0000047111-24-000009 | 10-K | XBRL Viewer

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SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 192,886	$ 233,205	$ 235,988
Charged to Costs and Expenses	328,636	282,538	236,024
Charged to Other Accounts	0	0	0
Deductions from Reserves	(333,871)	(322,857)	(238,807)
Balance at End of Period	187,651	192,886	233,205
Accounts receivable—trade, net
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	26,001	28,837	24,975
Charged to Costs and Expenses	248,022	228,463	198,608
Charged to Other Accounts	0	0	0
Deductions from Reserves	(242,360)	(231,299)	(194,746)
Balance at End of Period	31,663	26,001	28,837
Valuation allowance on net deferred taxes
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	137,531	184,896	193,310
Charged to Costs and Expenses	6,927	9,578	9,759
Charged to Other Accounts	0	0	0
Deductions from Reserves	(30,309)	(56,943)	(18,173)
Balance at End of Period	114,149	137,531	184,896
Inventory obsolescence reserve
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	29,354	19,472	17,703
Charged to Costs and Expenses	73,687	44,497	27,657
Charged to Other Accounts	0	0	0
Deductions from Reserves	(61,202)	(34,615)	(25,888)
Balance at End of Period	$ 41,839	$ 29,354	$ 19,472

RELATED PARTY TRANSACTIONS (Details)		12 Months Ended
RELATED PARTY TRANSACTIONS (Details)	Jun. 17, 2022 USD ($)	Dec. 31, 2021 USD ($)	May 23, 2022 a
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction		$ 0
Hershey Trust Company \| Donation Agreement
Related Party Transaction [Line Items]
Area of Land \| a			6
Proceeds from sales of property, plant and equipment and other long-lived assets	$ 6,300,000
Gain (Loss) on Sale of Properties	$ 13,568,000

BUSINESS ACQUISITIONS AND DIVESTITURES - LILY'S SWEETS, LLC ASSETS ACQUIRED AND LIABILITIES ASSUMED ALLOCATION (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 2,696,050	$ 2,606,956	$ 2,633,174
Lily's Sweets, LLC
Business Acquisition [Line Items]
Goodwill			175,826
Other intangible assets			235,800
Other assets acquired, primarily current assets			33,092
Other liabilities assumed, primarily current liabilities			(9,620)
Deferred income taxes			(7,888)
Net assets acquired			$ 427,210

- Definition

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

SUPPLEMENTAL BALANCE SHEET INFORMATION

12 Months Ended

Dec. 31, 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:


December 31,	2023		2022
Inventories:
Raw materials	$	481,111	$	372,612
Goods in process	192,232		137,298
Finished goods	948,974		855,217
Inventories at FIFO	1,622,317		1,365,127
Adjustment to LIFO	(281,321)		(192,008)
Total inventories	$	1,340,996	$	1,173,119

Prepaid expenses and other:
Prepaid expenses	$	227,567	$	143,888

Other current assets	118,021		128,307
Total prepaid expenses and other	$	345,588	$	272,195

Property, plant and equipment:
Land	$	180,751	$	155,963
Buildings	1,763,070		1,545,053
Machinery and equipment	3,861,006		3,592,251
Construction in progress	644,244		416,220
Property, plant and equipment, gross	6,449,071		5,709,487
Accumulated depreciation	(3,139,393)		(2,939,785)
Property, plant and equipment, net	$	3,309,678	$	2,769,702

Other non-current assets:
Pension	$	48,506	$	53,495
Capitalized software, net	360,205		320,034

Operating lease ROU assets	307,976		326,472
Investments in unconsolidated affiliates	207,177		133,029
Other non-current assets	137,563		111,959
Total other non-current assets	$	1,061,427	$	944,989


The components of certain liability and stockholders’ equity accounts included within our Consolidated Balance Sheet accounts are as follows:
December 31,	2023		2022
Accounts Payable:
Accounts Payable—trade	$	630,536	$	636,472
Supplier finance program obligations	149,261		105,293
Other	306,386		228,793
Total accounts payable	$	1,086,183	$	970,558

Accrued liabilities:
Payroll, compensation and benefits	$	261,961	$	293,865
Advertising, promotion and product allowances	343,444		337,024
Operating lease liabilities	34,494		31,787

Other	227,916		169,842
Total accrued liabilities	$	867,815	$	832,518

Other long-term liabilities:
Post-retirement benefits liabilities	$	90,718	$	147,174
Pension benefits liabilities	28,949		27,696
Operating lease liabilities	277,089		294,849
Other	263,917		250,023
Total other long-term liabilities	$	660,673	$	719,742

Accumulated other comprehensive loss:
Foreign currency translation adjustments	$	(87,706)	$	(110,364)
Pension and post-retirement benefit plans, net of tax	(126,800)		(118,254)
Cash flow hedges, net of tax	(15,572)		(23,715)
Total accumulated other comprehensive loss	$	(230,078)	$	(252,333)

BUSINESS ACQUISITIONS AND DIVESTITURES

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

BUSINESS ACQUISITIONS AND DIVESTITURES

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

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

2023 Activity

Manufacturing Capacity

On May 31, 2023, we completed the acquisition of certain assets that provide additional manufacturing capacity from 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 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 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. The purchase price allocation has been finalized as of the fourth quarter of 2023 and did not include measurement period adjustments.

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.

2021 Activity

Pretzels Inc.

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

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


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

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

Goodwill was determined as the excess of the purchase price over the fair value of the net assets acquired (including the identifiable intangible assets). A portion of goodwill derived from this acquisition is deductible for tax purposes and reflects the value of leveraging our brand building expertise, supply chain capabilities and retail relationships to accelerate growth and access to the portfolio of Pretzels’ products.

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

Dot's Pretzels, LLC

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

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


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

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

historical customer-specific data and post-closing adjustments to the working capital acquired including certain holdbacks.

Goodwill was determined as the excess of the purchase price over the fair value of the net assets acquired (including the identifiable intangible assets). The goodwill derived from this acquisition is deductible for tax purposes and reflects the value of leveraging our brand building expertise, supply chain capabilities and retail relationships to accelerate growth and access to the portfolio of Dot’s products.

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

Lily's Sweets, LLC

On June 25, 2021, we completed the acquisition of Lily’s Sweets, LLC (“Lily’s”), previously a privately held company that sells a line of sugar-free and low-sugar confectionery foods to retailers and distributors in the United States and Canada. Lily’s products include dark and milk chocolate style bars, baking chips, peanut butter cups and other confection products that complement Hershey’s confectionery and confectionery-based portfolio. The cash consideration paid for Lily’s totaled $422,210 and the Company may be required to pay additional cash consideration if certain defined targets related to net sales and gross margin are exceeded during the period from the closing date through December 31, 2021. As of the acquisition date, the estimated fair value of the contingent consideration obligation was classified as a liability of $5,000 and was determined using a scenario-based analysis on forecasted future results. Based on financial results through December 31, 2021, the fair value was reduced during the fourth quarter of 2021 to $1,250, with the adjustment to fair value recorded in the SM&A expense caption within the Consolidated Statements of Income. We paid this contingent consideration during the second quarter of 2022. Acquisition-related costs for the Lily’s acquisition were immaterial.

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


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

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

Goodwill was determined as the excess of the purchase price over the fair value of the net assets acquired (including the identifiable intangible assets). The majority of goodwill derived from this acquisition is expected to be deductible for tax purposes and reflects the value of leveraging our brand building expertise, supply chain capabilities and retail relationships to accelerate growth and access to the portfolio of Lily’s products.

Other intangible assets include trademarks valued at $151,600 and customer relationships valued at $84,200. Trademarks were assigned an estimated useful life of 33 years and customer relationships were assigned estimated useful lives ranging from 17 to 18 years.

Lotte Shanghai Foods Co., Ltd.

In January 2021, we completed the divestiture of Lotte Shanghai Foods Co., Ltd. (“LSFC”), which was previously included within the International segment results in our consolidated financial statements. Total proceeds from the divestiture and the impact on our consolidated financial statements were immaterial and were recorded in the SM&A expense caption within the Consolidated Statements of Income.

COMMITMENTS AND CONTINGENCIES - COMMITMENTS AND CONTINGENCIES NARRATIVE (Details) - employee	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Concentration Risk [Line Items]
Entity number of employees		18,650
Entity number of part-time employees		1,855
Workforce Subject to Collective Bargaining Arrangements \| Unionized Employees Concentration Risk
Concentration Risk [Line Items]
Entity number of employees		6,295
Percentage of employees		31.00%
Workforce Subject to Collective Bargaining Arrangements \| Unionized Employees Concentration Risk \| Scenario, Forecast
Concentration Risk [Line Items]
Percentage of employees	72.00%

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

DOCUMENT AND ENTITY INFORMATION - USD ($)	12 Months Ended
DOCUMENT AND ENTITY INFORMATION - USD ($)	Dec. 31, 2023	Feb. 16, 2024	Jun. 30, 2023
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-183
Entity Registrant Name	HERSHEY CO
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	23-0691590
Entity Address, Address Line One	19 East Chocolate Avenue
Entity Address, City or Town	Hershey
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	17033
City Area Code	717
Local Phone Number	534-4200
Title of 12(b) Security	Common Stock, one dollar par value
Trading Symbol	HSY
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 36,849,433,110
Estimated values (USD per share)			$ 249.70
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Company’s Proxy Statement for the 2024 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0000047111
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		149,336,442
Class B common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		54,613,514

INCOME TAXES - SCHEDULE OF DEFERRED TAX ASSET AND LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Post-retirement benefit obligations	$ 24,969	$ 40,100
Accrued expenses and other reserves	85,601	78,523
Stock-based compensation	21,656	19,847
Derivative instruments	12,268	3,983
Lease liabilities	90,405	91,099
Accrued trade promotion reserves	18,796	23,082
Net operating loss carryforwards	110,342	130,944
Capital loss carryforwards	0	1,999
Other	83,011	52,802
Gross deferred tax assets	447,048	442,379
Valuation allowance	(114,149)	(137,531)
Total deferred tax assets	332,899	304,848
Deferred tax liabilities:
Property, plant and equipment, net	271,465	247,964
Acquired intangibles	228,711	193,160
Lease ROU assets	13,250	28,573
Inventories	71,150	72,602
Pension	10,001	11,038
Other	39,566	39,416
Total deferred tax liabilities	634,143	592,753
Net deferred tax liabilities	(301,244)	(287,905)
Included in:
Non-current deferred tax assets, net	44,454	40,498
Non-current deferred tax liabilities, net	$ (345,698)	$ (328,403)

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

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

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


	Pension Benefits				Other Benefits
December 31,	2023		2022		2023		2022
Change in benefit obligation
Projected benefit obligation at beginning of year	$	830,285	$	1,076,180	$	164,889	$	211,490
Service cost	14,991		17,500		221		302
Interest cost	41,205		30,491		7,171		4,603

Actuarial (gain) loss	23,187		(184,775)		38,789		(28,145)
Curtailment	—		—		(740)		—
Settlement	(66,132)		(82,907)		(88,689)		—
Currency translation and other	2,466		(3,268)		(324)		(613)
Benefits paid	(23,967)		(22,936)		(21,006)		(22,748)
Projected benefit obligation at end of year	822,035		830,285		100,311		164,889
Change in plan assets
Fair value of plan assets at beginning of year	848,432		1,098,191		—		—
Actual return on plan assets	70,096		(196,969)		—		—
Employer contributions	6,576		55,799		21,006		22,748
Settlement	(66,132)		(82,907)		(88,689)		—
Annuity purchase	—		—		88,689		—
Currency translation and other	1,838		(2,746)		—		—
Benefits paid	(23,967)		(22,936)		(21,006)		(22,748)
Fair value of plan assets at end of year	836,843		848,432		—		—
Funded status at end of year	$	14,808	$	18,147	$	(100,311)	$	(164,889)

Amounts recognized in the Consolidated Balance Sheets:
Other assets	$	48,506	$	53,495	$	—	$	—
Accrued liabilities	(4,749)		(7,652)		(9,593)		(17,715)
Other long-term liabilities	(28,949)		(27,696)		(90,718)		(147,174)
Total	$	14,808	$	18,147	$	(100,311)	$	(164,889)

Amounts recognized in Accumulated Other Comprehensive Income (Loss), net of tax:
Actuarial net (loss) gain	$	(129,184)	$	(150,378)	$	(7,704)	$	19,689
Net prior service credit	8,561		12,435		527		—
Net amounts recognized in AOCI	$	(120,623)	$	(137,943)	$	(7,177)	$	19,689

Schedule of Accumulated Benefit Obligations in Excess of Plan Assets

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


December 31,	2023		2022
Projected benefit obligation	$	40,278	$	36,669
Accumulated benefit obligation	33,812		32,167
Fair value of plan assets	6,695		3,606

Schedule of Accumulated Projected Benefit Obligations in Excess of Plan Assets

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


December 31,	2023		2022
Projected benefit obligation	$	84,416	$	79,932
Accumulated benefit obligation	71,046		68,665
Fair value of plan assets	50,718		44,584

Schedule of Components of Net Periodic Benefit Cost

The components of net periodic benefit cost were as follows:


	Pension Benefits						Other Benefits
For the years ended December 31,	2023		2022		2021		2023		2022		2021
Amounts recognized in net periodic benefit cost
Service cost	$	14,991	$	17,500	$	21,361	$	221	$	302	$	1,879
Interest cost	41,205		30,491		18,320		7,171		4,603		3,857
Expected return on plan assets	(48,978)		(47,637)		(49,091)		—		—		—
Amortization of prior service credit	(5,658)		(5,651)		(6,142)		(50)		—		—
Amortization of net (gain) loss	19,846		16,060		20,556		(966)		(92)		1,593
Curtailment credit	—		—		—		(740)		—		—
Settlement loss	15,254		20,692		16,085		926		—		—
Total net periodic benefit cost	$	36,660	$	31,455	$	21,089	$	6,562	$	4,813	$	7,329

Change in plan assets and benefit obligations recognized in AOCI, pre-tax
Actuarial net (gain) loss	$	(32,720)	$	22,609	$	(80,047)	$	38,698	$	(26,212)	$	(16,374)
Prior service cost (credit)	5,670		5,601		6,447		(736)		—		—
Total recognized in other comprehensive (income) loss, pre-tax	$	(27,050)	$	28,210	$	(73,600)	$	37,962	$	(26,212)	$	(16,374)
Net amounts recognized in periodic benefit cost and AOCI	$	9,610	$	59,665	$	(52,511)	$	44,524	$	(21,399)	$	(9,045)

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

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


	Pension Benefits				Other Benefits
December 31,	2023		2022		2023		2022
Discount rate	5.1	%	5.5	%	5.2	%	5.5	%
Rate of increase in compensation levels	3.6	%	3.4	%	4.0	%	4.0	%
Interest crediting rate	4.8	%	4.7	%	N/A		N/A

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


	Pension Benefits						Other Benefits
For the years ended December 31,	2023		2022		2021		2023		2022		2021
Discount rate	5.5	%	2.7	%	2.3	%	5.5	%	2.9	%	2.5	%
Expected long-term return on plan assets	6.2	%	4.9	%	4.8	%	N/A		N/A		N/A
Rate of compensation increase	3.4	%	3.5	%	3.5	%	N/A		N/A		N/A

Schedule of Allocation of Plan Assets

Our target asset allocation for our major domestic pension plans as of December 31, 2023 was as follows:


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

The following table sets forth by level, within the fair value hierarchy (as defined in Note 6), pension plan assets at their fair values as of December 31, 2023:


	Quoted prices in active markets of identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant other unobservable inputs (Level 3)		Investments Using NAV as a Practical Expedient (1)		Total
Cash and cash equivalents	$	909	$	42,202	$	—	$	600	$	43,711
Equity securities:
International all-cap	—		—		—		395		395
Global all-cap (a)	—		—		—		209,245		209,245
Fixed income securities:
U.S. government/agency	—		—		—		186,095		186,095
Corporate bonds (b)	—		—		—		60,293		60,293
International government/corporate bonds (c)	—		—		—		29,254		29,254
Diversified credit (d)	—		—		—		123,081		123,081
Alternative investments:
Global diversified assets (e)	—		—		—		68,856		68,856
Real assets fund (f)	—		—		—		115,913		115,913

Total pension plan assets	$	909	$	42,202	$	—	$	793,732	$	836,843

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


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

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

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


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

Schedule of Expected Benefit Payments

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


	Expected Benefit Payments
	2024		2025		2026		2027		2028		2029-2033
Pension Benefits	$	113,052	$	89,810	$	93,596	$	75,694	$	74,212	$	312,386
Other Benefits	9,589		9,107		8,619		8,050		7,461		32,107

BUSINESS ACQUISITIONS AND DIVESTITURES - WEAVER POPCRON MANUFACTURING, INC NARRATIVE (Details) - USD ($) $ in Thousands	May 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill		$ 2,696,050	$ 2,606,956	$ 2,633,174
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

OTHER (INCOME) EXPENSE, NET - SCHEDULE OF OTHER (INCOME) AND EXPENSE, NET (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Income and Expenses [Abstract]
Write-down of equity investments	$ 210,484	$ 188,286	$ 113,756
Non-service cost components of net periodic benefit cost relating to pension and other post-retirement benefit plans	28,010	18,466	5,177
Other (income) expense, net	(1,276)	(593)	148
Total	$ 237,218	$ 206,159	$ 119,081

INVESTMENTS IN UNCONSOLIDATED AFFILIATES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Investments in unconsolidated affiliates	$ 207,177	$ 133,029
Other Noncurrent Assets
Business Acquisition [Line Items]
Investments in unconsolidated affiliates	$ 207,177	$ 133,029

GOODWILL AND INTANGIBLE ASSETS - SCHEDULE OF CHANGES IN CARRYING VALUE OF GOODWILL BY REPORTABLE SEGMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Goodwill, gross			$ 2,995,522
Accumulated impairment loss			(362,348)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 2,606,956	$ 2,633,174
Acquired during the period	85,231
Measurement period adjustments		(18,028)
Foreign currency translation	3,863	(8,190)
Goodwill, ending balance	2,696,050	2,606,956
Operating Segments \| North America Confectionery
Goodwill [Line Items]
Goodwill, gross			2,030,979
Accumulated impairment loss			(4,973)
Goodwill [Roll Forward]
Goodwill, beginning balance	2,018,430	2,026,006
Acquired during the period	0
Measurement period adjustments		0
Foreign currency translation	2,401	(7,576)
Goodwill, ending balance	2,020,831	2,018,430
Operating Segments \| North America Salty Snacks
Goodwill [Line Items]
Goodwill, gross			589,798
Accumulated impairment loss			0
Goodwill [Roll Forward]
Goodwill, beginning balance	571,770	589,798
Acquired during the period	85,231
Measurement period adjustments		(18,028)
Foreign currency translation	0	0
Goodwill, ending balance	657,001	571,770
Operating Segments \| International
Goodwill [Line Items]
Goodwill, gross			374,745
Accumulated impairment loss			$ (357,375)
Goodwill [Roll Forward]
Goodwill, beginning balance	16,756	17,370
Acquired during the period	0
Measurement period adjustments		0
Foreign currency translation	1,462	(614)
Goodwill, ending balance	$ 18,218	$ 16,756

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Income Taxes

The components of income before income taxes were as follows:


For the years ended December 31,	2023		2022		2021
Domestic	$	1,832,771	$	1,816,622	$	1,775,361
Foreign	339,093		100,449		21,863
Income before income taxes	$	2,171,864	$	1,917,071	$	1,797,224

Schedule of Components of Income Tax Expense (Benefit)

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


For the years ended December 31,	2023		2022		2021
Current:
Federal	$	141,753	$	121,968	$	161,402
State	83,802		85,741		60,979
Foreign	68,289		27,656		78,650
	293,844		235,365		301,031
Deferred:
Federal	28,191		34,848		26,726
State	(9,531)		3,393		8,253
Foreign	(2,427)		(1,352)		(21,605)
	16,233		36,889		13,374
Total provision for income taxes	$	310,077	$	272,254	$	314,405

Schedule of Deferred Tax Asset and Liabilities


December 31,	2023		2022
Deferred tax assets:
Post-retirement benefit obligations	$	24,969	$	40,100
Accrued expenses and other reserves	85,601		78,523
Stock-based compensation	21,656		19,847
Derivative instruments	12,268		3,983

Lease liabilities	90,405		91,099
Accrued trade promotion reserves	18,796		23,082
Net operating loss carryforwards	110,342		130,944
Capital loss carryforwards	—		1,999

Other	83,011		52,802
Gross deferred tax assets	447,048		442,379
Valuation allowance	(114,149)		(137,531)
Total deferred tax assets	332,899		304,848
Deferred tax liabilities:
Property, plant and equipment, net	271,465		247,964
Acquired intangibles	228,711		193,160
Lease ROU assets	71,150		72,602
Inventories	13,250		28,573

Pension	10,001		11,038
Other	39,566		39,416
Total deferred tax liabilities	634,143		592,753
Net deferred tax liabilities	$	(301,244)	$	(287,905)
Included in:
Non-current deferred tax assets, net	$	44,454	$	40,498
Non-current deferred tax liabilities, net	(345,698)		(328,403)
Net deferred tax liabilities	$	(301,244)	$	(287,905)

Schedule of Effective Income Tax Rate Reconciliation

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


For the years ended December 31,	2023		2022		2021
Federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Increase (reduction) resulting from:
State income taxes, net of Federal income tax benefits	2.8		3.2		2.8


Foreign rate differences	(1.0)		(0.1)		(0.2)
Historic and solar tax credits	(9.5)		(9.9)		(6.2)

Tax contingencies	1.1		0.4		1.7
Stock compensation	(0.5)		(0.7)		(0.5)

Other, net	0.4		0.3		(1.1)
Effective income tax rate	14.3	%	14.2	%	17.5	%

Schedule of Unrecognized Tax Benefits Roll Forward

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


December 31,	2023		2022
Balance at beginning of year	$	148,345	$	143,305
Additions for tax positions taken during prior years	11,567		17,987
Reductions for tax positions taken during prior years	(26)		(9,310)
Additions for tax positions taken during the current year	6,194		4,112
Settlements	(9,838)		—
Expiration of statutes of limitations	(6,617)		(7,749)
Balance at end of year	$	149,625	$	148,345

EQUITY AND NONCONTROLLING INTEREST - SCHEDULE OF THE CHANGES IN THE OUTSTANDING SHARES OF COMMMON STOCK (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Common stock, shares issued (shares)	221,553,025	221,553,025	221,553,025
Treasury stock, shares (shares)	17,160,099	16,588,308	15,444,011	13,325,898
Stock issuances:
Common stock, shares, outstanding (shares)	204,392,926	204,964,717	206,109,014
Employee stock options
Stock repurchases:
Stock repurchases (shares)	(127,609)	(824,701)	(2,005,500)
Stock issuances:
Stock issued during period, shares, share-based compensation (gross) (shares)	555,818	680,404	758,531
Common stock
Class of Stock [Line Items]
Common stock, shares issued (shares)	166,939,511	163,439,248
Stock repurchases:
Stock repurchases (shares)	0	0	(871,144)
Hershey Trust Company
Stock repurchases:
Stock repurchases (shares)	(1,000,000)	(1,000,000)	0

