799.