STOCK COMPENSATION PLANS - SCHEDULE OF COMPENSATION EXPENSE AND INCOME TAX BENEFITS FOR STOCK-BASED COMPENSATION PROGRAMS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Pre-tax compensation expense	$ 81,021	$ 65,991	$ 66,711
Related income tax benefit	$ 11,910	$ 9,635	$ 11,608

SUPPLEMENTAL BALANCE SHEET INFORMATION - SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Inventories:
Raw materials	$ 481,111	$ 372,612
Goods in process	192,232	137,298
Finished goods	948,974	855,217
Inventories at FIFO	1,622,317	1,365,127
Adjustment to LIFO	(281,321)	(192,008)
Total inventories	1,340,996	1,173,119
Prepaid expenses and other:
Prepaid expenses	227,567	143,888
Other current assets	118,021	128,307
Total prepaid expenses and other	345,588	272,195
Property, plant and equipment:
Land	180,751	155,963
Buildings	1,763,070	1,545,053
Machinery and equipment	3,861,006	3,592,251
Construction in progress	644,244	416,220
Property, plant and equipment, gross	6,449,071	5,709,487
Accumulated depreciation	(3,139,393)	(2,939,785)
Property, plant and equipment, net	3,309,678	2,769,702	$ 2,586,187
Other non-current assets:
Pension	48,506	53,495
Capitalized software, net	360,205	320,034
Operating lease ROU assets	307,976	326,472
Investments in unconsolidated affiliates	207,177	133,029
Other non-current assets	137,563	111,959
Total other non-current assets	1,061,427	944,989
Accounts Payable:
Accounts Payable—trade	630,536	636,472
Supplier finance program obligations	149,261	105,293
Other	306,386	228,793
Accounts payable	1,086,183	970,558
Accrued liabilities:
Payroll, compensation and benefits	261,961	293,865
Advertising, promotion and product allowances	343,444	337,024
Operating lease liabilities	34,494	31,787
Other	227,916	169,842
Total accrued liabilities	867,815	832,518
Other long-term liabilities:
Post-retirement benefits liabilities	90,718	147,174
Pension benefits liabilities	28,949	27,696
Operating lease liabilities	277,089	294,849
Other	263,917	250,023
Total other long-term liabilities	660,673	719,742
Accumulated other comprehensive loss:
Foreign currency translation adjustments	(87,706)	(110,364)
Pension and post-retirement benefit plans, net of tax	(126,800)	(118,254)
Cash flow hedges, net of tax	(15,572)	(23,715)
Total accumulated other comprehensive loss	$ (230,078)	$ (252,333)

GOODWILL AND INTANGIBLE ASSETS - SCHEDULE OF GROSS CARRYING AMOUNT AND ACCUMULATED AMORTIZATION FOR EACH MAJOR CLASS OF INTANGIBLE ASSET (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 2,225,172	$ 2,223,173
Finite-lived intangible assets, accumulated amortization	(381,462)	(291,593)
Total other intangible assets	1,879,229	1,966,269
Trademarks
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, excluding goodwill	35,519	34,689
Trademarks
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	1,703,029	1,701,932
Finite-lived intangible assets, accumulated amortization	(249,947)	(190,045)
Customer-related
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	513,910	513,188
Finite-lived intangible assets, accumulated amortization	(123,282)	(93,495)
Patents
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	8,233	8,053
Finite-lived intangible assets, accumulated amortization	$ (8,233)	$ (8,053)

SEGMENT INFORMATION - SCHEDULE OF SEGMENT INFORMATION BY GEOGRAPHY (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 11,164,992	$ 10,419,294	$ 8,971,337
Long-lived assets	3,309,678	2,769,702	2,586,187
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	9,752,314	9,121,166	7,807,606
Long-lived assets	2,732,787	2,272,811	2,099,786
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	1,412,678	1,298,128	1,163,731
Long-lived assets	$ 576,891	$ 496,891	$ 486,401

- 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
-Section 50
-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
-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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

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

+ Details

SHORT AND LONG-TERM DEBT

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Short and Long-Term Debt

SHORT AND LONG-TERM DEBT

Short-term Debt

As a source of short-term financing, we utilize cash on hand and commercial paper or bank loans with an original maturity of three months or less. We maintain a $1.35 billion unsecured revolving credit facility with the option to increase borrowings by an additional $500 million with the consent of the lenders. This facility is scheduled to expire on April 26, 2028; however, we may extend the termination date for up to two additional one-year periods upon notice to the administrative agent under the facility.

The unsecured committed revolving credit agreement contains a financial covenant whereby the ratio of (a) pre-tax income from operations from the most recent four fiscal quarters to (b) consolidated interest expense for the most recent four fiscal quarters may not be less than 2.0 to 1.0 at the end of each fiscal quarter. The credit agreement also contains customary representations, warranties and events of default. Payment of outstanding advances may be accelerated, at the option of the lenders, should we default in our obligation under the credit agreement. As of December 31, 2023, we are in compliance with all affirmative and negative covenants and the financial covenant pertaining to our credit agreement. There were no significant compensating balance agreements that legally restricted these funds.

In addition to the revolving credit facility, we maintain lines of credit with domestic and international commercial banks. Our credit limit in various currencies was $411,553 at December 31, 2023 and $313,195 at December 31, 2022. These lines permit us to borrow at the respective banks’ prime commercial interest rates, or lower. Commitment fees relating to our revolving credit facility and lines of credit are not material. Short-term debt consisted of the following:


	December 31, 2023			December 31, 2022
Short-term foreign bank borrowings against lines of credit	$	192,278		$	135,555
U.S. commercial paper	527,561			558,235
Total short-term debt	$	719,839		$	693,790
Weighted average interest rate on outstanding commercial paper	5.4		%	4.3		%

The maximum amount of short-term borrowings outstanding during 2023 and 2022 was $859,773 and $937,593, respectively. The weighted-average interest rate on short-term borrowings outstanding was 5.8% as of December 31, 2023 and 4.4% as of December 31, 2022.

Long-term Debt

Long-term debt consisted of the following:


December 31,	Maturity Date	2023		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)		76,385		73,479
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts		(25,834)		(19,563)
Total long-term debt		4,094,190		4,097,555
Less—current portion		305,058		753,578
Long-term portion		$	3,789,132	$	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.

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


2024	$	300,000
2025	600,000
2026	500,000
2027	193,639
2028	350,000
Thereafter	2,100,000

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

Interest Expense

Net interest expense consists of the following:


For the years ended December 31,	2023		2022		2021
Interest expense	$	176,066	$	148,226	$	139,156
Capitalized interest	(14,555)		(8,131)		(9,310)
Interest expense	161,511		140,095		129,846
Interest income	(9,726)		(2,538)		(2,429)
Interest expense, net	$	151,785	$	137,557	$	127,417

- 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
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-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

DERIVATIVE INSTRUMENTS - NARRATIVE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Cash flow hedge gain (loss) to be reclassified within twelve months	$ 9,659
Commodities futures and options \| Non-designated Hedges
Derivative [Line Items]
Derivative, notional amount	$ 94,917	$ 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 \| Designated as Hedging Instrument \| Cash Flow Hedges
Derivative [Line Items]
Derivative, notional amount	$ 80,068	59,448
Foreign exchange contracts \| Non-designated Hedges
Derivative [Line Items]
Derivative, notional amount	13,665	1,843
Deferred compensation derivatives
Derivative [Line Items]
Derivative, notional amount	$ 22,867	$ 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

LEASES

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

LEASES

We lease office and retail space, warehouse and distribution facilities, land, vehicles, and equipment. We determine if an agreement is or contains a lease at inception. Leases with an initial term of 12 months or less are not recorded on the balance sheet.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and liabilities are based on the estimated present value of lease payments over the lease term and are recognized at the lease commencement date.

As most of our leases do not provide an implicit rate, we use our estimated incremental borrowing rate in determining the present value of lease payments. The estimated incremental borrowing rate is derived from information available at the lease commencement date.

Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. A limited number of our lease agreements include rental payments adjusted periodically for inflation. Our lease agreements generally do not contain residual value guarantees or material restrictive covenants.

For real estate, equipment and vehicles that support selling, marketing and general administrative activities the Company accounts for the lease and non-lease components as a single lease component. These asset categories comprise the majority of our leases. The lease and non-lease components of real estate and equipment leases supporting production activities are not accounted for as a single lease component. Consideration for such contracts is allocated to the lease component and non-lease components based upon relative standalone prices either observable or estimated if observable prices are not readily available.

The components of lease expense were as follows:


Lease expense	Classification	2023		2022
Operating lease cost	Cost of sales or SM&A (1)	$	48,577	$	48,988
Finance lease cost:
Amortization of ROU assets	Depreciation and amortization (1)	8,140		7,043
Interest on lease liabilities	Interest expense, net	4,593		4,192
Net lease cost (2)		$	61,310	$	60,223

(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:


	2023		2022
Weighted-average remaining lease term (years)
Operating leases	14.4		15.0
Finance leases	25.9		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	2023		2022
Assets
Operating lease ROU assets	Other non-current assets	$	307,976	$	326,472

Finance lease ROU assets, at cost	Property, plant and equipment, gross	89,335		86,703
Accumulated amortization	Accumulated depreciation	(19,472)		(14,543)
Finance lease ROU assets, net	Property, plant and equipment, net	69,863		72,160

Total leased assets		$	377,839	$	398,632

Liabilities
Current
Operating	Accrued liabilities	$	34,494	$	31,787
Finance	Current portion of long-term debt	5,900		4,285
Non-current
Operating	Other long-term liabilities	277,089		294,849
Finance	Long-term debt	70,485		69,194
Total lease liabilities		$	387,968	$	400,115

The maturity of our lease liabilities as of December 31, 2023 were as follows:


	Operating leases		Finance leases		Total
2024	$	44,708	$	10,240	$	54,948
2025	31,395		8,651		40,046
2026	26,669		5,442		32,111
2027	26,063		4,288		30,351
2028	25,064		4,189		29,253
Thereafter	243,161		137,877		381,038
Total lease payments	397,060		170,687		567,747
Less: Imputed interest	85,477		94,302		179,779
Total lease liabilities	$	311,583	$	76,385	$	387,968

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


	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	45,176	$	45,179
Operating cash flows from finance leases	$	4,593	$	4,192
Financing cash flows from finance leases	$	5,381	$	4,717

ROU assets obtained in exchange for lease liabilities:
Operating leases	$	18,469	$	13,998
Finance leases	$	7,448	$	9,617

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of Business

The Hershey Company together with its wholly-owned subsidiaries and entities in which it has a controlling interest, (the “Company,” “Hershey,” “we” or “us”) is a global confectionery leader known for its branded portfolio of chocolate, sweets, mints and other great tasting snacks. The Company has more than 90 brands worldwide including such iconic brand names as Hershey’s, Reese’s, Kisses, Jolly Rancher and Ice Breakers, which are marketed, sold and distributed in approximately 80 countries worldwide. Hershey’s structure is designed to ensure continued focus on North America, coupled with an emphasis on profitable growth in our focus international markets. The Company currently operates through three segments that are aligned with its management structure and the key markets it serves: (i) North America Confectionery, (ii) North America Salty Snacks and (iii) International. For additional information on our segment presentation, see Note 13.

Basis of Presentation

Our consolidated financial statements include the accounts of The Hershey Company and its majority-owned or controlled subsidiaries. Intercompany transactions and balances have been eliminated. We have a controlling financial interest if we own a majority of the outstanding voting common stock and minority shareholders do not have substantive participating rights, we have significant control through contractual or economic interests in which we are the primary beneficiary or we have the power to direct the activities that most significantly impact the entity's economic performance. We use the equity method of accounting when we have a 20% to 50% interest in other companies and exercise significant influence. In addition, we use the equity method of accounting for our investments in partnership entities which make equity investments in projects eligible to receive federal historic and energy tax credits. See Note 10 for additional information on our equity investments in partnership entities qualifying for tax credits. Other investments that are not controlled, and over which we do not have the ability to exercise significant influence, are accounted for at cost, less impairments. Both equity method and cost, less impairment investments are included as Other non-current assets in the Consolidated Balance Sheets. For additional information on our investments in unconsolidated affiliates, see Note 8.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. Our significant estimates and assumptions include, among others, pension and other post-retirement benefit plan assumptions, valuation assumptions of goodwill and other intangible assets, useful lives of long-lived assets, marketing and trade promotion accruals and income taxes. These estimates and assumptions are based on management’s best judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and the effects of any revisions are reflected in the consolidated financial statements in the period that they are determined. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates.

Revenue Recognition

The majority of our revenue contracts represent a single performance obligation related to the fulfillment of customer orders for the purchase of our products, including chocolate, sweets, mints and other grocery and snack offerings. Net sales reflect the transaction prices for these contracts based on our selling list price which is then reduced by estimated costs for trade promotional programs, consumer incentives, and allowances and discounts associated with aged or potentially unsaleable products. We recognize revenue at the point in time that control of the ordered product(s) is transferred to the customer, which is typically upon delivery to the customer or other customer-designated delivery point. Amounts billed and due from our customers are classified as accounts receivables on the balance sheet and require payment on a short-term basis.

Our trade promotional programs and consumer incentives are used to promote our products and include, but are not limited to, discounts, coupons, rebates, in-store display incentives, and volume-based incentives. The estimated costs

associated with these programs and incentives are based upon our analysis of the programs offered, expectations regarding customer and consumer participation, historical sales and payment trends, and our experience with payment patterns associated with similar programs offered in the past. The estimated costs of these programs are reasonably likely to change in future periods due to changes in trends with regard to customer and consumer participation, particularly for new programs and for programs related to the introduction of new products. Differences between estimated expense and actual program performance are recognized as a change in estimate in a subsequent period and are normally not significant. During 2023, 2022 and 2021, actual promotional costs have not deviated from the estimated amount by more than 3%. The Company’s unsettled portion remaining in accrued liabilities at year-end for these activities was $194,032 and $215,688 at December 31, 2023 and 2022, respectively.

We also recognize a minor amount of royalty income (less than 1% of our consolidated net sales) from sales-based licensing arrangements, pursuant to which revenue is recognized as the third-party licensee sales occur. Shipping and handling costs incurred to deliver product to the customer are recorded within cost of sales. Sales, value add and other taxes we collect concurrent with revenue producing activities are excluded from revenue.

The majority of our products are confectionery or confectionery-based and, therefore, exhibit similar economic characteristics, as they are based on similar ingredients and are marketed and sold through the same channels to the same customers. In connection with our recent acquisitions, we have expanded our portfolio of salty snacking products, which also exhibit similar economic characteristics to our confectionery products and are sold through the same channels to the same customers. See Note 13 for revenues reported by geographic segment, which is consistent with how we organize and manage our operations, as well as product line net sales information.

In 2023, 2022 and 2021, approximately 28%, 28% and 30%, respectively, of our consolidated net sales were made to McLane Company, Inc., one of the largest wholesale distributors in the United States to convenience stores, drug stores, wholesale clubs and mass merchandisers and the primary distributor of our products to Wal-Mart Stores, Inc.

Cost of Sales

Cost of sales represents costs directly related to the manufacture and distribution of our products. Primary costs include raw materials, packaging, direct labor, overhead, shipping and handling, warehousing and the depreciation of manufacturing, warehousing and distribution facilities. Manufacturing overhead and related expenses include salaries, wages, employee benefits, utilities, maintenance and property taxes.

Selling, Marketing and Administrative Expense

Selling, marketing and administrative expense (“SM&A”) represents costs incurred in generating revenues and in managing our business. Such costs include advertising and other marketing expenses, selling expenses, research and development costs, administrative and other indirect overhead costs, amortization of capitalized software and intangible assets and depreciation of administrative facilities. Research and development costs, charged to expense as incurred, totaled $50,030 in 2023, $46,943 in 2022 and $40,107 in 2021. Advertising expense is also charged to expense as incurred and totaled $604,853 in 2023, $517,677 in 2022 and $511,798 in 2021. There was no prepaid advertising expense as of December 31, 2023. Prepaid advertising expense was $241 as of December 31, 2022.

Cash Equivalents

Cash equivalents consist of highly liquid debt instruments, time deposits and money market funds with original maturities of three months or less. The fair value of cash equivalents approximates the carrying amount.

Accounts Receivable—Trade

In the normal course of business, we extend credit to customers that satisfy pre-defined credit criteria, based upon the results of our recurring financial account reviews and our evaluation of current and projected economic conditions. Our primary concentration of credit risk is associated with McLane Company, Inc., one customer served principally by our North America Confectionery segment. As of December 31, 2023, McLane Company, Inc. accounted for approximately 24% of our total accounts receivable. No other customer accounted for more than 10% of our year-end accounts receivable. We believe that we have little concentration of credit risk associated with the remainder of our customer base. Accounts receivable-trade in the Consolidated Balance Sheets is presented net of allowances for bad debts and anticipated discounts of $31,663 and $26,001 at December 31, 2023 and 2022, respectively.

Inventories

Inventories are valued at the lower of cost or net realizable value, adjusted for the value of inventory that is estimated to be excess, obsolete or otherwise unsaleable. As of December 31, 2023, approximately 55% of our inventories, representing the majority of our United States (“U.S.”) inventories, were valued under the last-in, first-out (“LIFO”) method. For the remainder of our inventories in the U.S. and inventories for our international businesses, cost is determined by either first-in, first-out ("FIFO") or average cost. LIFO cost of inventories valued using the LIFO method was $741,040 as of December 31, 2023 and $621,614 as of December 31, 2022. The adjustment to LIFO, as shown in Note 19, approximates the excess of replacement cost over the stated LIFO inventory value. The net impact of LIFO acquisitions and liquidations was not material to 2023, 2022 or 2021.

Property, Plant and Equipment

Property, plant and equipment is stated at cost and depreciated on a straight-line basis over the estimated useful lives of the assets, as follows: 3 to 15 years for machinery and equipment; and 25 to 40 years for buildings and related improvements. At December 31, 2023 and December 31, 2022, property, plant and equipment included assets under finance lease arrangements with net book values totaling $69,863 and $72,160, respectively. Total depreciation expense for the years ended December 31, 2023, 2022 and 2021 was $265,604, $253,582 and $230,638, respectively, and included depreciation on assets recorded under finance lease arrangements. Maintenance and repairs are expensed as incurred. We capitalize applicable interest charges incurred during the construction of new facilities and production lines and amortize these costs over the assets’ estimated useful lives.

We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. We measure the recoverability of assets to be held and used by a comparison of the carrying amount of long-lived assets to future undiscounted net cash flows expected to be generated. If these assets are considered to be impaired, we measure impairment as the amount by which the carrying amount of the assets exceeds the fair value of the assets. We report assets held for sale or disposal at the lower of the carrying amount or fair value less cost to sell.

We assess asset retirement obligations on a periodic basis and recognize the fair value of a liability for an asset retirement obligation in the period in which it is incurred if a reasonable estimate of fair value can be made. We capitalize associated asset retirement costs as part of the carrying amount of the long-lived asset.

Computer Software

We capitalize costs associated with software developed or obtained for internal use when both the preliminary project stage is completed and it is probable the software being developed will be completed and placed in service. Capitalized costs include only (i) external direct costs of materials and services consumed in developing or obtaining internal-use software, (ii) payroll and other related costs for employees who are directly associated with and who devote time to the internal-use software project and (iii) interest costs incurred, when material, while developing internal-use software. We cease capitalization of such costs no later than the point at which the project is substantially complete and ready for its intended purpose.

The unamortized amount of capitalized software totaled $360,205 and $320,034 at December 31, 2023 and 2022, respectively. We amortize software costs using the straight-line method over the expected life of the software, generally 3 to 7 years. Accumulated amortization of capitalized software was $395,410 and $350,620 as of 2023 and 2022, respectively. Such amounts are recorded within other assets in the Consolidated Balance Sheets.

We review the carrying value of software and development costs for impairment in accordance with our policy pertaining to the impairment of long-lived assets.

Goodwill and Other Intangible Assets

Goodwill and indefinite-lived intangible assets are not amortized, but are evaluated for impairment annually or more often if indicators of a potential impairment are present. Our annual impairment tests are conducted at the beginning of the fourth quarter. We test goodwill for impairment by performing either a qualitative or quantitative assessment. If we choose to perform a qualitative assessment, we evaluate economic, industry and company-specific factors in assessing the fair value of the related reporting unit. If we determine that it is more likely than not that the fair value of the reporting unit is less than its carrying value, a quantitative test is then performed. Otherwise, no further testing is

required. For those reporting units tested using a quantitative approach, we compare the fair value of each reporting unit with the carrying amount of the reporting unit, including goodwill. If the estimated fair value of the reporting unit is less than the carrying amount of the reporting unit, impairment is indicated, requiring recognition of a goodwill impairment charge for the differential (up to the carrying value of goodwill). We test individual indefinite-lived intangible assets by comparing the estimated fair values with the book values of each asset.

We determine the fair value of our reporting units and indefinite-lived intangible assets using an income approach. Under the income approach, we calculate the fair value of our reporting units and indefinite-lived intangible assets based on the present value of estimated future cash flows. Considerable management judgment is necessary to evaluate the impact of operating and macroeconomic changes and to estimate the future cash flows used to measure fair value. Our estimates of future cash flows consider past performance, current and anticipated market conditions and internal projections and operating plans which incorporate estimates for sales growth and profitability, and cash flows associated with taxes and capital spending. Additional assumptions include forecasted growth rates, estimated discount rates, which may be risk-adjusted for the operating market of the reporting unit, and estimated royalty rates that would be charged for comparable branded licenses. We believe such assumptions also reflect current and anticipated market conditions and are consistent with those that would be used by other marketplace participants for similar valuation purposes. Such assumptions are subject to change due to changing economic and competitive conditions.

The cost of intangible assets with finite useful lives is amortized on a straight-line basis. Our finite-lived intangible assets consist primarily of certain trademarks, customer-related intangible assets and patents obtained through business acquisitions. The weighted-average amortization period for our finite-lived intangible assets is approximately 28 years, which is primarily driven by recently acquired trademarks. If certain events or changes in operating conditions indicate that the carrying value of these assets, or related asset groups, may not be recoverable, we perform an impairment assessment and may adjust the remaining useful lives. See Note 3 for additional information regarding the results of impairment tests.

Supplier Finance Program Obligations

During 2020, we entered into an agreement with two third-party financial institutions to facilitate a supplier finance program which allows qualifying suppliers to sell their receivables from the Company to the financial institution. These participating suppliers negotiate their outstanding receivable arrangements directly with the financial institution, and our rights and obligations to our suppliers are not impacted. We have no economic interest in a supplier’s decision to enter into these agreements. Once a qualifying supplier elects to participate in the supplier finance program and reaches an agreement with a financial institution, they elect which individual Company invoices they sell to the financial institution. However, all Company payments to participating suppliers are paid to the financial institution on the invoice due date, regardless of whether the individual invoice is sold by the supplier to the financial institution. The financial institution pays the supplier on the invoice due date for any invoices that were not previously sold under the supplier finance program. Our obligations to our suppliers, including amounts due and scheduled payment terms, are not impacted by our suppliers’ decisions to sell amounts under these arrangements. The payment of these obligations is included in cash provided by operating activities in the Consolidated Statements of Cash Flows. The rollforward of the Company’s outstanding obligations confirmed as valid under its supplier finance program, which are included in Accounts Payable in the Consolidated Balance Sheets, for year ended December 31, 2023 are as follows:


	2023
Supplier finance program obligations outstanding at beginning of the year	$	105,293
Invoice amounts added during the year	585,872
Invoice amounts paid during the year	(541,904)
Supplier finance program obligations outstanding at end of the year	$	149,261

Currency Translation

The financial statements of our foreign entities with functional currencies other than the U.S. dollar are translated into U.S. dollars, with the resulting translation adjustments recorded as a component of other comprehensive income (loss). Assets and liabilities are translated into U.S. dollars using the exchange rates in effect at the balance sheet date, while income and expense items are translated using the average exchange rates during the period.

Derivative Instruments

We use derivative instruments principally to offset exposure to market risks arising from changes in commodity prices, foreign currency exchange rates and interest rates. See Note 5 for additional information on our risk management strategy and the types of instruments we use.

Derivative instruments are recognized on the Consolidated Balance Sheets at their fair values. When we become party to a derivative instrument and intend to apply hedge accounting, we designate the instrument for financial reporting purposes as a cash flow or fair value hedge. The accounting for changes in fair value (gains or losses) of a derivative instrument depends on whether we have designated it and it qualified as part of a hedging relationship, as noted below:

•Changes in the fair value of a derivative that is designated as a cash flow hedge are recorded in accumulated other comprehensive income (“AOCI”) to the extent effective and reclassified into earnings in the same period or periods during which the transaction hedged by that derivative also affects earnings.

•Changes in the fair value of a derivative that is designated as a fair value hedge, along with the offsetting loss or gain on the hedged asset or liability that is attributable to the risk being hedged, are recorded in earnings, thereby reflecting in earnings the net extent to which the hedge is not effective in achieving offsetting changes in fair value.

•Changes in the fair value of a derivative not designated as a hedging instrument are recognized in earnings in cost of sales or SM&A, consistent with the related exposure.

For derivatives designated as hedges, we assess, both at the hedge’s inception and on an ongoing basis, whether they are highly effective in offsetting changes in fair values or cash flows of hedged items. The ineffective portion, if any, is recorded directly in earnings. In addition, if we determine that a derivative is not highly effective as a hedge or that it has ceased to be a highly effective hedge, we discontinue hedge accounting prospectively.

We do not hold or issue derivative instruments for trading or speculative purposes and are not a party to any instruments with leverage or prepayment features.

Cash flows related to the derivative instruments we use to manage interest, commodity or other currency exposures are classified as operating activities.

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The ASU is intended to provide temporary optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. Entities may apply this ASU upon issuance through December 31, 2022 on a prospective basis. We early adopted the provisions of this ASU in the first quarter of 2022. Adoption of the new standard did not have a material impact on our consolidated financial statements.

In September 2022, the FASB issued ASU No. 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50):

Disclosure of Supplier Finance Program Obligations. This ASU requires a buyer in a supplier finance program to disclose qualitative and quantitative information about the program including the program’s nature, activity during the period, changes from period to period and potential magnitude. ASU 2022-04 is effective for annual periods beginning after December 15, 2022 and interim periods within those annual periods. A rollforward of obligations during the annual period, including the amount of obligations confirmed and obligations subsequently paid, is effective for annual periods beginning after December 15, 2023 with early adoption permitted. This ASU should be applied

retrospectively to each period in which a balance sheet is presented, except for the amendment on rollforward information, which should be applied prospectively. We early adopted provisions of this ASU in the fourth quarter of 2022, with the exception of the amendment on rollforward information, which we adopted in the fourth quarter of 2023. Adoption of the new standard did not have a material impact on our 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 our May 2023 acquisition of Weaver Popcorn Manufacturing, Inc. (“Weaver”) due to no contract assets or liabilities (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.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), an amount for other segment items with a description of the composition, and disclosure of the title and position of the CODM. ASU 2023-07 is effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the update should be applied retrospectively to each period presented in the financial statements. We are currently evaluating the impact of the new standard on our consolidated financial statements and related disclosures. As a result, we intend to adopt the provisions of this ASU in the fourth quarter of 2024.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires public business entities on an annual basis to disclose specific categories in a tabular rate reconciliation and provide additional information for reconciling items that meet a five percent quantitative threshold. Additionally, the ASU requires all entities to disclose the amount of income taxes paid disaggregated by federal, state, and foreign taxes, as well as individual jurisdictions where income taxes paid are equal to or greater than five percent of total income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted and the updated should be applied on a prospective basis, with a retrospective application permitted in the financial statements. We are currently evaluating the impact of the new standard on our consolidated financial statements and related disclosures. As a result, we intend to adopt the provisions of this ASU in the fourth quarter of 2025.

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.

EQUITY AND NONCONTROLLING INTEREST

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Equity and Noncontrolling Interest

EQUITY AND TREASURY STOCK ACTIVITY

We had 1,055,000,000 authorized shares of capital stock as of December 31, 2023. Of this total, 900,000,000 shares were designated as Common Stock, 150,000,000 shares were designated as Class B Common Stock (“Class B Stock”) and 5,000,000 shares were designated as Preferred Stock. Each class has a par value of one dollar per share.

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

Class B Stock can be converted into Common Stock on a share-for-share basis at any time. During 2023 and 2022, 3,500,000 shares and 2,500,000 shares, respectively, of Class B Common Stock were converted to Common Stock by Hershey Trust Company, as trustee for the Milton Hershey School Trust (the “School Trust”). During 2021, no shares of Class B Stock were converted into Common Stock.

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


For the years ended December 31,	2023	2022	2021
Shares issued	221,553,025	221,553,025	221,553,025
Treasury shares at beginning of year	(16,588,308)	(15,444,011)	(13,325,898)
Stock repurchases:
Shares repurchased in the open market under pre-approved share repurchase programs	—	—	(871,144)
Milton Hershey School Trust repurchase	(1,000,000)	(1,000,000)	—
Shares repurchased in the open market to replace Treasury Stock issued for stock options and incentive compensation	(127,609)	(824,701)	(2,005,500)
Stock issuances:
Shares issued for stock options and incentive compensation	555,818	680,404	758,531

Treasury shares at end of year	(17,160,099)	(16,588,308)	(15,444,011)

Net shares outstanding at end of year	204,392,926	204,964,717	206,109,014

On August 16, 2022, the IRA was signed into law, which enacted a 1% excise tax on share repurchases beginning after December 31, 2022. As of December 31, 2023, Hershey’s excise tax associated with net share repurchases is $2.4 million. A corresponding liability for excise tax associated with net share repurchases is classified on our Consolidated Balance Sheets within accrued liabilities.

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 December 31, 2023, approximately $370 million remains available for repurchases under our May 2021 share repurchase authorization. In December 2023, our Board of Directors approved an additional $500 million share repurchase authorization. This program is to commence after the existing 2021 authorization is completed and is to be utilized at management’s discretion. We are authorized to purchase our outstanding shares in open market and privately negotiated transactions. The program has no expiration date and acquired shares of Common Stock will be held as treasury shares. Purchases under approved share repurchase authorizations are in addition to our practice of buying back shares sufficient to offset those issued under incentive compensation plans.

Hershey Trust Company

Hershey Trust Company, as trustee for the School Trust and as direct owner of investment shares, held 2,105,749 shares of our Common Stock as of December 31, 2023. As trustee for the School Trust, Hershey Trust Company held 54,612,012 shares of the Class B Common Stock as of December 31, 2023, and was entitled to cast approximately 79% of all of the votes entitled to be cast on matters requiring the vote of both classes of our common stock voting together. Hershey Trust Company, as trustee for the School Trust, or any successor trustee, or Milton Hershey School, as appropriate, must approve any issuance of shares of Common Stock or other action that would result in it not continuing to have voting control of our Company.

Stock Purchase Agreements

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

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

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
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-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

BUSINESS REALIGNMENT ACTIVITIES - BUSINESS REALIGNMENT ACTIVITIES NARRATIVE (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) position	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Feb. 02, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Business realignment costs	$ 3,440	$ 4,417	$ 16,599
International Optimization Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs	3,440	4,417
Restructuring and related cost, cost incurred to date	$ 53,799
International Optimization Program \| Other
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected number of positions eliminated \| position	350
International Optimization Program \| Employee severance and related separation benefits
Restructuring Cost and Reserve [Line Items]
Business realignment costs	$ 441	$ 2,001	$ 3,982
Minimum \| Advancing Agility & Automation Initiative \| Subsequent Event
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost				$ 200,000
Restructuring and related cost, expected cost, cash portion				175,000
Minimum \| Advancing Agility & Automation Initiative \| Subsequent Event \| Program office execution and third-party costs
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost				100,000
Minimum \| Advancing Agility & Automation Initiative \| Subsequent Event \| Technology capability costs
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost				55,000
Minimum \| Advancing Agility & Automation Initiative \| Subsequent Event \| Employee severance and related separation benefits
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost				45,000
Minimum \| International Optimization Program
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	50,000
Restructuring and related cost, expected cost, cash portion	40,000
Maximum \| Advancing Agility & Automation Initiative \| Subsequent Event
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost				250,000
Restructuring and related cost, expected cost, cash portion				225,000
Restructuring and related cost, expected savings				300,000
Maximum \| Advancing Agility & Automation Initiative \| Subsequent Event \| Program office execution and third-party costs
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost				120,000
Maximum \| Advancing Agility & Automation Initiative \| Subsequent Event \| Technology capability costs
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost				70,000
Maximum \| Advancing Agility & Automation Initiative \| Subsequent Event \| Employee severance and related separation benefits
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost				$ 60,000
Maximum \| International Optimization Program
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	75,000
Restructuring and related cost, expected cost, cash portion	$ 65,000

SEGMENT INFORMATION - SCHEDULE OF DEPRECIATION AND AMORTIZATION EXPENSE INCLUDED WITHIN SEGMENT INCOME (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 419,815	$ 378,959	$ 315,002
Operating Segments \| North America Confectionery
Segment Reporting Information [Line Items]
Depreciation and amortization	238,786	228,399	213,113
Operating Segments \| North America Salty Snacks
Segment Reporting Information [Line Items]
Depreciation and amortization	85,566	68,600	29,744
Operating Segments \| International
Segment Reporting Information [Line Items]
Depreciation and amortization	23,699	23,148	22,754
Corporate, Non-Segment \| Corporate
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 71,764	$ 58,812	$ 49,391

COMMITMENTS AND CONTINGENCIES - SCHEDULE OF PURCHASE OBLIGATIONS COVERED BY PUTCHASE AGREEMENTS WITH VARIOUS SUPPLIERS FUTURE MATURTY SCHEDULE (Details) - Inventories $ in Millions	Dec. 31, 2023 USD ($)
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract]
2024	$ 2,111.1
2025	614.8
2026	16.4
2027	14.2
2028	$ 14.2

SEGMENT INFORMATION - NARRATIVE (Details) $ in Thousands	12 Months Ended
SEGMENT INFORMATION - NARRATIVE (Details) $ in Thousands	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Revenue, Major Customer [Line Items]
Number of operating segments \| segment		3
Operating Segments \| Commodities futures and options
Revenue, Major Customer [Line Items]
Net gains on commodity derivative positions reclassified from unallocated to segment income		$ 5,854	$ 122,751	$ 61,026
Scenario, Forecast \| Operating Segments \| Commodities futures and options
Revenue, Major Customer [Line Items]
Net gains on commodity derivative positions reclassified from unallocated to segment income	$ (39,333)
Cost of Sales \| Commodities futures and options
Revenue, Major Customer [Line Items]
Cumulative Amount of Mark-to-Market Gaines (Losses) on Commodity Derivatives		$ (50,207)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Finance Lease, Right-of-Use Asset	$ 69,863	$ 72,160
Depreciation	$ 265,604	$ 253,582	$ 230,638
Machinery and Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Machinery and Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	15 years
Building and Building Improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	25 years
Building and Building Improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	40 years

LEASES (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Components of Lease Expense

The components of lease expense were as follows:


Lease expense	Classification	2023		2022
Operating lease cost	Cost of sales or SM&A (1)	$	48,577	$	48,988
Finance lease cost:
Amortization of ROU assets	Depreciation and amortization (1)	8,140		7,043
Interest on lease liabilities	Interest expense, net	4,593		4,192
Net lease cost (2)		$	61,310	$	60,223

(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:


	2023		2022
Weighted-average remaining lease term (years)
Operating leases	14.4		15.0
Finance leases	25.9		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	2023		2022
Assets
Operating lease ROU assets	Other non-current assets	$	307,976	$	326,472

Finance lease ROU assets, at cost	Property, plant and equipment, gross	89,335		86,703
Accumulated amortization	Accumulated depreciation	(19,472)		(14,543)
Finance lease ROU assets, net	Property, plant and equipment, net	69,863		72,160

Total leased assets		$	377,839	$	398,632

Liabilities
Current
Operating	Accrued liabilities	$	34,494	$	31,787
Finance	Current portion of long-term debt	5,900		4,285
Non-current
Operating	Other long-term liabilities	277,089		294,849
Finance	Long-term debt	70,485		69,194
Total lease liabilities		$	387,968	$	400,115


December 31,	2023		2022
Inventories:
Raw materials	$	481,111	$	372,612
Goods in process	192,232		137,298
Finished goods	948,974		855,217
Inventories at FIFO	1,622,317		1,365,127
Adjustment to LIFO	(281,321)		(192,008)
Total inventories	$	1,340,996	$	1,173,119

Prepaid expenses and other:
Prepaid expenses	$	227,567	$	143,888

Other current assets	118,021		128,307
Total prepaid expenses and other	$	345,588	$	272,195

Property, plant and equipment:
Land	$	180,751	$	155,963
Buildings	1,763,070		1,545,053
Machinery and equipment	3,861,006		3,592,251
Construction in progress	644,244		416,220
Property, plant and equipment, gross	6,449,071		5,709,487
Accumulated depreciation	(3,139,393)		(2,939,785)
Property, plant and equipment, net	$	3,309,678	$	2,769,702

Other non-current assets:
Pension	$	48,506	$	53,495
Capitalized software, net	360,205		320,034

Operating lease ROU assets	307,976		326,472
Investments in unconsolidated affiliates	207,177		133,029
Other non-current assets	137,563		111,959
Total other non-current assets	$	1,061,427	$	944,989


The components of certain liability and stockholders’ equity accounts included within our Consolidated Balance Sheet accounts are as follows:
December 31,	2023		2022
Accounts Payable:
Accounts Payable—trade	$	630,536	$	636,472
Supplier finance program obligations	149,261		105,293
Other	306,386		228,793
Total accounts payable	$	1,086,183	$	970,558

Accrued liabilities:
Payroll, compensation and benefits	$	261,961	$	293,865
Advertising, promotion and product allowances	343,444		337,024
Operating lease liabilities	34,494		31,787

Other	227,916		169,842
Total accrued liabilities	$	867,815	$	832,518

Other long-term liabilities:
Post-retirement benefits liabilities	$	90,718	$	147,174
Pension benefits liabilities	28,949		27,696
Operating lease liabilities	277,089		294,849
Other	263,917		250,023
Total other long-term liabilities	$	660,673	$	719,742

Accumulated other comprehensive loss:
Foreign currency translation adjustments	$	(87,706)	$	(110,364)
Pension and post-retirement benefit plans, net of tax	(126,800)		(118,254)
Cash flow hedges, net of tax	(15,572)		(23,715)
Total accumulated other comprehensive loss	$	(230,078)	$	(252,333)

Schedule of Maturity of Operating Lease Liabilities

The maturity of our lease liabilities as of December 31, 2023 were as follows:


	Operating leases		Finance leases		Total
2024	$	44,708	$	10,240	$	54,948
2025	31,395		8,651		40,046
2026	26,669		5,442		32,111
2027	26,063		4,288		30,351
2028	25,064		4,189		29,253
Thereafter	243,161		137,877		381,038
Total lease payments	397,060		170,687		567,747
Less: Imputed interest	85,477		94,302		179,779
Total lease liabilities	$	311,583	$	76,385	$	387,968

Schedule of Maturity of Finance Lease Liabilities

The maturity of our lease liabilities as of December 31, 2023 were as follows:


	Operating leases		Finance leases		Total
2024	$	44,708	$	10,240	$	54,948
2025	31,395		8,651		40,046
2026	26,669		5,442		32,111
2027	26,063		4,288		30,351
2028	25,064		4,189		29,253
Thereafter	243,161		137,877		381,038
Total lease payments	397,060		170,687		567,747
Less: Imputed interest	85,477		94,302		179,779
Total lease liabilities	$	311,583	$	76,385	$	387,968

Schedule of Supplemental Cash Flow Information Related To Leases

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


	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	45,176	$	45,179
Operating cash flows from finance leases	$	4,593	$	4,192
Financing cash flows from finance leases	$	5,381	$	4,717

ROU assets obtained in exchange for lease liabilities:
Operating leases	$	18,469	$	13,998
Finance leases	$	7,448	$	9,617

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

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 401,902	$ 463,889
Accounts receivable—trade, net	823,617	711,203
Inventories	1,340,996	1,173,119
Prepaid expenses and other	345,588	272,195
Total current assets	2,912,103	2,620,406
Property, plant and equipment, net	3,309,678	2,769,702
Goodwill	2,696,050	2,606,956
Other intangibles	1,879,229	1,966,269
Other non-current assets	1,061,427	944,989
Deferred income taxes	44,454	40,498
Total assets	11,902,941	10,948,820
Current liabilities:
Accounts payable	1,086,183	970,558
Accrued liabilities	867,815	832,518
Accrued income taxes	29,457	6,710
Short-term debt	719,839	693,790
Current portion of long-term debt	305,058	753,578
Total current liabilities	3,008,352	3,257,154
Long-term debt	3,789,132	3,343,977
Other long-term liabilities	660,673	719,742
Deferred income taxes	345,698	328,403
Total liabilities	7,803,855	7,649,276
Stockholders’ equity:
Preferred stock, shares issued: none in 2023 and 2022	0	0
Additional paid-in capital	1,345,580	1,296,572
Retained earnings	4,562,263	3,589,781
Treasury—common stock shares, at cost: 17,160,099 in 2023 and 16,588,308 in 2022	(1,800,232)	(1,556,029)
Accumulated other comprehensive loss	(230,078)	(252,333)
Total stockholders’ equity	4,099,086	3,299,544
Total liabilities and stockholders’ equity	11,902,941	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

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS - SCHEDULE OF DEFINED BENEFIT OBLIGATIONS, PLAN ASSETS AND FUNDED STATUS (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amounts recognized in the Consolidated Balance Sheets:
Pension		$ 48,506	$ 53,495
Amounts recognized in Accumulated Other Comprehensive Income (Loss), net of tax:
Net amounts recognized in AOCI		126,800	118,254
Pension Benefits
Change in benefit obligation
Projected benefit obligation at beginning of year		830,285	1,076,180
Service cost		14,991	17,500	$ 21,361
Interest cost		41,205	30,491	18,320
Actuarial (gain) loss		23,187	(184,775)
Curtailment		0	0
Settlement		(66,132)	(82,907)
Currency translation and other		2,466	(3,268)
Benefits paid		(23,967)	(22,936)
Projected benefit obligation at end of year		822,035	830,285	1,076,180
Change in plan assets
Fair value of plan assets at beginning of year		848,432	1,098,191
Actual return on plan assets		70,096	(196,969)
Employer contributions		6,576	55,799
Settlement		(66,132)	(82,907)
Annuity purchase		0	0
Currency translation and other		1,838	(2,746)
Benefits paid		(23,967)	(22,936)
Fair value of plan assets at end of year		836,843	848,432	1,098,191
Funded status at end of year		14,808	18,147
Amounts recognized in the Consolidated Balance Sheets:
Pension		48,506	53,495
Accrued liabilities		(4,749)	(7,652)
Other long-term liabilities		(28,949)	(27,696)
Total		14,808	18,147
Amounts recognized in Accumulated Other Comprehensive Income (Loss), net of tax:
Actuarial net (loss) gain		(129,184)	(150,378)
Net prior service credit		8,561	12,435
Net amounts recognized in AOCI		(120,623)	(137,943)
Other Benefits
Change in benefit obligation
Projected benefit obligation at beginning of year		164,889	211,490
Service cost		221	302	1,879
Interest cost		7,171	4,603	3,857
Actuarial (gain) loss		38,789	(28,145)
Curtailment		(740)	0
Settlement		(88,689)	0
Currency translation and other		(324)	(613)
Benefits paid		(21,006)	(22,748)
Projected benefit obligation at end of year		100,311	164,889	211,490
Change in plan assets
Fair value of plan assets at beginning of year		0	0
Actual return on plan assets		0	0
Employer contributions		21,006	22,748
Settlement		(88,689)	0
Annuity purchase		88,689	0
Currency translation and other		0	0
Benefits paid		(21,006)	(22,748)
Fair value of plan assets at end of year		0	0	$ 0
Funded status at end of year		(100,311)	(164,889)
Amounts recognized in the Consolidated Balance Sheets:
Pension		0	0
Accrued liabilities		(9,593)	(17,715)
Other long-term liabilities		(90,718)	(147,174)
Total		(100,311)	(164,889)
Amounts recognized in Accumulated Other Comprehensive Income (Loss), net of tax:
Actuarial net (loss) gain		(7,704)	19,689
Net prior service credit		527	0
Net amounts recognized in AOCI		$ (7,177)	$ 19,689
Other Benefits \| The Hershey Company Retiree Medical and Life Insurance Plan
Change in benefit obligation
Benefits paid	$ (88,689)

EQUITY AND NONCONTROLLING INTEREST - EQUITY AND NONCONTROLLING INTEREST NARRATIVE (Details) $ / shares in Units, $ in Thousands			12 Months Ended
	Feb. 13, 2023 USD ($) $ / shares shares	Feb. 14, 2022 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) vote $ / shares shares	Dec. 31, 2022 shares	Dec. 31, 2021 shares	Dec. 04, 2023 USD ($)	May 31, 2021 USD ($)	Jul. 24, 2018 USD ($)
Class of Stock [Line Items]
Common and preferred shares authorized (shares)			1,055,000,000
Preferred stock, shares authorized (shares)			5,000,000
Preferred stock, par (USD per share) \| $ / shares			$ 1
Dividends, common stock, cash, additional percentage over Class B common stock dividends			10.00%
Stock Repurchase Program, Remaining Authorized Repurchase Amount \| $			$ 370,000
Common stock, shares, outstanding (shares)			204,392,926	204,964,717	206,109,014
Treasury Stock, Value, Excise Tax \| $			$ 2,400
2018 Share Repurchase Program
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount \| $								$ 500,000
2021 Share Repurchase Program
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount \| $							$ 500,000
2023 Share Repurchase Program
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount \| $						$ 500,000
Common stock
Class of Stock [Line Items]
Common stock, shares authorized (shares)			900,000,000
Common stock, par (USD per share) \| $ / shares			$ 1
Common stock, voting rights (vote) \| vote			1
Common Stock Voting Rights, Board Election Percentage			16.66%
Stock repurchases (shares)			0	0	871,144
Common stock \| Hershey Trust Company
Class of Stock [Line Items]
Common stock, shares, outstanding (shares)			2,105,749
Class B common stock
Class of Stock [Line Items]
Common stock, shares authorized (shares)			150,000,000
Common stock, voting rights (vote) \| vote			10
Conversion of stock (shares)			3,500,000	2,500,000	0
Class B common stock \| Hershey Trust Company
Class of Stock [Line Items]
Common stock, shares, outstanding (shares)			54,612,012
Common stock, voting percentage			79.00%
Hershey Trust Company
Class of Stock [Line Items]
Stock repurchases (shares)	1,000,000	1,000,000
Treasury stock acquired, average cost per share (USD per share) \| $ / shares	$ 239.91	$ 203.35
Stock repurchased during period, value \| $	$ 239,910	$ 203,350

STOCK COMPENSATION PLANS - STOCK COMPENSATION PLANS NARRATIVE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares authorized (shares)	68,500,000
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized	$ 91,479
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition	1 year 9 months 18 days
Intrinsic value of share-based liabilities paid, combined with the fair value of shares vested	$ 106,243	$ 105,668	$ 52,008
Deferred performance stock units, deferred restricted stock units, and directors' fees and accumulated dividend amounts representing deferred stock units outstanding (shares)	257,942
Employee stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition	9 months 18 days
Share-based compensation arrangement by share-based payment award, expiration period	10 years
Share-based compensation arrangement by share-based payment award, award vesting period	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 57.65	$ 37.28	$ 24.12
Intrinsic value of options exercised	$ 35,474	$ 40,882	$ 38,645
Employee service share-based compensation, nonvested awards, compensation not yet recognized, stock options	$ 832
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition	3 years
Share-based compensation arrangement by share-based payment award, award vesting period	3 years
Performance stock units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation arrangement, by share based payment award, equity instruments other than options, performance score, percentage	0.00%
Performance stock units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation arrangement, by share based payment award, equity instruments other than options, performance score, percentage	250.00%
Performance stock units and restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, conversion basis (shares)	1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Description of Business and Basis of Presentation	Description of Business The Hershey Company together with its wholly-owned subsidiaries and entities in which it has a controlling interest, (the “Company,” “Hershey,” “we” or “us”) is a global confectionery leader known for its branded portfolio of chocolate, sweets, mints and other great tasting snacks. The Company has more than 90 brands worldwide including such iconic brand names as Hershey’s, Reese’s, Kisses, Jolly Rancher and Ice Breakers, which are marketed, sold and distributed in approximately 80 countries worldwide. Hershey’s structure is designed to ensure continued focus on North America, coupled with an emphasis on profitable growth in our focus international markets. The Company currently operates through three segments that are aligned with its management structure and the key markets it serves: (i) North America Confectionery, (ii) North America Salty Snacks and (iii) International. For additional information on our segment presentation, see Note 13. Basis of Presentation Our consolidated financial statements include the accounts of The Hershey Company and its majority-owned or controlled subsidiaries. Intercompany transactions and balances have been eliminated. We have a controlling financial interest if we own a majority of the outstanding voting common stock and minority shareholders do not have substantive participating rights, we have significant control through contractual or economic interests in which we are the primary beneficiary or we have the power to direct the activities that most significantly impact the entity's economic performance. We use the equity method of accounting when we have a 20% to 50% interest in other companies and exercise significant influence. In addition, we use the equity method of accounting for our investments in partnership entities which make equity investments in projects eligible to receive federal historic and energy tax credits. See Note 10 for additional information on our equity investments in partnership entities qualifying for tax credits. Other investments that are not controlled, and over which we do not have the ability to exercise significant influence, are accounted for at cost, less impairments. Both equity method and cost, less impairment investments are included as Other non-current assets in the Consolidated Balance Sheets. For additional information on our investments in unconsolidated affiliates, see Note 8.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. Our significant estimates and assumptions include, among others, pension and other post-retirement benefit plan assumptions, valuation assumptions of goodwill and other intangible assets, useful lives of long-lived assets, marketing and trade promotion accruals and income taxes. These estimates and assumptions are based on management’s best judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and the effects of any revisions are reflected in the consolidated financial statements in the period that they are determined. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates.
Revenue Recognition	Revenue Recognition The majority of our revenue contracts represent a single performance obligation related to the fulfillment of customer orders for the purchase of our products, including chocolate, sweets, mints and other grocery and snack offerings. Net sales reflect the transaction prices for these contracts based on our selling list price which is then reduced by estimated costs for trade promotional programs, consumer incentives, and allowances and discounts associated with aged or potentially unsaleable products. We recognize revenue at the point in time that control of the ordered product(s) is transferred to the customer, which is typically upon delivery to the customer or other customer-designated delivery point. Amounts billed and due from our customers are classified as accounts receivables on the balance sheet and require payment on a short-term basis. Our trade promotional programs and consumer incentives are used to promote our products and include, but are not limited to, discounts, coupons, rebates, in-store display incentives, and volume-based incentives. The estimated costs associated with these programs and incentives are based upon our analysis of the programs offered, expectations regarding customer and consumer participation, historical sales and payment trends, and our experience with payment patterns associated with similar programs offered in the past. The estimated costs of these programs are reasonably likely to change in future periods due to changes in trends with regard to customer and consumer participation, particularly for new programs and for programs related to the introduction of new products. Differences between estimated expense and actual program performance are recognized as a change in estimate in a subsequent period and are normally not significant. During 2023, 2022 and 2021, actual promotional costs have not deviated from the estimated amount by more than 3%. The Company’s unsettled portion remaining in accrued liabilities at year-end for these activities was $194,032 and $215,688 at December 31, 2023 and 2022, respectively. We also recognize a minor amount of royalty income (less than 1% of our consolidated net sales) from sales-based licensing arrangements, pursuant to which revenue is recognized as the third-party licensee sales occur. Shipping and handling costs incurred to deliver product to the customer are recorded within cost of sales. Sales, value add and other taxes we collect concurrent with revenue producing activities are excluded from revenue. The majority of our products are confectionery or confectionery-based and, therefore, exhibit similar economic characteristics, as they are based on similar ingredients and are marketed and sold through the same channels to the same customers. In connection with our recent acquisitions, we have expanded our portfolio of salty snacking products, which also exhibit similar economic characteristics to our confectionery products and are sold through the same channels to the same customers. See Note 13 for revenues reported by geographic segment, which is consistent with how we organize and manage our operations, as well as product line net sales information. In 2023, 2022 and 2021, approximately 28%, 28% and 30%, respectively, of our consolidated net sales were made to McLane Company, Inc., one of the largest wholesale distributors in the United States to convenience stores, drug stores, wholesale clubs and mass merchandisers and the primary distributor of our products to Wal-Mart Stores, Inc.
Cost of Sales	Cost of Sales Cost of sales represents costs directly related to the manufacture and distribution of our products. Primary costs include raw materials, packaging, direct labor, overhead, shipping and handling, warehousing and the depreciation of manufacturing, warehousing and distribution facilities. Manufacturing overhead and related expenses include salaries, wages, employee benefits, utilities, maintenance and property taxes.
Selling, Marketing and Administrative Expense	Selling, Marketing and Administrative Expense Selling, marketing and administrative expense (“SM&A”) represents costs incurred in generating revenues and in managing our business. Such costs include advertising and other marketing expenses, selling expenses, research and development costs, administrative and other indirect overhead costs, amortization of capitalized software and intangible assets and depreciation of administrative facilities. Research and development costs, charged to expense as incurred, totaled $50,030 in 2023, $46,943 in 2022 and $40,107 in 2021. Advertising expense is also charged to expense as incurred and totaled $604,853 in 2023, $517,677 in 2022 and $511,798 in 2021. There was no prepaid advertising expense as of December 31, 2023. Prepaid advertising expense was $241 as of December 31, 2022.
Cash Equivalents	Cash Equivalents Cash equivalents consist of highly liquid debt instruments, time deposits and money market funds with original maturities of three months or less. The fair value of cash equivalents approximates the carrying amount.
Accounts Receivable - Trade	Accounts Receivable—Trade In the normal course of business, we extend credit to customers that satisfy pre-defined credit criteria, based upon the results of our recurring financial account reviews and our evaluation of current and projected economic conditions. Our primary concentration of credit risk is associated with McLane Company, Inc., one customer served principally by our North America Confectionery segment. As of December 31, 2023, McLane Company, Inc. accounted for approximately 24% of our total accounts receivable. No other customer accounted for more than 10% of our year-end accounts receivable. We believe that we have little concentration of credit risk associated with the remainder of our customer base. Accounts receivable-trade in the Consolidated Balance Sheets is presented net of allowances for bad debts and anticipated discounts of $31,663 and $26,001 at December 31, 2023 and 2022, respectively.
Inventories	Inventories Inventories are valued at the lower of cost or net realizable value, adjusted for the value of inventory that is estimated to be excess, obsolete or otherwise unsaleable. As of December 31, 2023, approximately 55% of our inventories, representing the majority of our United States (“U.S.”) inventories, were valued under the last-in, first-out (“LIFO”) method. For the remainder of our inventories in the U.S. and inventories for our international businesses, cost is determined by either first-in, first-out ("FIFO") or average cost. LIFO cost of inventories valued using the LIFO method was $741,040 as of December 31, 2023 and $621,614 as of December 31, 2022. The adjustment to LIFO, as shown in Note 19, approximates the excess of replacement cost over the stated LIFO inventory value. The net impact of LIFO acquisitions and liquidations was not material to 2023, 2022 or 2021.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment is stated at cost and depreciated on a straight-line basis over the estimated useful lives of the assets, as follows: 3 to 15 years for machinery and equipment; and 25 to 40 years for buildings and related improvements. At December 31, 2023 and December 31, 2022, property, plant and equipment included assets under finance lease arrangements with net book values totaling $69,863 and $72,160, respectively. Total depreciation expense for the years ended December 31, 2023, 2022 and 2021 was $265,604, $253,582 and $230,638, respectively, and included depreciation on assets recorded under finance lease arrangements. Maintenance and repairs are expensed as incurred. We capitalize applicable interest charges incurred during the construction of new facilities and production lines and amortize these costs over the assets’ estimated useful lives. We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. We measure the recoverability of assets to be held and used by a comparison of the carrying amount of long-lived assets to future undiscounted net cash flows expected to be generated. If these assets are considered to be impaired, we measure impairment as the amount by which the carrying amount of the assets exceeds the fair value of the assets. We report assets held for sale or disposal at the lower of the carrying amount or fair value less cost to sell. We assess asset retirement obligations on a periodic basis and recognize the fair value of a liability for an asset retirement obligation in the period in which it is incurred if a reasonable estimate of fair value can be made. We capitalize associated asset retirement costs as part of the carrying amount of the long-lived asset.
Computer Software	Computer Software We capitalize costs associated with software developed or obtained for internal use when both the preliminary project stage is completed and it is probable the software being developed will be completed and placed in service. Capitalized costs include only (i) external direct costs of materials and services consumed in developing or obtaining internal-use software, (ii) payroll and other related costs for employees who are directly associated with and who devote time to the internal-use software project and (iii) interest costs incurred, when material, while developing internal-use software. We cease capitalization of such costs no later than the point at which the project is substantially complete and ready for its intended purpose. The unamortized amount of capitalized software totaled $360,205 and $320,034 at December 31, 2023 and 2022, respectively. We amortize software costs using the straight-line method over the expected life of the software, generally 3 to 7 years. Accumulated amortization of capitalized software was $395,410 and $350,620 as of 2023 and 2022, respectively. Such amounts are recorded within other assets in the Consolidated Balance Sheets. We review the carrying value of software and development costs for impairment in accordance with our policy pertaining to the impairment of long-lived assets.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill and indefinite-lived intangible assets are not amortized, but are evaluated for impairment annually or more often if indicators of a potential impairment are present. Our annual impairment tests are conducted at the beginning of the fourth quarter. We test goodwill for impairment by performing either a qualitative or quantitative assessment. If we choose to perform a qualitative assessment, we evaluate economic, industry and company-specific factors in assessing the fair value of the related reporting unit. If we determine that it is more likely than not that the fair value of the reporting unit is less than its carrying value, a quantitative test is then performed. Otherwise, no further testing is required. For those reporting units tested using a quantitative approach, we compare the fair value of each reporting unit with the carrying amount of the reporting unit, including goodwill. If the estimated fair value of the reporting unit is less than the carrying amount of the reporting unit, impairment is indicated, requiring recognition of a goodwill impairment charge for the differential (up to the carrying value of goodwill). We test individual indefinite-lived intangible assets by comparing the estimated fair values with the book values of each asset. We determine the fair value of our reporting units and indefinite-lived intangible assets using an income approach. Under the income approach, we calculate the fair value of our reporting units and indefinite-lived intangible assets based on the present value of estimated future cash flows. Considerable management judgment is necessary to evaluate the impact of operating and macroeconomic changes and to estimate the future cash flows used to measure fair value. Our estimates of future cash flows consider past performance, current and anticipated market conditions and internal projections and operating plans which incorporate estimates for sales growth and profitability, and cash flows associated with taxes and capital spending. Additional assumptions include forecasted growth rates, estimated discount rates, which may be risk-adjusted for the operating market of the reporting unit, and estimated royalty rates that would be charged for comparable branded licenses. We believe such assumptions also reflect current and anticipated market conditions and are consistent with those that would be used by other marketplace participants for similar valuation purposes. Such assumptions are subject to change due to changing economic and competitive conditions. The cost of intangible assets with finite useful lives is amortized on a straight-line basis. Our finite-lived intangible assets consist primarily of certain trademarks, customer-related intangible assets and patents obtained through business acquisitions. The weighted-average amortization period for our finite-lived intangible assets is approximately 28 years, which is primarily driven by recently acquired trademarks. If certain events or changes in operating conditions indicate that the carrying value of these assets, or related asset groups, may not be recoverable, we perform an impairment assessment and may adjust the remaining useful lives. See Note 3 for additional information regarding the results of impairment tests.
Supplier Finance Program Obligations	Supplier Finance Program Obligations During 2020, we entered into an agreement with two third-party financial institutions to facilitate a supplier finance program which allows qualifying suppliers to sell their receivables from the Company to the financial institution. These participating suppliers negotiate their outstanding receivable arrangements directly with the financial institution, and our rights and obligations to our suppliers are not impacted. We have no economic interest in a supplier’s decision to enter into these agreements. Once a qualifying supplier elects to participate in the supplier finance program and reaches an agreement with a financial institution, they elect which individual Company invoices they sell to the financial institution. However, all Company payments to participating suppliers are paid to the financial institution on the invoice due date, regardless of whether the individual invoice is sold by the supplier to the financial institution. The financial institution pays the supplier on the invoice due date for any invoices that were not previously sold under the supplier finance program. Our obligations to our suppliers, including amounts due and scheduled payment terms, are not impacted by our suppliers’ decisions to sell amounts under these arrangements. The payment of these obligations is included in cash provided by operating activities in the Consolidated Statements of Cash Flows.
Currency Translation	Currency Translation The financial statements of our foreign entities with functional currencies other than the U.S. dollar are translated into U.S. dollars, with the resulting translation adjustments recorded as a component of other comprehensive income (loss). Assets and liabilities are translated into U.S. dollars using the exchange rates in effect at the balance sheet date, while income and expense items are translated using the average exchange rates during the period.
Derivative Instruments	Derivative Instruments We use derivative instruments principally to offset exposure to market risks arising from changes in commodity prices, foreign currency exchange rates and interest rates. See Note 5 for additional information on our risk management strategy and the types of instruments we use. Derivative instruments are recognized on the Consolidated Balance Sheets at their fair values. When we become party to a derivative instrument and intend to apply hedge accounting, we designate the instrument for financial reporting purposes as a cash flow or fair value hedge. The accounting for changes in fair value (gains or losses) of a derivative instrument depends on whether we have designated it and it qualified as part of a hedging relationship, as noted below: •Changes in the fair value of a derivative that is designated as a cash flow hedge are recorded in accumulated other comprehensive income (“AOCI”) to the extent effective and reclassified into earnings in the same period or periods during which the transaction hedged by that derivative also affects earnings. •Changes in the fair value of a derivative that is designated as a fair value hedge, along with the offsetting loss or gain on the hedged asset or liability that is attributable to the risk being hedged, are recorded in earnings, thereby reflecting in earnings the net extent to which the hedge is not effective in achieving offsetting changes in fair value. •Changes in the fair value of a derivative not designated as a hedging instrument are recognized in earnings in cost of sales or SM&A, consistent with the related exposure. For derivatives designated as hedges, we assess, both at the hedge’s inception and on an ongoing basis, whether they are highly effective in offsetting changes in fair values or cash flows of hedged items. The ineffective portion, if any, is recorded directly in earnings. In addition, if we determine that a derivative is not highly effective as a hedge or that it has ceased to be a highly effective hedge, we discontinue hedge accounting prospectively. We do not hold or issue derivative instruments for trading or speculative purposes and are not a party to any instruments with leverage or prepayment features. Cash flows related to the derivative instruments we use to manage interest, commodity or other currency exposures are classified as operating activities.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The ASU is intended to provide temporary optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. Entities may apply this ASU upon issuance through December 31, 2022 on a prospective basis. We early adopted the provisions of this ASU in the first quarter of 2022. Adoption of the new standard did not have a material impact on our consolidated financial statements. In September 2022, the FASB issued ASU No. 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. This ASU requires a buyer in a supplier finance program to disclose qualitative and quantitative information about the program including the program’s nature, activity during the period, changes from period to period and potential magnitude. ASU 2022-04 is effective for annual periods beginning after December 15, 2022 and interim periods within those annual periods. A rollforward of obligations during the annual period, including the amount of obligations confirmed and obligations subsequently paid, is effective for annual periods beginning after December 15, 2023 with early adoption permitted. This ASU should be applied retrospectively to each period in which a balance sheet is presented, except for the amendment on rollforward information, which should be applied prospectively. We early adopted provisions of this ASU in the fourth quarter of 2022, with the exception of the amendment on rollforward information, which we adopted in the fourth quarter of 2023. Adoption of the new standard did not have a material impact on our 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 our May 2023 acquisition of Weaver Popcorn Manufacturing, Inc. (“Weaver”) due to no contract assets or liabilities (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. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), an amount for other segment items with a description of the composition, and disclosure of the title and position of the CODM. ASU 2023-07 is effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the update should be applied retrospectively to each period presented in the financial statements. We are currently evaluating the impact of the new standard on our consolidated financial statements and related disclosures. As a result, we intend to adopt the provisions of this ASU in the fourth quarter of 2024. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires public business entities on an annual basis to disclose specific categories in a tabular rate reconciliation and provide additional information for reconciling items that meet a five percent quantitative threshold. Additionally, the ASU requires all entities to disclose the amount of income taxes paid disaggregated by federal, state, and foreign taxes, as well as individual jurisdictions where income taxes paid are equal to or greater than five percent of total income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted and the updated should be applied on a prospective basis, with a retrospective application permitted in the financial statements. We are currently evaluating the impact of the new standard on our consolidated financial statements and related disclosures. As a result, we intend to adopt the provisions of this ASU in the fourth quarter of 2025. 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 WEIGHTED AVERAGE ASSUMPTIONS USED IN COMPUTING BENEFIT OBLIGATIONS (Details)	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Interest crediting rate	4.80%	4.70%
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.10%	5.50%
Rate of increase in compensation levels	3.60%	3.40%
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.20%	5.50%
Rate of increase in compensation levels	4.00%	4.00%

BUSINESS REALIGNMENT ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 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:


For the years ended December 31,	2023		2022		2021
Cost of sales	$	527	$	3	$	5,220
Selling, marketing and administrative expense	2,472		2,425		7,854
Business realignment costs	441		1,989		3,525
Costs associated with business realignment activities	$	3,440	$	4,417	$	16,599

Costs recorded by program in 2023, 2022 and 2021 related to these activities were as follows:


For the years ended December 31,	2023		2022		2021
International Optimization Program:
Severance and employee benefit costs	$	441	$	2,001	$	3,982
Other program costs	2,999		2,416		12,617
Total	$	3,440	$	4,417	$	16,599

INCOME TAXES - SCHEDULE OF UNRECOGNIZED TAX BENEFITS ROLL FORWARD (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 148,345	$ 143,305
Additions for tax positions taken during prior years	11,567	17,987
Reductions for tax positions taken during prior years	(26)	(9,310)
Additions for tax positions taken during the current year	6,194	4,112
Settlements	(9,838)	0
Expiration of statutes of limitations	(6,617)	(7,749)
Balance at end of year	$ 149,625	$ 148,345

FAIR VALUE MEASUREMENTS - SCHEDULE OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	$ 4,751	$ 6,074
Derivative liability	2,349	923
Fair Value, Measurements, Recurring \| Foreign exchange contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	2,342	4,167
Derivative liability	1,670	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	2,342	4,167
Derivative liability	1,670	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	2,343	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	2,343	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	66	685
Derivative liability	679	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	66	685
Derivative liability	679	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

SEGMENT INFORMATION - SCHEDULE OF UNALLOCATED MARK-TO-MARKET (GAINS) LOSSES ON COMMODITY DERIVATIVES (Details) - Commodities futures and options - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Net losses (gains) on mark-to-market valuation of commodity derivative positions recognized in unallocated derivative losses (gains)	$ 58,939	$ 78,182	$ (24,376)
Operating Segments
Segment Reporting Information [Line Items]
Net gains on commodity derivative positions reclassified from unallocated to segment income	5,854	122,751	61,026
Non-designated Hedges
Segment Reporting Information [Line Items]
Net losses (gains) on mark-to-market valuation of commodity derivative positions recognized in income	$ 53,085	$ (44,569)	$ (85,402)

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

12 Months Ended

Dec. 31, 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:


For the years ended December 31,	2023		2022		2021
Write-down of equity investments in partnerships qualifying for historic and renewable energy tax credits (see Note 8)	$	210,484	$	188,286	$	113,756
Non-service cost components of net periodic benefit cost relating to pension and other post-retirement benefit plans (see Note 11)	28,010		18,466		5,177

Other (income) expense, net	(1,276)		(593)		148
Total	$	237,218	$	206,159	$	119,081

EARNINGS PER SHARE - EARNINGS PER SHARE NARRATIVE (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (shares)	15	5	43

STOCK COMPENSATION PLANS - SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 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)	(255,148)
Forfeited (shares)	0
Expired (shares)	0
Outstanding shares at end of period (shares)	726,701	976,634
Options exercisable (shares)	700,646
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding (USD per share)	$ 104.36
Granted (USD per share)	240.90
Exercises (USD per share)	103.41
Forfeited (USD per share)	0.00
Expired (USD per share)	0.00
Outstanding (USD per share)	105.67	$ 104.36
Options exercisable (USD per share)	$ 103.12
Options outstanding, weighted-average remaining contractual term	3 years 3 months 18 days	3 years 9 months 18 days
Options exercisable, weighted aver remaining contractual term	3 years 1 month 6 days
Aggregate intrinsic value of options outstanding	$ 59,044
Aggregate intrinsic value of options exercisable	$ 58,394

SHORT AND LONG-TERM DEBT - SCHEDULE OF NET INTEREST EXPENSE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Interest expense	$ 176,066	$ 148,226	$ 139,156
Capitalized interest	(14,555)	(8,131)	(9,310)
Interest expense	161,511	140,095	129,846
Interest income	(9,726)	(2,538)	(2,429)
Interest expense, net	$ 151,785	$ 137,557	$ 127,417

- Definition

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

+ References + Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common stock	Class B common stock	Preferred Stock	Common stock Common stock	Common stock Class B common stock	Additional Paid-in Capital	Retained Earnings	Retained Earnings Common stock	Retained Earnings Class B common stock	Treasury Common Stock	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests in Subsidiaries
Beginning balance, stockholders' equity at Dec. 31, 2020	$ 2,237,883			$ 0	$ 160,939	$ 60,614	$ 1,191,200	$ 1,928,673			$ (768,992)	$ (338,082)	$ 3,531
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,482,819							1,477,512					5,307
Other comprehensive income (loss)	94,116											88,867	5,249
Dividends (including dividend equivalents):
Common Stock		$ (498,346)	$ (187,903)						$ (498,346)	$ (187,903)
Stock-based compensation	67,482						67,482
Exercise of stock options and incentive-based transactions	33,211						1,649				31,562
Repurchase of common stock	(457,946)										(457,946)
Divestiture of noncontrolling interest	(1,436)												(1,436)
Distributions to joint venture partner	(8,750)												(8,750)
Other	(3,901)												(3,901)
Ending balance, stockholders' equity at Dec. 31, 2021	2,757,229			0	160,939	60,614	1,260,331	2,719,936			(1,195,376)	(249,215)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,644,817							1,644,817					0
Other comprehensive income (loss)	(3,118)											(3,118)	0
Dividends (including dividend equivalents):
Common Stock		(567,839)	(207,133)						(567,839)	(207,133)
Conversion of Class B Common Stock into Common Stock	0				2,500	(2,500)
Stock-based compensation	65,909						65,909
Exercise of stock options and incentive-based transactions	(1,357)						(29,668)				28,311
Repurchase of common stock	(388,964)										(388,964)
Ending balance, stockholders' equity at Dec. 31, 2022	3,299,544			0	163,439	58,114	1,296,572	3,589,781			(1,556,029)	(252,333)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,861,787							1,861,787
Other comprehensive income (loss)	22,255											22,255
Dividends (including dividend equivalents):
Common Stock		$ (663,410)	$ (225,895)						$ (663,410)	$ (225,895)
Conversion of Class B Common Stock into Common Stock	0				3,500	(3,500)
Stock-based compensation	81,130						81,130
Exercise of stock options and incentive-based transactions	(8,994)						(32,122)				23,128
Repurchase of common stock	(267,331)										(267,331)
Ending balance, stockholders' equity at Dec. 31, 2023	$ 4,099,086			$ 0	$ 166,939	$ 54,614	$ 1,345,580	$ 4,562,263			$ (1,800,232)	$ (230,078)	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - INVENTORIES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Percentage of LIFO inventory	55.00%
LIFO inventory amount	$ 741,040	$ 621,614

BUSINESS REALIGNMENT ACTIVITIES

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Business Realignment Activities

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:


For the years ended December 31,	2023		2022		2021
Cost of sales	$	527	$	3	$	5,220
Selling, marketing and administrative expense	2,472		2,425		7,854
Business realignment costs	441		1,989		3,525
Costs associated with business realignment activities	$	3,440	$	4,417	$	16,599

Costs recorded by program in 2023, 2022 and 2021 related to these activities were as follows:


For the years ended December 31,	2023		2022		2021
International Optimization Program:
Severance and employee benefit costs	$	441	$	2,001	$	3,982
Other program costs	2,999		2,416		12,617
Total	$	3,440	$	4,417	$	16,599

Amounts classified as liabilities qualifying as exit and disposal costs primarily represent employee-related and certain third-party service provider charges; however, such amounts at December 31, 2023 are not significant and are expected to be paid within the next 12 months.

Advancing Agility & Automation Initiative

On February 2, 2024, the Board of Directors of the Company approved a multi-year productivity initiative (“Advancing Agility & Automation” or "AAA") to improve supply chain and manufacturing-related spend, optimize selling, general and administrative expenses, leverage new technology and business models to further simplify and automate processes, and generate long-term savings.

The Company estimates that the AAA Initiative will result in total pre-tax costs of $200,000 to $250,000 from inception through 2026. This estimate primarily includes program office execution and third-party costs supporting the design and implementation of the new organizational structure of $100,000 to $120,000, as well as implementation and technology capability costs of $55,000 to $70,000. Additionally, we expect to incur employee severance and related separation benefits of $45,000 to $60,000 as we facilitate workforce reductions and reallocate resources to further drive the Company’s strategic priorities. The cash portion of the total cost is estimated to be $175,000 to $225,000. At the conclusion of the program in 2026, ongoing annual savings are expected to be approximately $300,000.

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 year ended December 31, 2023 and 2022, we recognized total costs associated with the International Optimization Program of $3,440 and $4,417. 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.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income including noncontrolling interest	$ 1,861,787	$ 1,644,817	$ 1,482,819
Other comprehensive income (loss), net of tax:
Foreign currency translation (losses) gains during period, pre-tax amount	22,659	(10,340)	(1,500)
Foreign currency translation (losses) gains during period, tax (expense) benefit	0	0	0
Foreign currency translation (losses) gains during period, after-tax amount	22,659	(10,340)	(1,500)
Reclassification to earnings due to sale of businesses, pre-tax amount	0	0	5,249
Reclassification to earnings due to sale of businesses, pre-tax amount, tax (expense) benefit	0	0	0
Reclassification to earnings due to sale of businesses, after-tax amount	0	0	5,249
Pension and post-retirement benefit plans:
Net actuarial gain (loss) and prior service cost, pre-tax amount	(39,454)	(32,970)	67,728
Net actuarial gain (loss) and prior service cost, tax (expense) benefit	9,191	7,481	(13,929)
Net actuarial gain (loss) and prior service cost, after-tax amount	(30,263)	(25,489)	53,799
Reclassification to earnings, pre-tax amount	28,612	31,009	32,092
Reclassification to earnings, tax (expense) benefit	(6,895)	(7,392)	(8,067)
Reclassification to earnings, after-tax amount	21,717	23,617	24,025
Cash flow hedges:
(Losses) gains on cash flow hedging derivatives, before tax	954	2,056	(1,551)
(Losses) gains on cash flow hedging derivatives, tax	(30)	(74)	(2,989)
(Losses) gains on cash flow hedging derivatives, after tax	924	1,982	(4,540)
Reclassification to earnings, pre-tax amount	10,866	10,200	18,117
Reclassification to earnings, tax (expense) benefit	(3,648)	(3,088)	(1,034)
Reclassification to earnings, after-tax amount	7,218	7,112	17,083
Total other comprehensive income (loss), pre-tax amount	23,637	(45)	120,135
Total other comprehensive income (loss), tax (expense) benefit	(1,382)	(3,073)	(26,019)
Total other comprehensive income (loss), after-tax amount	22,255	(3,118)	94,116
Total comprehensive income including noncontrolling interest	1,884,042	1,641,699	1,576,935
Comprehensive (gain) loss attributable to noncontrolling interest	0	0	10,556
Comprehensive income attributable to The Hershey Company	$ 1,884,042	$ 1,641,699	$ 1,566,379

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 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 segment for the years ended December 31, 2023 and 2022 are as follows:


	North America Confectionery		North America Salty Snacks		International		Total
Goodwill	$	2,030,979	$	589,798	$	374,745	$	2,995,522
Accumulated impairment loss	(4,973)		—		(357,375)		(362,348)
Balance at January 1, 2022	2,026,006		589,798		17,370		2,633,174

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

Foreign currency translation	(7,576)		—		(614)		(8,190)
Balance at December 31, 2022	2,018,430		571,770		16,756		2,606,956
Acquired during the period (see Note 2)	—		85,231		—		85,231


Foreign currency translation	2,401		—		1,462		3,863
Balance at December 31, 2023	$	2,020,831	$	657,001	$	18,218	$	2,696,050

Schedule of Gross Carrying Amount and Accumulated Amortization for Each Major Class of Intangible Asset

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


December 31,	2023				2022
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Intangible assets subject to amortization:
Trademarks	$	1,703,029	$	(249,947)	$	1,701,932	$	(190,045)
Customer-related	513,910		(123,282)		513,188		(93,495)
Patents	8,233		(8,233)		8,053		(8,053)

Total	2,225,172		(381,462)		2,223,173		(291,593)

Intangible assets not subject to amortization:
Trademarks	35,519				34,689
Total other intangible assets	$	1,879,229			$	1,966,269

Schedule of Amortization Expense, for the Next Five Years

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


Year ending December 31,	2024		2025		2026		2027		2028
Amortization expense	$	78,276	$	78,276	$	78,276	$	77,136	$	77,136

- 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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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
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-Paragraph 1
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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
-SubTopic 20
-Name Accounting Standards Codification
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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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-Name Accounting Standards Codification
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Reference 6: 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 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 10: 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 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

DERIVATIVE INSTRUMENTS

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

DERIVATIVE INSTRUMENTS

We are exposed to market risks arising principally from changes in foreign currency exchange rates, interest rates and commodity prices. We use certain derivative instruments to manage these risks. These include interest rate swaps to manage interest rate risk, foreign currency forward exchange contracts to manage foreign currency exchange rate risk, and commodities futures and options contracts to manage commodity market price risk exposures.

In entering into these contracts, we have assumed the risk that might arise from the possible inability of counterparties to meet the terms of their contracts. We mitigate this risk by entering into exchanged-traded contracts with collateral posting requirements and/or by performing financial assessments prior to contract execution, conducting periodic evaluations of counterparty performance and maintaining a diverse portfolio of qualified counterparties. We do not expect any significant losses from counterparty defaults.

Commodity Price Risk

We enter into commodities futures and options contracts and other commodity derivative instruments to reduce the effect of future price fluctuations associated with the purchase of raw materials, energy requirements and transportation services. We generally hedge commodity price risks for 3- to 24-month periods. Our open commodity derivative contracts had a notional value of $94,917 as of December 31, 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 $80,068 at December 31, 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 $13,665 at December 31, 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 SM&A expense, together with the change in the related liabilities. The notional amount of the contracts outstanding at December 31, 2023 and 2022 was $22,867 and $18,803, respectively.

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


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

Foreign exchange contracts	$	1,219	$	1,670	$	3,921	$	261






Derivatives not designated as hedging instruments:
Commodities futures and options (2)	66		679		685		662
Deferred compensation derivatives	2,343		—		1,222		—
Foreign exchange contracts	1,123		—		246		—
	3,532		679		2,153		662
Total	$	4,751	$	2,349	$	6,074	$	923

(1)Derivatives assets are classified on our Consolidated Balance Sheets within prepaid expenses and other as well as other non-current assets. Derivative liabilities are classified on our Consolidated Balance Sheets within accrued liabilities and other long-term liabilities.

(2)As of December 31, 2023, amounts reflected on a net basis in liabilities were assets of $29,881 and liabilities of $30,493, 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 assets at December 31, 2022 were assets of $25,308 and liabilities of $25,296. At December 31, 2023 and 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 years ended December 31, 2023 and 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 AOCI into income (b)
	2023		2022		2023		2022		2023		2022
Commodities futures and options	$	(53,085)	$	44,569	$	—	$	—	$	—	$	—
Foreign exchange contracts	1,111		(274)		(4,860)		2,056		(1,150)		636
Interest rate swap agreements	—		—		5,814		—		(9,716)		(10,836)
Deferred compensation derivatives	4,119		(4,920)		—		—		—		—
Total	$	(47,855)	$	39,375	$	954	$	2,056	$	(10,866)	$	(10,200)

(a)Gains (losses) recognized in income for non-designated commodities futures and options contracts were included in cost of sales. Gains (losses) recognized in income for non-designated foreign currency forward exchange contracts and deferred compensation derivatives were included in selling, marketing and administrative expenses.

(b)Gains (losses) reclassified from AOCI into income for foreign currency forward exchange contracts were included in selling, marketing and administrative expenses. Losses reclassified from AOCI into income for interest rate swap agreements were included in interest expense.

The amount of pretax net losses on derivative instruments, including interest rate swap agreements and foreign currency forward exchange contracts expected to be reclassified into earnings in the next 12 months was approximately $9,659 as of December 31, 2023. This amount is primarily associated with interest rate swap agreements.

Business Combinations and Asset Acquisitions	12 Months Ended
Business Combinations and Asset Acquisitions	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
INVESTMENTS IN UNCONSOLIDATED AFFILIATES	INVESTMENTS IN UNCONSOLIDATED AFFILIATES We invest in partnerships that make equity investments in projects eligible to receive federal historic and renewable energy tax credits. The tax credits, when realized, are recognized as a reduction of tax expense under the flow-through method, at which time the corresponding equity investment is written-down to reflect the remaining value of the future benefits to be realized. The equity investment write-down is reflected within other (income) expense, net in the Consolidated Statements of Income (see Note 17). Additionally, we acquire ownership interests in emerging snacking businesses and startup companies, which vary in method of accounting based on our percentage of ownership and ability to exercise significant influence over decisions relating to operating and financial affairs. These investments afford the Company the rights to distribute brands that the Company does not own to third-party customers primarily in North America. Net sales and expenses of our equity method investees are not consolidated into our financial statements; rather, our proportionate share of earnings or losses are recorded on a net basis within other (income) expense, net in the Consolidated Statements of Income. Both equity method investments and cost, less impairment, investments are reported within other non-current assets in our Consolidated Balance Sheets. We regularly review our investments and adjust accordingly for capital contributions, dividends received and other-than-temporary impairments. Total investments in unconsolidated affiliates was $207,177 and $133,029 as of December 31, 2023 and December 31, 2022, respectively.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income (loss) attributable to The Hershey Company	$ 1,861,787	$ 1,644,817	$ 1,477,512

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

LEASES - SCHEDULE OF COMPONENTS OF LEASE EXPENSE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 48,577	$ 48,988
Amortization of ROU assets, Finance lease cost	8,140	7,043
Interest on lease liabilities, Finance lease cost	4,593	4,192
Net lease cost	$ 61,310	$ 60,223

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

We compute basic earnings per share for Common Stock and Class B common stock using the two-class method. The Class B common stock is convertible into Common Stock on a share-for-share basis at any time. The computation of diluted earnings per share for Common Stock assumes the conversion of Class B common stock using the if-converted method, while the diluted earnings per share of Class B common stock does not assume the conversion of those shares.

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


For the years ended December 31,	2023				2022				2021
	Common Stock		Class B Common Stock		Common Stock		Class B Common Stock		Common Stock		Class B Common Stock
Basic earnings per share:
Numerator:
Allocation of distributed earnings (cash dividends paid)	$	663,176	$	225,895	$	567,897	$	207,133	$	498,084	$	187,903
Allocation of undistributed earnings	728,175		244,541		637,438		232,349		574,772		216,753
Total earnings—basic	$	1,391,351	$	470,436	$	1,205,335	$	439,482	$	1,072,856	$	404,656

Denominator (shares in thousands):
Total weighted-average shares—basic	149,499		55,239		146,713		58,822		146,120		60,614

Earnings Per Share—basic	$	9.31	$	8.52	$	8.22	$	7.47	$	7.34	$	6.68

Diluted earnings per share:
Numerator:
Allocation of total earnings used in basic computation	$	1,391,351	$	470,436	$	1,205,335	$	439,482	$	1,072,856	$	404,656
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	470,436		—		439,482		—		404,656		—
Reallocation of undistributed earnings	—		(987)		—		(1,201)		—		(1,098)
Total earnings—diluted	$	1,861,787	$	469,449	$	1,644,817	$	438,281	$	1,477,512	$	403,558

Denominator (shares in thousands):
Number of shares used in basic computation	149,499		55,239		146,713		58,822		146,120		60,614
Weighted-average effect of dilutive securities:
Conversion of Class B common stock to Common shares outstanding	55,239		—		58,822		—		60,614		—
Employee stock options	424		—		571		—		609		—
Performance and restricted stock units	385		—		469		—		415		—
Total weighted-average shares—diluted	205,547		55,239		206,575		58,822		207,758		60,614

Earnings Per Share—diluted	$	9.06	$	8.50	$	7.96	$	7.45	$	7.11	$	6.66

The earnings per share calculations for the years ended December 31, 2023, 2022 and 2021 excluded 15, 5 and 43 stock options (in thousands), respectively, that would have been antidilutive.

INCOME TAXES - SCHEDULE OF INCOME (LOSS) BEFORE TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Domestic	$ 1,832,771	$ 1,816,622	$ 1,775,361
Foreign	339,093	100,449	21,863
Income before income taxes	$ 2,171,864	$ 1,917,071	$ 1,797,224

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

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-Subparagraph (b)
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-Section S99
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-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
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-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - SELLING, MARKETING AND ADMINISTRATIVE EXPENSE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Research and development costs	$ 50,030	$ 46,943	$ 40,107
Advertising expense	604,853	517,677	$ 511,798
Prepaid advertising expense	$ 0	$ 241

STOCK COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 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:


For the years ended December 31,	2023		2022		2021
Pre-tax compensation expense	$	81,021	$	65,991	$	66,711
Related income tax benefit	11,910		9,635		11,608

Schedule of Activity Relating to the Grants of Stock Options

A summary of activity relating to grants of stock options for the year ended December 31, 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 the period	976,634	$104.36	3.8 years
Granted	5,215	$240.90
Exercised	(255,148)	$103.41
Forfeited	—	$0.00
Expired	—	$0.00
Outstanding as of December 31, 2023	726,701	$105.67	3.3 years	$	59,044
Options exercisable as of December 31, 2023	700,646	$103.12	3.1 years	$	58,394

Schedule of Fair Value Estimated on the Grant Date and the Weighted Average Assumptions

The fair value was estimated on the date of grant using a Black-Scholes option-pricing model and the following weighted-average assumptions:


For the years ended December 31,	2023		2022		2021
Dividend yields	1.7	%	1.9	%	2.2	%
Expected volatility	20.9	%	21.1	%	21.8	%
Risk-free interest rates	4.1	%	1.9	%	1.0	%
Expected term in years	6.3		6.3		6.3

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

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

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

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

Schedule of Outstanding Stock Options

The following table summarizes information about stock options outstanding as of December 31, 2023:


	Options Outstanding			Options Exercisable
Range of Exercise Prices	Number Outstanding as of 12/31/23	Weighted-Average Remaining Contractual Life in Years	Weighted-Average Exercise Price	Number Exercisable as of 12/31/23	Weighted-Average Exercise Price
$60.68 - $99.90	388,522	3.4	$96.78	388,522	$96.78
$99.91 - $107.95	210,214	2.2	$107.09	210,214	$107.09
$107.96 - $240.90	127,965	4.7	$130.31	101,910	$119.09
$60.68 - $240.90	726,701	3.3	$105.67	700,646	$103.12

Schedule of Activity Relating to Grants of PSUs and RSUs

A summary of activity relating to grants of PSUs and RSUs for the period ended December 31, 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	341,374	$241.41
Performance assumption change (1)	24,325	$(88.67)
Vested	(443,502)	$173.02
Forfeited	(24,185)	$207.81
Outstanding at end of year	1,039,691	$198.31

(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.


For the years ended December 31,	2023			2022			2021
Units granted	341,374			313,285			404,517
Weighted-average fair value at date of grant	$	241.41		$	211.85		$	154.83
Monte Carlo simulation assumptions:
Estimated values	$	118.90		$	100.41		$	66.44
Dividend yields	1.7		%	1.8		%	2.2		%
Expected volatility	19.2		%	25.3		%	26.4		%

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

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

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

DERIVATIVE INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2023 and 2022:


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

Foreign exchange contracts	$	1,219	$	1,670	$	3,921	$	261






Derivatives not designated as hedging instruments:
Commodities futures and options (2)	66		679		685		662
Deferred compensation derivatives	2,343		—		1,222		—
Foreign exchange contracts	1,123		—		246		—
	3,532		679		2,153		662
Total	$	4,751	$	2,349	$	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 years ended December 31, 2023 and 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 AOCI into income (b)
	2023		2022		2023		2022		2023		2022
Commodities futures and options	$	(53,085)	$	44,569	$	—	$	—	$	—	$	—
Foreign exchange contracts	1,111		(274)		(4,860)		2,056		(1,150)		636
Interest rate swap agreements	—		—		5,814		—		(9,716)		(10,836)
Deferred compensation derivatives	4,119		(4,920)		—		—		—		—
Total	$	(47,855)	$	39,375	$	954	$	2,056	$	(10,866)	$	(10,200)

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS - SCHEDULE OF ACCUMULATED BENEFIT OBLIGATIONS IN EXCESS OF PLAN ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Projected benefit obligation	$ 40,278	$ 36,669
Accumulated benefit obligation	33,812	32,167
Fair value of plan assets	$ 6,695	$ 3,606

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Promotional Costs, Estimate Deviation, Percentage (Less Than)	3.00%	3.00%	3.00%
Unsettled Accrued Liabilities	$ 194,032	$ 215,688
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk \| McLane Company, Inc.
Concentration risk, percentage	28.00%	28.00%	30.00%

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

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Other (Income) Expense, Net

OTHER (INCOME) EXPENSE, NET

Other (income) expense, net reports certain gains and losses associated with activities not directly related to our core operations. A summary of the components of other (income) expense, net is as follows:


For the years ended December 31,	2023		2022		2021
Write-down of equity investments in partnerships qualifying for historic and renewable energy tax credits (see Note 8)	$	210,484	$	188,286	$	113,756
Non-service cost components of net periodic benefit cost relating to pension and other post-retirement benefit plans (see Note 11)	28,010		18,466		5,177

Other (income) expense, net	(1,276)		(593)		148
Total	$	237,218	$	206,159	$	119,081

LEASES - SCHEDULE OF INFORMATION REGARDING OUR LEASE TERMS AND DISCOUNT RATES (Details)	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating leases, Weighted-average remaining lease term	14 years 4 months 24 days	15 years
Finance leases, Weighted-average remaining lease term	25 years 10 months 24 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%

SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables)

12 Months Ended

Dec. 31, 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	2023		2022
Assets
Operating lease ROU assets	Other non-current assets	$	307,976	$	326,472

Finance lease ROU assets, at cost	Property, plant and equipment, gross	89,335		86,703
Accumulated amortization	Accumulated depreciation	(19,472)		(14,543)
Finance lease ROU assets, net	Property, plant and equipment, net	69,863		72,160

Total leased assets		$	377,839	$	398,632

Liabilities
Current
Operating	Accrued liabilities	$	34,494	$	31,787
Finance	Current portion of long-term debt	5,900		4,285
Non-current
Operating	Other long-term liabilities	277,089		294,849
Finance	Long-term debt	70,485		69,194
Total lease liabilities		$	387,968	$	400,115


December 31,	2023		2022
Inventories:
Raw materials	$	481,111	$	372,612
Goods in process	192,232		137,298
Finished goods	948,974		855,217
Inventories at FIFO	1,622,317		1,365,127
Adjustment to LIFO	(281,321)		(192,008)
Total inventories	$	1,340,996	$	1,173,119

Prepaid expenses and other:
Prepaid expenses	$	227,567	$	143,888

Other current assets	118,021		128,307
Total prepaid expenses and other	$	345,588	$	272,195

Property, plant and equipment:
Land	$	180,751	$	155,963
Buildings	1,763,070		1,545,053
Machinery and equipment	3,861,006		3,592,251
Construction in progress	644,244		416,220
Property, plant and equipment, gross	6,449,071		5,709,487
Accumulated depreciation	(3,139,393)		(2,939,785)
Property, plant and equipment, net	$	3,309,678	$	2,769,702

Other non-current assets:
Pension	$	48,506	$	53,495
Capitalized software, net	360,205		320,034

Operating lease ROU assets	307,976		326,472
Investments in unconsolidated affiliates	207,177		133,029
Other non-current assets	137,563		111,959
Total other non-current assets	$	1,061,427	$	944,989


The components of certain liability and stockholders’ equity accounts included within our Consolidated Balance Sheet accounts are as follows:
December 31,	2023		2022
Accounts Payable:
Accounts Payable—trade	$	630,536	$	636,472
Supplier finance program obligations	149,261		105,293
Other	306,386		228,793
Total accounts payable	$	1,086,183	$	970,558

Accrued liabilities:
Payroll, compensation and benefits	$	261,961	$	293,865
Advertising, promotion and product allowances	343,444		337,024
Operating lease liabilities	34,494		31,787

Other	227,916		169,842
Total accrued liabilities	$	867,815	$	832,518

Other long-term liabilities:
Post-retirement benefits liabilities	$	90,718	$	147,174
Pension benefits liabilities	28,949		27,696
Operating lease liabilities	277,089		294,849
Other	263,917		250,023
Total other long-term liabilities	$	660,673	$	719,742

Accumulated other comprehensive loss:
Foreign currency translation adjustments	$	(87,706)	$	(110,364)
Pension and post-retirement benefit plans, net of tax	(126,800)		(118,254)
Cash flow hedges, net of tax	(15,572)		(23,715)
Total accumulated other comprehensive loss	$	(230,078)	$	(252,333)

FAIR VALUE MEASUREMENTS - SCHEDULE OF FAIR VALUES AND CARRYING VALUES OF LONG-TERM DEBT (Details) - Significant other observable inputs (Level 2) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current portion of long-term debt, fair value	$ 297,842	$ 749,345
Long-term debt, fair value	3,413,411	2,854,165
Total long-term debt, fair value	3,711,253	3,603,510
Current portion of long-term debt	305,058	753,578
Long-term portion	3,789,132	3,343,977
Long-term Debt	$ 4,094,190	$ 4,097,555

- Definition

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

+ References + Details

STOCK COMPENSATION PLANS - SCHEDULE OF PSUs AND RSUs ACTIVITY (Details) - Performance and restricted stock units - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at beginning of year (shares)	1,141,679
Granted (shares)	341,374	313,285	404,517
Performance assumption change (shares)	24,325
Vested (shares)	(443,502)
Forfeited (shares)	(24,185)
Outstanding at end of year (shares)	1,039,691	1,141,679
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding at beginning of year (USD per share)	$ 181.91
Weighted-average fair value at date of grant (USD per share)	241.41	$ 211.85	$ 154.83
Performance assumption change (USD per share)	(88.67)
Vested (USD per share)	173.02
Forfeited (USD per share)	207.81
Outstanding at end of year (USD per share)	$ 198.31	$ 181.91

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS - SCHEDULE OF PLAN ASSETS ACROSS ASSET CLASSES (Details) - Domestic Plans	Dec. 31, 2023
Cash
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	1.00%
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	27.00%
Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	48.00%
Alternative investments, including real estate, listed infrastructure and other
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	24.00%

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2023

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

Schedule II - Valuation and Qualifying Accounts

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS

For the Years Ended December 31, 2023, 2022 and 2021


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

For the year ended December 31, 2023
Allowances deducted from assets
Accounts receivable—trade, net (a)	$	26,001	$	248,022	$	—	$	(242,360)	$	31,663
Valuation allowance on net deferred taxes (b)	137,531		6,927		—		(30,309)		114,149
Inventory obsolescence reserve (c)	29,354		73,687		—		(61,202)		41,839
Total allowances deducted from assets	$	192,886	$	328,636	$	—	$	(333,871)	$	187,651

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

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

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

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

BUSINESS ACQUISITIONS AND DIVESTITURES - DOT'S PRETZELS, INC. ASSETS ACQUIRED AN LIABILITIES ASSUMED ALLOCATION (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Oct. 02, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 2,696,050	$ 2,606,956		$ 2,633,174
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

+ References + Details

BUSINESS REALIGNMENT ACTIVITIES - SCHEDULE OF BUSINESS REALIGNMENT ACTIVITY (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Business realignment costs	$ 3,440	$ 4,417	$ 16,599
International Optimization Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs	3,440	4,417
Severance and employee benefit costs \| International Optimization Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs	441	2,001	3,982
Other program costs \| International Optimization Program
Restructuring Cost and Reserve [Line Items]
Business realignment costs	2,999	2,416	12,617
Cost of Sales
Restructuring Cost and Reserve [Line Items]
Business realignment costs	527	3	5,220
Selling, marketing and administrative
Restructuring Cost and Reserve [Line Items]
Business realignment costs	2,472	2,425	7,854
Business realignment charges
Restructuring Cost and Reserve [Line Items]
Business realignment costs	$ 441	$ 1,989	$ 3,525

- 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

LEASES - SCHEDULE OF SUPPLEMENTAL CASH FLOW INFORMATION RELATED TO LEASES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating cash flows from operating leases	$ 45,176	$ 45,179
Operating cash flows from finance leases	4,593	4,192
Financing cash flows from finance leases	5,381	4,717
Operating leases	18,469	13,998
Finance leases	$ 7,448	$ 9,617

INCOME TAXES - SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE (BENEFIT) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 141,753	$ 121,968	$ 161,402
State	83,802	85,741	60,979
Foreign	68,289	27,656	78,650
Current Income Tax Expense (Benefit), Total	293,844	235,365	301,031
Deferred:
Federal	28,191	34,848	26,726
State	(9,531)	3,393	8,253
Foreign	(2,427)	(1,352)	(21,605)
Deferred Income Tax Expense (Benefit), Total	16,233	36,889	13,374
Total provision for income taxes	$ 310,077	$ 272,254	$ 314,405

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Supplier Finance Program

The rollforward of the Company’s outstanding obligations confirmed as valid under its supplier finance program, which are included in Accounts Payable in the Consolidated Balance Sheets, for year ended December 31, 2023 are as follows:


	2023
Supplier finance program obligations outstanding at beginning of the year	$	105,293
Invoice amounts added during the year	585,872
Invoice amounts paid during the year	(541,904)
Supplier finance program obligations outstanding at end of the year	$	149,261

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 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 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 years ended December 31, 2023 and 2022 is noted below. There were no material related party transactions with Hershey Trust Company and/or its affiliates for the year ended December 31, 2021. Sale and Donation of Property, Plant and Equipment In May 2022, the Company entered into a Purchase and Sale Agreement (the “Purchase Agreement”) with Hershey Trust Company, as trustee for the School Trust, pursuant to which the Company agreed to sell certain real and personal property consisting of approximately six acres of land located in Hershey, Pennsylvania, together with portions of a building located on the land. Additionally, in June 2022, the Company entered into a Donation Agreement with Hershey Trust Company, as trustee for The M.S. Hershey Foundation, pursuant to which the Company agreed to donate a portion of the building concurrently with the closing of the Purchase Agreement. The sale and donation transactions closed in June 2022. Total proceeds from the sale were approximately $6,300 (net of transaction and closing costs), resulting in a loss of $13,568, which was recorded in the SM&A expense caption within the Consolidated Statements of Income. The fair values of the disposed assets were supported by a proposed sales price submitted by a third-party buyer received prior to executing the Purchase Agreement. Stock Purchase Agreements In February 2023 and February 2022, the Company entered into Stock Purchase Agreements with Hershey Trust Company, as trustee for the School Trust, pursuant to which the Company purchased shares of its Common Stock from the School Trust (see Note 14).

- 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
-SubTopic 20
-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
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-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
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-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

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

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

•North America Confectionery – This segment is responsible for our traditional chocolate and non-chocolate confectionery market position in the United States and Canada. This includes our business in chocolate and non-chocolate confectionery, gum and refreshment products, protein bars, spreads, snack bites and mixes, as well as pantry and food service lines. This segment also includes our retail operations, including Hershey’s Chocolate World stores in Hershey, Pennsylvania; New York, New York; Las Vegas, Nevada; Niagara Falls (Ontario) and Singapore, as well as operations associated with licensing the use of certain of the Company’s trademarks and products to third parties around the world.

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

•International – International is a combination of all other operating segments that are not individually material, including those geographic regions where we operate outside of North America. We currently have operations and manufacture product in Mexico, Brazil, India and Malaysia, primarily for consumers in these regions, and also distribute and sell confectionery products in export markets of Asia, Latin America, Middle East, Europe, Africa and other regions.

For segment reporting purposes, we use “segment income” to evaluate segment performance and allocate resources. Segment income excludes unallocated general corporate administrative expenses, unallocated mark-to-market gains and losses on commodity derivatives, business realignment and impairment charges, acquisition-related costs and other unusual gains or losses that are not part of our measurement of segment performance. These items of our operating income are managed centrally at the corporate level and are excluded from the measure of segment income reviewed by the CODM as well the measure of segment performance used for incentive compensation purposes.

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

As discussed in Note 5, derivatives used to manage commodity price risk are not designated for hedge accounting treatment. These derivatives are recognized at fair market value with the resulting realized and unrealized (gains) losses recognized in unallocated derivative (gains) losses outside of the reporting segment results until the related inventory is sold, at which time the related gains and losses are reallocated to segment income. This enables us to align the derivative gains and losses with the underlying economic exposure being hedged and thereby eliminate the mark-to-market volatility within our reported segment income.

Certain manufacturing, warehousing, distribution and other activities supporting our global operations are integrated to maximize efficiency and productivity. As a result, assets and capital expenditures are not managed on a segment basis and are not included in the information reported to the CODM for the purpose of evaluating performance or allocating resources. We disclose depreciation and amortization that is generated by segment-specific assets, since these amounts are included within the measure of segment income reported to the CODM.

Our segment net sales and earnings were as follows:


For the years ended December 31,	2023		2022		2021
Net sales:
North America Confectionery	$	9,123,139	$	8,536,480	$	7,682,416
North America Salty Snacks	1,092,689		1,029,405		555,424
International	949,164		853,409		733,497
Total	$	11,164,992	$	10,419,294	$	8,971,337

Segment income:
North America Confectionery	$	3,117,044	$	2,811,066	$	2,475,873
North America Salty Snacks	158,333		159,935		100,777
International	148,259		107,927		74,170
Total segment income	3,423,636		3,078,928		2,650,820
Unallocated corporate expense (1)	800,390		735,542		614,875
Unallocated mark-to-market losses (gains) on commodity derivatives	58,939		78,182		(24,376)

Costs associated with business realignment activities (see Note 9)	3,440		4,417		16,599


Operating profit	2,560,867		2,260,787		2,043,722
Interest expense, net (see Note 4)	151,785		137,557		127,417
Other (income) expense, net (see Note 17)	237,218		206,159		119,081
Income before income taxes	$	2,171,864	$	1,917,071	$	1,797,224

(1)Includes centrally-managed (a) corporate functional costs relating to legal, treasury, finance, and human resources, (b) expenses associated with the oversight and administration of our global operations, including warehousing, distribution and manufacturing, information systems and global shared services, (c) non-cash stock-based compensation expense, (d) acquisition-related costs and (e) other gains or losses that are not integral to segment performance.

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


For the years ended December 31,	2023		2022		2021
Net losses (gains) on mark-to-market valuation of commodity derivative positions recognized in income	$	53,085	$	(44,569)	$	(85,402)
Net gains on commodity derivative positions reclassified from unallocated to segment income	5,854		122,751		61,026
Net losses (gains) on mark-to-market valuation of commodity derivative positions recognized in unallocated derivative losses (gains)	$	58,939	$	78,182	$	(24,376)

As of December 31, 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 $50,207. Based on our forecasts of the timing of the recognition of the underlying hedged items, we expect to reclassify net pretax gains on commodity derivatives of $39,333 to segment operating results in the next twelve months.

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


For the years ended December 31,	2023		2022		2021
North America Confectionery	$	238,786	$	228,399	$	213,113
North America Salty Snacks	85,566		68,600		29,744
International	23,699		23,148		22,754
Corporate	71,764		58,812		49,391
Total	$	419,815	$	378,959	$	315,002

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


For the years ended December 31,	2023		2022		2021
Net sales:
United States	$	9,752,314	$	9,121,166	$	7,807,606
Other	1,412,678		1,298,128		1,163,731
Total	$	11,164,992	$	10,419,294	$	8,971,337

Long-lived assets:
United States	$	2,732,787	$	2,272,811	$	2,099,786
Other	576,891		496,891		486,401
Total	$	3,309,678	$	2,769,702	$	2,586,187

- 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

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS - SCHEDULE OF COMPONENTS OF NET PERIODIC BENEFIT COST (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Benefits
Amounts recognized in net periodic benefit cost
Service cost	$ 14,991	$ 17,500	$ 21,361
Interest cost	41,205	30,491	18,320
Expected return on plan assets	(48,978)	(47,637)	(49,091)
Amortization of prior service credit	(5,658)	(5,651)	(6,142)
Amortization of net (gain) loss	19,846	16,060	20,556
Curtailment credit	0	0	0
Settlement loss	15,254	20,692	16,085
Total net periodic benefit cost	36,660	31,455	21,089
Change in plan assets and benefit obligations recognized in AOCI, pre-tax
Actuarial net (gain) loss	(32,720)	22,609	(80,047)
Prior service cost (credit)	5,670	5,601	6,447
Total recognized in other comprehensive (income) loss, pre-tax	(27,050)	28,210	(73,600)
Net amounts recognized in periodic benefit cost and AOCI	9,610	59,665	(52,511)
Other Benefits
Amounts recognized in net periodic benefit cost
Service cost	221	302	1,879
Interest cost	7,171	4,603	3,857
Expected return on plan assets	0	0	0
Amortization of prior service credit	(50)	0	0
Amortization of net (gain) loss	(966)	(92)	1,593
Curtailment credit	740	0	0
Settlement loss	926	0	0
Total net periodic benefit cost	6,562	4,813	7,329
Change in plan assets and benefit obligations recognized in AOCI, pre-tax
Actuarial net (gain) loss	38,698	(26,212)	(16,374)
Prior service cost (credit)	(736)	0	0
Total recognized in other comprehensive (income) loss, pre-tax	37,962	(26,212)	(16,374)
Net amounts recognized in periodic benefit cost and AOCI	$ 44,524	$ (21,399)	$ (9,045)

LEASES - SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease ROU assets	$ 307,976	$ 326,472
Operating lease, ROU assets, extensible enumeration	Other non-current assets	Other non-current assets
Finance lease ROU assets, at cost	$ 89,335	$ 86,703
Accumulated amortization	(19,472)	(14,543)
Finance lease ROU assets, net	$ 69,863	$ 72,160
Finance lease ROU asset, net, extensible enumeration	Property, plant and equipment, net	Property, plant and equipment, net
Total leased assets	$ 377,839	$ 398,632
Operating lease liabilities, current	$ 34,494	$ 31,787
Operating lease liabilities, current, extensible enumeration	Accrued liabilities	Accrued liabilities
Finance lease liabilities, current	$ 5,900	$ 4,285
Finance lease liabilities, current, extensible enumeration	Current portion of long-term debt	Current portion of long-term debt
Operating lease liabilities, non-current	$ 277,089	$ 294,849
Operating lease liabilities, non-current, extensible enumeration	Other long-term liabilities	Other long-term liabilities
Finance lease liabilities, non-current	$ 70,485	$ 69,194
Finance lease liabilities, non-current, extensible Enumeration	Long-term debt	Long-term debt
Total leased liabilities	$ 387,968	$ 400,115

INCOME TAXES - INCOME TAXES NARRATIVE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Contingency [Line Items]
Amount of unrecognized tax benefits that if recognized would affect the effective tax rate	$ 122,706	$ 120,699
Net tax expense (benefit) for interest and penalties	12,027	4,862	$ 8,924
Accrued net interest and penalties	37,355	25,328
Expected reduction in the liability for unrecognized tax benefits within the next 12 months	51,355
Undistributed earnings of foreign subsidiaries	656,389
Investment tax credits and related tax depreciation benefits	251,827	228,819	136,243
Write-down of equity investments	210,484	188,286	113,756
Other Nonoperating Income (Expense) \| Partnerships Qualifying For Tax Credits
Income Tax Contingency [Line Items]
Write-down of equity investments	$ 210,484	$ 188,286	$ 113,756

LEASES - SCHEDULE OF MATURITIES OF LEASE LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 54,948
2025	40,046
2026	32,111
2027	30,351
2028	29,253
Thereafter	381,038
Total lease payments	567,747
Less: Imputed interest	179,779
Total lease liabilities	387,968
Operating leases
2024	44,708
2025	31,395
2026	26,669
2027	26,063
2028	25,064
Thereafter	243,161
Total lease payments	397,060
Less: Imputed interest	85,477
Total operating lease liabilities	311,583
Finance leases
2024	10,240
2025	8,651
2026	5,442
2027	4,288
2028	4,189
Thereafter	137,877
Total lease payments	170,687
Less: Imputed interest	94,302
Total finance lease liabilities	$ 76,385	$ 73,479

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Purchase obligations

We enter into certain obligations for the purchase of raw materials. These obligations are primarily in the form of forward contracts for the purchase of raw materials from third-party brokers and dealers. These contracts minimize the effect of future price fluctuations by fixing the price of part or all of these purchase obligations. Total obligations consisted of fixed price contracts for the purchase of commodities and unpriced contracts that were valued using market prices as of December 31, 2023.

The cost of commodities associated with the unpriced contracts is variable as market prices change over future periods. We mitigate the variability of these costs to the extent that we have entered into commodities futures contracts or other commodity derivative instruments to hedge our costs for those periods. Increases or decreases in market prices are offset by gains or losses on commodities futures contracts or other commodity derivative instruments. Taking delivery of and making payments for the specific commodities for use in the manufacture of finished goods satisfies our obligations under the forward purchase contracts. For each of the three years in the period ended December 31, 2023, we satisfied these obligations by taking delivery of and making payment for the specific commodities.

As of December 31, 2023, we had entered into agreements for the purchase of raw materials with various suppliers. Subject to meeting our quality standards, the purchase obligations covered by these agreements were as follows as of December 31, 2023:


in millions	2024		2025		2026		2027		2028
Purchase obligations	$	2,111.1	$	614.8	$	16.4	$	14.2	$	14.2

Environmental contingencies

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

Legal contingencies

The Company is subject to certain legal proceedings and claims arising out of the ordinary course of our business, which cover a wide range of matters including trade regulation, product liability, advertising, contracts, environmental issues, patent and trademark matters, labor and employment matters, human and workplace rights matters and tax. While it is not feasible to predict or determine the outcome of such proceedings and claims with certainty, in our opinion these matters, both individually and in the aggregate, are not expected to have a material effect on our financial condition, results of operations or cash flows.

Collective Bargaining

As of December 31, 2023, the Company employed approximately 18,650 full-time and 1,855 part-time employees worldwide. Collective bargaining agreements covered approximately 6,295 employees, or approximately 31% of the Company’s employees worldwide. During 2024, agreements will be negotiated for certain employees at five facilities, four of which are outside of the United States, comprising approximately 72% of total employees under collective bargaining agreements. We currently expect that we will be able to renegotiate such agreements on satisfactory terms when they expire.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Dec. 31, 2023	Dec. 31, 2022
Preferred stock, shares issued (shares)	0	0
Common stock, shares issued (shares)	221,553,025	221,553,025
Treasury stock, shares (shares)	17,160,099	16,588,308
Common stock
Common stock, shares issued (shares)	166,939,511	163,439,248
Class B common stock
Common stock, shares issued (shares)	54,613,514	58,113,777

GOODWILL AND INTANGIBLE ASSETS - SCHEDULE OF AMORTIZATION EXPENSE, FOR THE NEXT FIVE YEARS (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 78,276
2025	78,276
2026	78,276
2027	77,136
2028	$ 77,136

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net sales	$ 11,164,992	$ 10,419,294	$ 8,971,337
Cost of sales	6,167,176	5,920,509	4,922,739
Gross profit	4,997,816	4,498,785	4,048,598
Selling, marketing and administrative expense	2,436,508	2,236,009	2,001,351
Business realignment costs	441	1,989	3,525
Operating profit	2,560,867	2,260,787	2,043,722
Interest expense, net	151,785	137,557	127,417
Other (income) expense, net	237,218	206,159	119,081
Income before income taxes	2,171,864	1,917,071	1,797,224
Provision for income taxes	310,077	272,254	314,405
Net income including noncontrolling interest	1,861,787	1,644,817	1,482,819
Less: Net gain attributable to noncontrolling interest	0	0	5,307
Net income attributable to The Hershey Company	$ 1,861,787	$ 1,644,817	$ 1,477,512
Common stock
Net income per share—basic:
Net income per share - basic (USD per share)	$ 9.31	$ 8.22	$ 7.34
Net income per share—diluted:
Net income per share - diluted (USD per share)	9.06	7.96	7.11
Dividends paid per share:
Dividends paid per share (USD per share)	4.456	3.874	3.410
Class B common stock
Net income per share—basic:
Net income per share - basic (USD per share)	8.52	7.47	6.68
Net income per share—diluted:
Net income per share - diluted (USD per share)	8.50	7.45	6.66
Dividends paid per share:
Dividends paid per share (USD per share)	$ 4.050	$ 3.522	$ 3.100

INCOME TAXES

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The components of income before income taxes were as follows:


For the years ended December 31,	2023		2022		2021
Domestic	$	1,832,771	$	1,816,622	$	1,775,361
Foreign	339,093		100,449		21,863
Income before income taxes	$	2,171,864	$	1,917,071	$	1,797,224

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


For the years ended December 31,	2023		2022		2021
Current:
Federal	$	141,753	$	121,968	$	161,402
State	83,802		85,741		60,979
Foreign	68,289		27,656		78,650
	293,844		235,365		301,031
Deferred:
Federal	28,191		34,848		26,726
State	(9,531)		3,393		8,253
Foreign	(2,427)		(1,352)		(21,605)
	16,233		36,889		13,374
Total provision for income taxes	$	310,077	$	272,254	$	314,405

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


December 31,	2023		2022
Deferred tax assets:
Post-retirement benefit obligations	$	24,969	$	40,100
Accrued expenses and other reserves	85,601		78,523
Stock-based compensation	21,656		19,847
Derivative instruments	12,268		3,983

Lease liabilities	90,405		91,099
Accrued trade promotion reserves	18,796		23,082
Net operating loss carryforwards	110,342		130,944
Capital loss carryforwards	—		1,999

Other	83,011		52,802
Gross deferred tax assets	447,048		442,379
Valuation allowance	(114,149)		(137,531)
Total deferred tax assets	332,899		304,848
Deferred tax liabilities:
Property, plant and equipment, net	271,465		247,964
Acquired intangibles	228,711		193,160
Lease ROU assets	71,150		72,602
Inventories	13,250		28,573

Pension	10,001		11,038
Other	39,566		39,416
Total deferred tax liabilities	634,143		592,753
Net deferred tax liabilities	$	(301,244)	$	(287,905)
Included in:
Non-current deferred tax assets, net	$	44,454	$	40,498
Non-current deferred tax liabilities, net	(345,698)		(328,403)
Net deferred tax liabilities	$	(301,244)	$	(287,905)

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

The valuation allowances as of December 31, 2023 and 2022 were primarily related to various foreign jurisdictions' net operating loss carryforwards and other deferred tax assets that we do not expect to realize.

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


For the years ended December 31,	2023		2022		2021
Federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Increase (reduction) resulting from:
State income taxes, net of Federal income tax benefits	2.8		3.2		2.8


Foreign rate differences	(1.0)		(0.1)		(0.2)
Historic and solar tax credits	(9.5)		(9.9)		(6.2)

Tax contingencies	1.1		0.4		1.7
Stock compensation	(0.5)		(0.7)		(0.5)

Other, net	0.4		0.3		(1.1)
Effective income tax rate	14.3	%	14.2	%	17.5	%

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


December 31,	2023		2022
Balance at beginning of year	$	148,345	$	143,305
Additions for tax positions taken during prior years	11,567		17,987
Reductions for tax positions taken during prior years	(26)		(9,310)
Additions for tax positions taken during the current year	6,194		4,112
Settlements	(9,838)		—
Expiration of statutes of limitations	(6,617)		(7,749)
Balance at end of year	$	149,625	$	148,345

The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $122,706 as of December 31, 2023 and $120,699 as of December 31, 2022.

We report accrued interest and penalties related to unrecognized tax benefits in income tax expense. We recognized a net tax expense of $12,027, $4,862 and $8,924 in 2023, 2022 and 2021, respectively, for interest and penalties. Accrued net interest and penalties were $37,355 as of December 31, 2023 and $25,328 as of December 31, 2022.

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, Switzerland 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 $51,355 within the next 12 months because of the expiration of statutes of limitations and settlements of tax audits.

As of December 31, 2023, we had approximately $656,389 of undistributed earnings of our international subsidiaries. We continue to reinvest the remainder of the earnings outside of the United States for which there would be a material tax implication to distributing, such as withholding tax, for the foreseeable future and, therefore, have not recognized additional tax expense on these earnings beyond the one-time U.S. repatriation tax due under the 2017 Tax Cuts and Jobs Act.

Investments in Partnerships Qualifying for Tax Credits

We invest in partnerships which make equity investments in projects eligible to receive federal historic and energy tax credits. The investments are accounted for under the equity method and reported within other non-current assets in our Consolidated Balance Sheets. The tax credits, when realized, are recognized as a reduction of tax expense under the flow-through method, at which time the corresponding equity investment is written-down to reflect the remaining value of the future benefits to be realized. For the years ended December 31, 2023, 2022 and 2021 we recognized investment tax credits and related outside basis difference benefits totaling $251,827, $228,819 and $136,243, respectively, and we wrote-down the equity investment by $210,484, $188,286 and $113,756, respectively, to reflect the realization of these benefits. The equity investment write-down is reflected within other (income) expense, net in the Consolidated Statements of Income (see Note 17).

Inflation Reduction Act

On August 16, 2022, the Inflation Reduction Act (“IRA”) was signed into law. The IRA enacted a 15% corporate minimum tax on certain corporations and an excise tax on share repurchases after December 31, 2022, and created and extended certain energy-related tax credits and incentives. For the year ended December 31, 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

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(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

STOCK COMPENSATION PLANS - SCHEDULE OF FAIR VALUE WEIGHTED-AVERAGE ASSUMPTIONS (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Dividend yields	1.70%	1.90%	2.20%
Expected volatility	20.90%	21.10%	21.80%
Risk-free interest rates	4.10%	1.90%	1.00%
Expected term in years	6 years 3 months 18 days	6 years 3 months 18 days	6 years 3 months 18 days

EARNINGS PER SHARE - SCHEDULE OF BASIC AND DILUTED EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Common stock
Basic earnings per share:
Allocation of distributed earnings (cash dividends paid)	$ 663,176	$ 567,897	$ 498,084
Allocation of undistributed earnings	728,175	637,438	574,772
Total earnings—basic	$ 1,391,351	$ 1,205,335	$ 1,072,856
Total weighted-average shares—basic (shares)	149,499	146,713	146,120
Earnings Per Share—basic (USD per share)	$ 9.31	$ 8.22	$ 7.34
Diluted earnings per share:
Allocation of total earnings used in basic computation	$ 1,391,351	$ 1,205,335	$ 1,072,856
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	470,436	439,482	404,656
Reallocation of undistributed earnings	0	0	0
Total earnings—diluted	$ 1,861,787	$ 1,644,817	$ 1,477,512
Conversion of Class B common stock to Common shares outstanding (shares	55,239	58,822	60,614
Total weighted-average shares—diluted (shares)	205,547	206,575	207,758
Earnings Per Share—diluted (USD per share)	$ 9.06	$ 7.96	$ 7.11
Common stock \| Employee stock options
Diluted earnings per share:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (shares)	424	571	609
Common stock \| Performance and restricted stock units
Diluted earnings per share:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (shares)	385	469	415
Class B common stock
Basic earnings per share:
Allocation of distributed earnings (cash dividends paid)	$ 225,895	$ 207,133	$ 187,903
Allocation of undistributed earnings	244,541	232,349	216,753
Total earnings—basic	$ 470,436	$ 439,482	$ 404,656
Total weighted-average shares—basic (shares)	55,239	58,822	60,614
Earnings Per Share—basic (USD per share)	$ 8.52	$ 7.47	$ 6.68
Diluted earnings per share:
Allocation of total earnings used in basic computation	$ 470,436	$ 439,482	$ 404,656
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	0	0	0
Reallocation of undistributed earnings	(987)	(1,201)	(1,098)
Total earnings—diluted	$ 469,449	$ 438,281	$ 403,558
Conversion of Class B common stock to Common shares outstanding (shares	0	0	0
Total weighted-average shares—diluted (shares)	55,239	58,822	60,614
Earnings Per Share—diluted (USD per share)	$ 8.50	$ 7.45	$ 6.66
Class B common stock \| Employee stock options
Diluted earnings per share:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (shares)	0	0	0
Class B common stock \| Performance and restricted stock units
Diluted earnings per share:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (shares)	0	0	0

INCOME TAXES - SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21.00%	21.00%	21.00%
State income taxes, net of Federal income tax benefits	2.80%	3.20%	2.80%
Foreign rate differences	(1.00%)	(0.10%)	(0.20%)
Historic and solar tax credits	(9.50%)	(9.90%)	(6.20%)
Tax contingencies	1.10%	0.40%	1.70%
Stock compensation	(0.50%)	(0.70%)	(0.50%)
Other, net	0.40%	0.30%	(1.10%)
Effective income tax rate	14.30%	14.20%	17.50%

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS - SCHEDULE OF EXPECTED BENEFIT PAYMENTS TO BE PAID (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
2024	$ 113,052
2025	89,810
2026	93,596
2027	75,694
2028	74,212
2029-2033	312,386
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
2024	9,589
2025	9,107
2026	8,619
2027	8,050
2028	7,461
2029-2033	$ 32,107

FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2023

FAIR VALUE MEASUREMENTS [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

Accounting guidance on fair value measurements requires that financial assets and liabilities be classified and disclosed in one of the following categories of the fair value hierarchy:


Level 1 – Based on unadjusted quoted prices for identical assets or liabilities in an active market.
Level 2 – Based on observable market-based inputs or unobservable inputs that are corroborated by market data.
Level 3 – Based on unobservable inputs that reflect the entity’s own assumptions about the assumptions that a market participant would use in pricing the asset or liability.

We did not have any Level 3 financial assets or liabilities, nor were there any transfers between levels during the periods presented.

The following table presents assets and liabilities that were measured at fair value in the Consolidated Balance Sheets on a recurring basis as of December 31, 2023 and 2022:


	Assets / Liabilities
	Level 1		Level 2		Level 3		Total
December 31, 2023:
Derivative Instruments:
Assets:
Foreign exchange contracts (1)	$	—	$	2,342	$	—	$	2,342

Deferred compensation derivatives (2)	—		2,343		—		2,343
Commodities futures and options (3)	66		—		—		66
Liabilities:
Foreign exchange contracts (1)	—		1,670		—		1,670


Commodities futures and options (3)	679		—		—		679
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.

Other Financial Instruments

The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and short-term debt approximated fair values as of December 31, 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 issuances and is, therefore, classified as Level 2 within the valuation hierarchy. The fair values and carrying values of long-term debt, including the current portion, were as follows:


	Fair Value				Carrying Value
At December 31,	2023		2022		2023		2022
Current portion of long-term debt	$	297,842	$	749,345	$	305,058	$	753,578
Long-term debt	3,413,411		2,854,165		3,789,132		3,343,977
Total	$	3,711,253	$	3,603,510	$	4,094,190	$	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.

2023 Activity

In connection with the acquisition of Weaver during 2023, as discussed in Note 2, we used various 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.

2021 Activity

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

AUDIT INFORMATION	12 Months Ended
AUDIT INFORMATION	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Philadelphia, Pennsylvania

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	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Finance lease obligations				$ 76,385	$ 73,479
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts				(25,834)	(19,563)
Total long-term debt				$ 4,094,190	$ 4,097,555
Finance lease obligations, extensible enumeration				Total long-term debt	Total long-term debt
Less—current portion				$ 305,058	$ 753,578
Long-term debt				3,789,132	3,343,977
Proceeds from Issuance of Other Long-term Debt			$ 744,092
Corporate Debt Securities \| 2.625% Notes
Debt Instrument [Line Items]
Long-term debt				$ 0	$ 250,000
Interest rate, stated percentage		2.625%		2.625%	2.625%
Repayments of Debt		$ 250,000
Corporate Debt Securities \| 3.375% Notes
Debt Instrument [Line Items]
Long-term debt				$ 0	$ 500,000
Interest rate, stated percentage	3.375%			3.375%	3.375%
Repayments of Debt	$ 500,000
Corporate Debt Securities \| 2.050% Notes
Debt Instrument [Line Items]
Long-term debt				$ 300,000	$ 300,000
Interest rate, stated percentage				2.05%	2.05%
Corporate Debt Securities \| 0.900% Notes
Debt Instrument [Line Items]
Long-term debt				$ 300,000	$ 300,000
Interest rate, stated percentage				0.90%	0.90%
Corporate Debt Securities \| 3.200% Notes
Debt Instrument [Line Items]
Long-term debt				$ 300,000	$ 300,000
Interest rate, stated percentage				3.20%	3.20%
Corporate Debt Securities \| 2.300% Notes
Debt Instrument [Line Items]
Long-term debt				$ 500,000	$ 500,000
Interest rate, stated percentage				2.30%	2.30%
Corporate Debt Securities \| 7.200% Debentures
Debt Instrument [Line Items]
Long-term debt				$ 193,639	$ 193,639
Interest rate, stated percentage				7.20%	7.20%
Corporate Debt Securities \| 2.450% Notes
Debt Instrument [Line Items]
Long-term debt				$ 300,000	$ 300,000
Interest rate, stated percentage				2.45%	2.45%
Corporate Debt Securities \| 1.700% Notes
Debt Instrument [Line Items]
Long-term debt				$ 350,000	$ 350,000
Interest rate, stated percentage				1.70%	1.70%
Corporate Debt Securities \| 3.375% Notes
Debt Instrument [Line Items]
Long-term debt				$ 300,000	$ 300,000
Interest rate, stated percentage				3.375%	3.375%
Corporate Debt Securities \| 3.125% Notes
Debt Instrument [Line Items]
Long-term debt				$ 400,000	$ 400,000
Interest rate, stated percentage				3.125%	3.125%
Corporate Debt Securities \| 2.650% Notes
Debt Instrument [Line Items]
Long-term debt				$ 350,000	$ 350,000
Interest rate, stated percentage				2.65%	2.65%
Corporate Debt Securities \| Notes 4.250% Due 2028
Debt Instrument [Line Items]
Long-term debt			$ 350,000	$ 350,000	$ 0
Interest rate, stated percentage			4.25%	4.25%
Corporate Debt Securities \| Notes 4.500% Due 2033
Debt Instrument [Line Items]
Long-term debt			$ 400,000	$ 400,000	$ 0
Interest rate, stated percentage			4.50%	4.50%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details)	12 Months Ended
	Dec. 31, 2023 brandName country segment
Accounting Policies [Abstract]
Number of brand names \| brandName	90
Number of countries in which products are marketed, sold and distributed (country) \| country	80
Number of reportable segments (segment) \| segment	3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - COMPUTER SOFTWARE (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Capitalized Software [Line Items]
Capitalized software, net	$ 360,205	$ 320,034
Computer Software
Capitalized Software [Line Items]
Capitalized software, net	360,205	320,034
Capitalized computer software, accumulated amortization	$ 395,410	$ 350,620
Computer Software \| Minimum
Capitalized Software [Line Items]
Property, plant and equipment, useful life	3 years
Computer Software \| Maximum
Capitalized Software [Line Items]
Property, plant and equipment, useful life	7 years

STOCK COMPENSATION PLANS - SCHEDULE OF PSUs AND RSUS FAIR VALUE WEIGHTED-AVERAGE ASSUMPTIONS (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated values (USD per share)				$ 249.70
Dividend yields	1.70%	1.90%	2.20%
Performance and restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (shares)	341,374	313,285	404,517
Weighted-average fair value at date of grant (USD per share)	$ 241.41	$ 211.85	$ 154.83
Estimated values (USD per share)	$ 118.90	$ 100.41	$ 66.44
Dividend yields	1.70%	1.80%	2.20%
Expected volatility	19.20%	25.30%	26.40%

- 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
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

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-Topic 718
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-Name Accounting Standards Codification
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+ Details

FAIR VALUE MEASUREMENTS - FAIR VALUE MEASUREMENTS NARRATIVE (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Significant other unobservable inputs (Level 3)
Derivative [Line Items]
Fair Value, Net Asset (Liability)	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

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


in millions	2024		2025		2026		2027		2028
Purchase obligations	$	2,111.1	$	614.8	$	16.4	$	14.2	$	14.2

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

GOODWILL AND INTANGIBLE ASSETS

The changes in the carrying value of goodwill by segment for the years ended December 31, 2023 and 2022 are as follows:


	North America Confectionery		North America Salty Snacks		International		Total
Goodwill	$	2,030,979	$	589,798	$	374,745	$	2,995,522
Accumulated impairment loss	(4,973)		—		(357,375)		(362,348)
Balance at January 1, 2022	2,026,006		589,798		17,370		2,633,174

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

Foreign currency translation	(7,576)		—		(614)		(8,190)
Balance at December 31, 2022	2,018,430		571,770		16,756		2,606,956
Acquired during the period (see Note 2)	—		85,231		—		85,231


Foreign currency translation	2,401		—		1,462		3,863
Balance at December 31, 2023	$	2,020,831	$	657,001	$	18,218	$	2,696,050

We had no goodwill impairment charges in 2023, 2022 or 2021.

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


December 31,	2023				2022
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Intangible assets subject to amortization:
Trademarks	$	1,703,029	$	(249,947)	$	1,701,932	$	(190,045)
Customer-related	513,910		(123,282)		513,188		(93,495)
Patents	8,233		(8,233)		8,053		(8,053)

Total	2,225,172		(381,462)		2,223,173		(291,593)

Intangible assets not subject to amortization:
Trademarks	35,519				34,689
Total other intangible assets	$	1,879,229			$	1,966,269

Total amortization expense for the years ended December 31, 2023, 2022 and 2021 was $88,771, $79,690 and $52,124, respectively.

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


Year ending December 31,	2024		2025		2026		2027		2028
Amortization expense	$	78,276	$	78,276	$	78,276	$	77,136	$	77,136

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Common stock
Dividends paid per share (USD per share)	$ 4.456	$ 3.874	$ 3.410
Class B common stock
Dividends paid per share (USD per share)	$ 4.050	$ 3.522	$ 3.100

DERIVATIVE INSTRUMENTS - SCHEDULE OF THE EFFECT OF DERIVATIVE INSTRUMENTS ON THE CONSOLIDATED STATEMENTS OF INCOME (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ (47,855)	$ 39,375
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	954	2,056	$ (1,551)
Commodities futures and options
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(53,085)	44,569
Foreign exchange contracts
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	1,111	(274)
Interest rate swap agreements
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	0	0
Deferred compensation derivatives
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	4,119	(4,920)
Designated as Hedging Instrument \| Cash Flow Hedges
Derivative [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	954	2,056
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	(10,866)	(10,200)
Designated as Hedging Instrument \| Cash Flow Hedges \| Commodities futures and options
Derivative [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	0	0
Designated as Hedging Instrument \| Cash Flow Hedges \| Foreign exchange contracts
Derivative [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	(4,860)	2,056
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	(1,150)	636
Designated as Hedging Instrument \| Cash Flow Hedges \| Interest rate swap agreements
Derivative [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	5,814	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	(9,716)	(10,836)
Designated as Hedging Instrument \| Cash Flow Hedges \| Deferred compensation derivatives
Derivative [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	$ 0	$ 0

STOCK COMPENSATION PLANS

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock Compensation Plans

STOCK COMPENSATION PLANS

Share-based grants for compensation and incentive purposes are made pursuant to the Equity and Incentive Compensation Plan (“EICP”). The EICP provides for grants of one or more of the following stock-based compensation awards to employees, non-employee directors and certain service providers upon whom the successful conduct of our business is dependent:

•Non-qualified stock options (“stock options”);

•Performance stock units (“PSUs”) and performance stock;

•Stock appreciation rights;

•Restricted stock units (“RSUs”) and restricted stock; and

•Other stock-based awards.

As of December 31, 2023, 68.5 million shares were authorized and approved by our stockholders for grants under the EICP. The EICP also provides for the deferral of stock-based compensation awards by participants if approved by the Compensation and Human Capital Committee of our Board and if in accordance with an applicable deferred compensation plan of the Company. Currently, the Compensation and Human Capital Committee has authorized the deferral of PSU and RSU awards by certain eligible employees under the Company’s Deferred Compensation Plan. Our Board has authorized our non-employee directors to defer any portion of their cash retainer, committee chair fees and RSUs awarded that they elect to convert into deferred stock units under our Directors’ Compensation Plan.

At the time stock options are exercised or PSUs and RSUs become payable, Common Stock is issued from our accumulated treasury shares. Dividend equivalents are credited on RSUs on the same date and at the same rate as dividends paid on our Common Stock. Dividend equivalents are charged to retained earnings and included in accrued liabilities until paid.

Awards to employees eligible for retirement prior to the award becoming fully vested are amortized to expense over the period through the date that the employee first becomes eligible to retire and is no longer required to provide service to earn the award. In addition, historical data is used to estimate forfeiture rates and record share-based compensation expense only for those awards that are expected to vest.

For the periods presented, compensation expense for all types of stock-based compensation programs and the related income tax benefit recognized were as follows:


For the years ended December 31,	2023		2022		2021
Pre-tax compensation expense	$	81,021	$	65,991	$	66,711
Related income tax benefit	11,910		9,635		11,608

Compensation expenses for stock compensation plans are primarily included in SM&A expense. As of December 31, 2023, total stock-based compensation expense related to non-vested awards not yet recognized was $91,479 and the weighted-average period over which this amount is expected to be recognized was approximately 1.8 years.

Stock Options

The exercise price of each stock option awarded under the EICP equals the closing price of our Common Stock on the New York Stock Exchange on the date of grant. Each stock option has a maximum term of 10 years. Grants of stock options provide for pro-rated vesting, typically over a four-year period. Expense for stock options is based on grant date fair value and recognized on a straight-line method over the vesting period, net of estimated forfeitures.

A summary of activity relating to grants of stock options for the year ended December 31, 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 the period	976,634	$104.36	3.8 years
Granted	5,215	$240.90
Exercised	(255,148)	$103.41
Forfeited	—	$0.00
Expired	—	$0.00
Outstanding as of December 31, 2023	726,701	$105.67	3.3 years	$	59,044
Options exercisable as of December 31, 2023	700,646	$103.12	3.1 years	$	58,394

The weighted-average fair value of options granted was $57.65, $37.28 and $24.12 per share in 2023, 2022 and 2021, respectively. The fair value was estimated on the date of grant using a Black-Scholes option-pricing model and the following weighted-average assumptions:


For the years ended December 31,	2023		2022		2021
Dividend yields	1.7	%	1.9	%	2.2	%
Expected volatility	20.9	%	21.1	%	21.8	%
Risk-free interest rates	4.1	%	1.9	%	1.0	%
Expected term in years	6.3		6.3		6.3

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

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

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

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

The total intrinsic value of options exercised was $35,474, $40,882 and $38,645 in 2023, 2022 and 2021, respectively.

As of December 31, 2023, there was $832 of total unrecognized compensation expense related to non-vested stock option awards granted under the EICP, which we expect to recognize over a weighted-average period of 0.8 years.

The following table summarizes information about stock options outstanding as of December 31, 2023:


	Options Outstanding			Options Exercisable
Range of Exercise Prices	Number Outstanding as of 12/31/23	Weighted-Average Remaining Contractual Life in Years	Weighted-Average Exercise Price	Number Exercisable as of 12/31/23	Weighted-Average Exercise Price
$60.68 - $99.90	388,522	3.4	$96.78	388,522	$96.78
$99.91 - $107.95	210,214	2.2	$107.09	210,214	$107.09
$107.96 - $240.90	127,965	4.7	$130.31	101,910	$119.09
$60.68 - $240.90	726,701	3.3	$105.67	700,646	$103.12

Performance Stock Units and Restricted Stock Units

Under the EICP, we grant PSUs to selected executives and other key employees. Vesting is contingent upon the achievement of certain performance objectives. We grant PSUs over 3-year performance cycles. If we meet targets for financial measures at the end of the applicable 3-year performance cycle, we award a resulting number of shares of our Common Stock to the participants. The number of shares may be increased to the maximum or reduced to the minimum threshold based on the results of these performance metrics in accordance with the terms established at the time of the award.

For PSUs granted, the target award is a combination of a market-based total shareholder return and performance-based components. For market-based condition components, market volatility and other factors are taken into consideration in determining the grant date fair value and the related compensation expense is recognized regardless of whether the market condition is satisfied, provided that the requisite service has been provided. For performance-based condition components, we estimate the probability that the performance conditions will be achieved each quarter and adjust compensation expenses accordingly. The performance scores of PSUs granted in 2023, 2022, and 2021 can range from 0% to 250% of the targeted amounts.

We recognize the compensation expense associated with PSUs ratably over the 3-year term. Compensation expense is based on the grant date fair value because the grants can only be settled in shares of our Common Stock. The grant date fair value of PSUs is determined based on the Monte Carlo simulation model for the market-based total shareholder return component and the closing market price of the Company’s Common Stock on the date of grant for performance-based components.

In 2023, 2022 and 2021, we awarded RSUs to certain executive officers and other key employees under the EICP. We also awarded RSUs quarterly to non-employee directors.

We recognize the compensation expense associated with employee RSUs over a specified award vesting period based on the grant date fair value of our Common Stock. We recognize expense for employee RSUs based on the straight-line method. The compensation expense associated with non-employee director RSUs is recognized ratably over the vesting period, net of estimated forfeitures.

A summary of activity relating to grants of PSUs and RSUs for the period ended December 31, 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	341,374	$241.41
Performance assumption change (1)	24,325	$(88.67)
Vested	(443,502)	$173.02
Forfeited	(24,185)	$207.81
Outstanding at end of year	1,039,691	$198.31

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


For the years ended December 31,	2023			2022			2021
Units granted	341,374			313,285			404,517
Weighted-average fair value at date of grant	$	241.41		$	211.85		$	154.83
Monte Carlo simulation assumptions:
Estimated values	$	118.90		$	100.41		$	66.44
Dividend yields	1.7		%	1.8		%	2.2		%
Expected volatility	19.2		%	25.3		%	26.4		%

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

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

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

The fair value of shares vested totaled $106,243, $105,668 and $52,008 in 2023, 2022 and 2021, respectively.

Deferred PSUs, deferred RSUs and deferred stock units representing directors’ fees totaled 257,942 units as of December 31, 2023. Each unit is equivalent to one share of the Company’s Common Stock.

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Net Sales and Earnings by Segment

Our segment net sales and earnings were as follows:


For the years ended December 31,	2023		2022		2021
Net sales:
North America Confectionery	$	9,123,139	$	8,536,480	$	7,682,416
North America Salty Snacks	1,092,689		1,029,405		555,424
International	949,164		853,409		733,497
Total	$	11,164,992	$	10,419,294	$	8,971,337

Segment income:
North America Confectionery	$	3,117,044	$	2,811,066	$	2,475,873
North America Salty Snacks	158,333		159,935		100,777
International	148,259		107,927		74,170
Total segment income	3,423,636		3,078,928		2,650,820
Unallocated corporate expense (1)	800,390		735,542		614,875
Unallocated mark-to-market losses (gains) on commodity derivatives	58,939		78,182		(24,376)

Costs associated with business realignment activities (see Note 9)	3,440		4,417		16,599


Operating profit	2,560,867		2,260,787		2,043,722
Interest expense, net (see Note 4)	151,785		137,557		127,417
Other (income) expense, net (see Note 17)	237,218		206,159		119,081
Income before income taxes	$	2,171,864	$	1,917,071	$	1,797,224

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

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


For the years ended December 31,	2023		2022		2021
Net losses (gains) on mark-to-market valuation of commodity derivative positions recognized in income	$	53,085	$	(44,569)	$	(85,402)
Net gains on commodity derivative positions reclassified from unallocated to segment income	5,854		122,751		61,026
Net losses (gains) on mark-to-market valuation of commodity derivative positions recognized in unallocated derivative losses (gains)	$	58,939	$	78,182	$	(24,376)

Schedule of Depreciation and Amortization Expense Included within Segment Income

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


For the years ended December 31,	2023		2022		2021
North America Confectionery	$	238,786	$	228,399	$	213,113
North America Salty Snacks	85,566		68,600		29,744
International	23,699		23,148		22,754
Corporate	71,764		58,812		49,391
Total	$	419,815	$	378,959	$	315,002

Schedule of Segment Information by Geography

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


For the years ended December 31,	2023		2022		2021
Net sales:
United States	$	9,752,314	$	9,121,166	$	7,807,606
Other	1,412,678		1,298,128		1,163,731
Total	$	11,164,992	$	10,419,294	$	8,971,337

Long-lived assets:
United States	$	2,732,787	$	2,272,811	$	2,099,786
Other	576,891		496,891		486,401
Total	$	3,309,678	$	2,769,702	$	2,586,187

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share

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


For the years ended December 31,	2023				2022				2021
	Common Stock		Class B Common Stock		Common Stock		Class B Common Stock		Common Stock		Class B Common Stock
Basic earnings per share:
Numerator:
Allocation of distributed earnings (cash dividends paid)	$	663,176	$	225,895	$	567,897	$	207,133	$	498,084	$	187,903
Allocation of undistributed earnings	728,175		244,541		637,438		232,349		574,772		216,753
Total earnings—basic	$	1,391,351	$	470,436	$	1,205,335	$	439,482	$	1,072,856	$	404,656

Denominator (shares in thousands):
Total weighted-average shares—basic	149,499		55,239		146,713		58,822		146,120		60,614

Earnings Per Share—basic	$	9.31	$	8.52	$	8.22	$	7.47	$	7.34	$	6.68

Diluted earnings per share:
Numerator:
Allocation of total earnings used in basic computation	$	1,391,351	$	470,436	$	1,205,335	$	439,482	$	1,072,856	$	404,656
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	470,436		—		439,482		—		404,656		—
Reallocation of undistributed earnings	—		(987)		—		(1,201)		—		(1,098)
Total earnings—diluted	$	1,861,787	$	469,449	$	1,644,817	$	438,281	$	1,477,512	$	403,558

Denominator (shares in thousands):
Number of shares used in basic computation	149,499		55,239		146,713		58,822		146,120		60,614
Weighted-average effect of dilutive securities:
Conversion of Class B common stock to Common shares outstanding	55,239		—		58,822		—		60,614		—
Employee stock options	424		—		571		—		609		—
Performance and restricted stock units	385		—		469		—		415		—
Total weighted-average shares—diluted	205,547		55,239		206,575		58,822		207,758		60,614

Earnings Per Share—diluted	$	9.06	$	8.50	$	7.96	$	7.45	$	7.11	$	6.66

SHORT AND LONG-TERM DEBT - SCHEDULE OF MATURITIES OF LONG-TERM DEBT (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2024	$ 300,000
2025	600,000
2026	500,000
2027	193,639
2028	350,000
Thereafter	$ 2,100,000

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS - PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS NARRATIVE (Details) $ in Thousands		3 Months Ended	12 Months Ended
	Aug. 31, 2023 USD ($)	Oct. 01, 2023 USD ($)	Dec. 31, 2023 USD ($) post-retirementPlan	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2030
Defined Benefit Plan Disclosure [Line Items]
Number of Defined Benefit Other Post-retirement Plans and Defined Contribution Other Post-retirement Plans \| post-retirementPlan			2
Defined Benefit Plan, Accumulated Benefit Obligation			$ 789,257	$ 799,635
Defined Contribution Plan, Cost			67,763	61,477	$ 58,883
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)			$ (23,187)	$ 184,775
Discount rate			5.10%	5.50%
Employer contributions			$ 6,576	$ 55,799
Defined Benefit Plans, Minimum Future Employer Contributions in Next Fiscal Year			1,943
Benefits paid			23,967	22,936
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement			(15,254)	(20,692)	(16,085)
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)			$ (38,789)	$ 28,145
Discount rate			5.20%	5.50%
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year			6.40%	6.70%
Employer contributions			$ 21,006	$ 22,748
Benefits paid			21,006	22,748
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement			$ (926)	$ 0	$ 0
Other Benefits \| The Hershey Company Retiree Medical and Life Insurance Plan
Defined Benefit Plan Disclosure [Line Items]
Benefits paid	$ 88,689
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement		$ (926)
Other Benefits \| Scenario, Forecast
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate						5.00%

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Activities
Net income including noncontrolling interest	$ 1,861,787	$ 1,644,817	$ 1,482,819
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	419,815	378,959	315,002
Stock-based compensation expense	81,021	65,991	66,711
Deferred income taxes	16,233	36,889	13,374
Write-down of equity investments	210,484	188,286	113,756
Other	103,287	120,818	96,016
Changes in assets and liabilities, net of business acquisitions and divestitures:
Accounts receivable—trade, net	(102,080)	(38,165)	(14,642)
Inventories	(157,153)	(186,963)	21,457
Prepaid expenses and other current assets	(22,444)	(14,507)	8,619
Accounts payable and accrued liabilities	50,234	216,479	39,732
Accrued income taxes	(32,481)	5,005	(29,682)
Contributions to pension and other benefit plans	(27,581)	(78,547)	(51,100)
Other assets and liabilities	(77,932)	(11,225)	20,822
Net cash provided by operating activities	2,323,190	2,327,837	2,082,884
Investing Activities
Capital additions (including software)	(771,109)	(519,481)	(495,877)
Equity investments in tax credit qualifying partnerships	(256,815)	(275,534)	(128,417)
Business acquisitions, net of cash and cash equivalents acquired	(165,818)	0	(1,601,073)
Other investing activities	(4,934)	7,639	2,539
Net cash used in investing activities	(1,198,676)	(787,376)	(2,222,828)
Financing Activities
Net increase (decrease) in short-term debt	26,049	(245,633)	869,030
Long-term borrowings, net of debt issuance costs	744,092	0	0
Repayment of long-term debt and finance leases	(755,414)	(4,741)	(439,444)
Cash dividends paid	(889,071)	(775,030)	(685,987)
Repurchase of common stock	(264,913)	(388,964)	(457,946)
Exercise of stock options	26,015	34,158	49,821
Payment, Tax Withholding, Share-Based Payment Arrangement	(35,009)	(35,515)	(16,610)
Net cash used in financing activities	(1,148,251)	(1,415,725)	(681,136)
Effect of exchange rate changes on cash and cash equivalents	(38,250)	9,887	(5,075)
(Decrease) increase in cash and cash equivalents, including cash classified as held for sale	(61,987)	134,623	(826,155)
Less: Decrease in cash and cash equivalents classified as held for sale	0	0	11,434
Net (decrease) increase in cash and cash equivalents	(61,987)	134,623	(814,721)
Cash and cash equivalents, beginning of period	463,889	329,266	1,143,987
Cash and cash equivalents, end of period	401,902	463,889	329,266
Supplemental Disclosure
Interest paid	160,729	131,757	127,726
Income taxes paid	$ 303,942	$ 221,321	$ 275,171

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS - SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS USED IN COMPUTING NET PERIODIC BENEFIT COST (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.50%	2.70%	2.30%
Expected long-term return on plan assets	6.20%	4.90%	4.80%
Rate of compensation increase	3.40%	3.50%	3.50%
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.50%	2.90%	2.50%

Insider Trading Arrangements

3 Months Ended

Dec. 31, 2023

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

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 December 31, 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

Jennifer L. McCalman

VP, Chief Accounting Officer

11/3/2023

2/24/2024

Sell 453 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

false

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Jennifer L. McCalman [Member]

Trading Arrangements, by Individual

Name

Jennifer L. McCalman

Title

VP, Chief Accounting Officer

Adoption Date

11/3/2023

Arrangement Duration

113 days

Aggregate Available

453

SEGMENT INFORMATION - SCHEDULE OF NET SALES AND EARNINGS BY SEGMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Net sales	$ 11,164,992	$ 10,419,294	$ 8,971,337
Operating profit	$ 2,560,867	$ 2,260,787	$ 2,043,722
DerivativeGainLossStatementOfIncomeOrComprehensiveIncomeExtensibleEnumerationNotDisclosedFlag	Unallocated mark-to-market losses (gains) on commodity derivatives	Unallocated mark-to-market losses (gains) on commodity derivatives	Unallocated mark-to-market losses (gains) on commodity derivatives
Costs associated with business realignment activities (see Note 9)	$ 3,440	$ 4,417	$ 16,599
Interest expense, net	151,785	137,557	127,417
Other (income) expense, net	237,218	206,159	119,081
Income before income taxes	2,171,864	1,917,071	1,797,224
Operating Segments
Segment Reporting Information [Line Items]
Operating profit	3,423,636	3,078,928	2,650,820
Operating Segments \| North America Confectionery
Segment Reporting Information [Line Items]
Net sales	9,123,139	8,536,480	7,682,416
Operating profit	3,117,044	2,811,066	2,475,873
Operating Segments \| North America Salty Snacks
Segment Reporting Information [Line Items]
Net sales	1,092,689	1,029,405	555,424
Operating profit	158,333	159,935	100,777
Operating Segments \| International
Segment Reporting Information [Line Items]
Net sales	949,164	853,409	733,497
Operating profit	148,259	107,927	74,170
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Nonoperating Income (Expense)	800,390	735,542	614,875
Segment Reconciling Items
Segment Reporting Information [Line Items]
Unallocated mark-to-market losses (gains) on commodity derivatives	58,939	78,182	(24,376)
Costs associated with business realignment activities (see Note 9)	$ 3,440	$ 4,417	$ 16,599

BUSINESS ACQUISITIONS AND DIVESTITURES - PRETZELS, INC ASSETS ACQUIRED AND LIABILITIES ASSUMED ALLOCATION (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Oct. 02, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 2,696,050	$ 2,606,956		$ 2,633,174
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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - SUPPLIER FINANCE PROGRAM OBLIGATIONS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2020 institution
Accounting Policies [Abstract]
Supplier finance program, obligation, number of agreements entered with third-party financial institutions \| institution		2
Supplier Finance Program, Obligation [Roll Forward]
Supplier finance program obligations outstanding at beginning of the year	$ 105,293
Invoice amounts added during the year	585,872
Invoice amounts paid during the year	(541,904)
Supplier finance program obligations outstanding at end of the year	$ 149,261

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Pension and Other Post-Retirement Benefit Plans

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS

We sponsor a number of defined benefit pension plans. The primary plans were The Hershey Company Retirement Plan (“Retirement Plan”) and the Hershey Company Retirement Plan for Hourly Employees (“Hourly Plan”). These are cash balance plans that provide pension benefits for most U.S. employees hired prior to January 1, 2007. Effective December 31, 2023, the Hourly Plan merged into the Retirement Plan and the name was changed to The Hershey Retirement Plan for Salaried and Hourly Employees. We also sponsor two post-retirement benefit plans: health care and life insurance. The health care plan is contributory, with participants’ contributions adjusted annually. The life insurance plan is non-contributory.

Obligations and Funded Status

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


	Pension Benefits				Other Benefits
December 31,	2023		2022		2023		2022
Change in benefit obligation
Projected benefit obligation at beginning of year	$	830,285	$	1,076,180	$	164,889	$	211,490
Service cost	14,991		17,500		221		302
Interest cost	41,205		30,491		7,171		4,603

Actuarial (gain) loss	23,187		(184,775)		38,789		(28,145)
Curtailment	—		—		(740)		—
Settlement	(66,132)		(82,907)		(88,689)		—
Currency translation and other	2,466		(3,268)		(324)		(613)
Benefits paid	(23,967)		(22,936)		(21,006)		(22,748)
Projected benefit obligation at end of year	822,035		830,285		100,311		164,889
Change in plan assets
Fair value of plan assets at beginning of year	848,432		1,098,191		—		—
Actual return on plan assets	70,096		(196,969)		—		—
Employer contributions	6,576		55,799		21,006		22,748
Settlement	(66,132)		(82,907)		(88,689)		—
Annuity purchase	—		—		88,689		—
Currency translation and other	1,838		(2,746)		—		—
Benefits paid	(23,967)		(22,936)		(21,006)		(22,748)
Fair value of plan assets at end of year	836,843		848,432		—		—
Funded status at end of year	$	14,808	$	18,147	$	(100,311)	$	(164,889)

Amounts recognized in the Consolidated Balance Sheets:
Other assets	$	48,506	$	53,495	$	—	$	—
Accrued liabilities	(4,749)		(7,652)		(9,593)		(17,715)
Other long-term liabilities	(28,949)		(27,696)		(90,718)		(147,174)
Total	$	14,808	$	18,147	$	(100,311)	$	(164,889)

Amounts recognized in Accumulated Other Comprehensive Income (Loss), net of tax:
Actuarial net (loss) gain	$	(129,184)	$	(150,378)	$	(7,704)	$	19,689
Net prior service credit	8,561		12,435		527		—
Net amounts recognized in AOCI	$	(120,623)	$	(137,943)	$	(7,177)	$	19,689

The projected benefit obligation during 2023 was impacted by actuarial loss of $23,187 which was mainly the result of the discount rate assumption decreasing from 5.5% at December 31, 2022 to 5.1% at December 31, 2023. The accumulated benefit obligation for all defined benefit pension plans was $789,257 as of December 31, 2023 and $799,635 as of December 31, 2022.

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


December 31,	2023		2022
Projected benefit obligation	$	40,278	$	36,669
Accumulated benefit obligation	33,812		32,167
Fair value of plan assets	6,695		3,606

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


December 31,	2023		2022
Projected benefit obligation	$	84,416	$	79,932
Accumulated benefit obligation	71,046		68,665
Fair value of plan assets	50,718		44,584

Net Periodic Benefit Cost

The components of net periodic benefit cost were as follows:


	Pension Benefits						Other Benefits
For the years ended December 31,	2023		2022		2021		2023		2022		2021
Amounts recognized in net periodic benefit cost
Service cost	$	14,991	$	17,500	$	21,361	$	221	$	302	$	1,879
Interest cost	41,205		30,491		18,320		7,171		4,603		3,857
Expected return on plan assets	(48,978)		(47,637)		(49,091)		—		—		—
Amortization of prior service credit	(5,658)		(5,651)		(6,142)		(50)		—		—
Amortization of net (gain) loss	19,846		16,060		20,556		(966)		(92)		1,593
Curtailment credit	—		—		—		(740)		—		—
Settlement loss	15,254		20,692		16,085		926		—		—
Total net periodic benefit cost	$	36,660	$	31,455	$	21,089	$	6,562	$	4,813	$	7,329

Change in plan assets and benefit obligations recognized in AOCI, pre-tax
Actuarial net (gain) loss	$	(32,720)	$	22,609	$	(80,047)	$	38,698	$	(26,212)	$	(16,374)
Prior service cost (credit)	5,670		5,601		6,447		(736)		—		—
Total recognized in other comprehensive (income) loss, pre-tax	$	(27,050)	$	28,210	$	(73,600)	$	37,962	$	(26,212)	$	(16,374)
Net amounts recognized in periodic benefit cost and AOCI	$	9,610	$	59,665	$	(52,511)	$	44,524	$	(21,399)	$	(9,045)

The non-service cost components of net periodic benefit cost relating to pension and other post-retirement benefit plans is reflected within other (income) expense, net in the Consolidated Statements of Income (see Note 17).

Assumptions

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


	Pension Benefits				Other Benefits
December 31,	2023		2022		2023		2022
Discount rate	5.1	%	5.5	%	5.2	%	5.5	%
Rate of increase in compensation levels	3.6	%	3.4	%	4.0	%	4.0	%
Interest crediting rate	4.8	%	4.7	%	N/A		N/A

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


	Pension Benefits						Other Benefits
For the years ended December 31,	2023		2022		2021		2023		2022		2021
Discount rate	5.5	%	2.7	%	2.3	%	5.5	%	2.9	%	2.5	%
Expected long-term return on plan assets	6.2	%	4.9	%	4.8	%	N/A		N/A		N/A
Rate of compensation increase	3.4	%	3.5	%	3.5	%	N/A		N/A		N/A

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

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

For purposes of measuring our post-retirement benefit obligation at December 31, 2023, we assumed a 6.4% annual rate of increase in the per capita cost of covered health care benefits for 2024, grading down to 5.0% by 2030. For purposes of measuring our post-retirement benefit obligation at December 31, 2022, we assumed a 6.7% annual rate of increase in the per capita cost of covered health care benefits for 2023, grading down to 5.0% by 2030.

The valuations and assumptions reflect adoption of the Society of Actuaries updated Pri-2012 mortality tables with MP-2021 generational projection scales, which we adopted as of December 31, 2021. The Society of Actuaries did not update the Pri-2012 mortality tables in 2022 or 2023. Adoption of the updated scales did not have a significant impact on our current pension obligations or net period benefit cost since our primary plans are cash balance plans and most participants take lump-sum settlements upon retirement.

Plan Assets

We broadly diversify our pension plan assets across public equity, fixed income, diversified credit strategies and diversified alternative strategies asset classes. Our target asset allocation for our major domestic pension plans as of December 31, 2023 was as follows:


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

As of December 31, 2023, actual allocations were consistent with the targets and within our allowable ranges. We expect the level of volatility in pension plan asset returns to be in line with the overall volatility of the markets within each asset class.

The following table sets forth by level, within the fair value hierarchy (as defined in Note 6), pension plan assets at their fair values as of December 31, 2023:


	Quoted prices in active markets of identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant other unobservable inputs (Level 3)		Investments Using NAV as a Practical Expedient (1)		Total
Cash and cash equivalents	$	909	$	42,202	$	—	$	600	$	43,711
Equity securities:
International all-cap	—		—		—		395		395
Global all-cap (a)	—		—		—		209,245		209,245
Fixed income securities:
U.S. government/agency	—		—		—		186,095		186,095
Corporate bonds (b)	—		—		—		60,293		60,293
International government/corporate bonds (c)	—		—		—		29,254		29,254
Diversified credit (d)	—		—		—		123,081		123,081
Alternative investments:
Global diversified assets (e)	—		—		—		68,856		68,856
Real assets fund (f)	—		—		—		115,913		115,913

Total pension plan assets	$	909	$	42,202	$	—	$	793,732	$	836,843

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


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

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


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

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

Investment objectives for our domestic plan assets are:

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

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

•To focus on a long-term return objective.

We believe that there are no significant concentrations of risk within our plan assets as of December 31, 2023. We comply with the rules and regulations promulgated under the Employee Retirement Income Security Act of 1974 (“ERISA”) and we prohibit investments and investment strategies not allowed by ERISA. We do not permit direct purchases of our Company’s securities or the use of derivatives for the purpose of speculation. We invest the assets of non-domestic plans in compliance with laws and regulations applicable to those plans.

Cash Flows and Plan Termination

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

We made total contributions to the pension plans of $6,576 during 2023. In 2022, we made total contributions of $55,799 to the pension plans. For 2024, minimum funding requirements for our pension plans are approximately $1,943.

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


	Expected Benefit Payments
	2024		2025		2026		2027		2028		2029-2033
Pension Benefits	$	113,052	$	89,810	$	93,596	$	75,694	$	74,212	$	312,386
Other Benefits	9,589		9,107		8,619		8,050		7,461		32,107

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.

Savings Plans

The Company sponsors several defined contribution plans to provide retirement benefits to employees. Contributions to The Hershey Company 401(k) Plan and similar plans for non-domestic employees are based on a portion of eligible pay up to a defined maximum. All matching contributions were made in cash. Expense associated with the defined contribution plans was $67,763 in 2023, $61,477 in 2022 and $58,883 in 2021.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 715
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-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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - GOODWILL AND OTHER INTANGIBLES ASSETS (Details)	Dec. 31, 2023
Accounting Policies [Abstract]
Finite-Lived intangible assets, weighted-average amortization period	28 years

FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2023 and 2022:


	Assets / Liabilities
	Level 1		Level 2		Level 3		Total
December 31, 2023:
Derivative Instruments:
Assets:
Foreign exchange contracts (1)	$	—	$	2,342	$	—	$	2,342

Deferred compensation derivatives (2)	—		2,343		—		2,343
Commodities futures and options (3)	66		—		—		66
Liabilities:
Foreign exchange contracts (1)	—		1,670		—		1,670


Commodities futures and options (3)	679		—		—		679
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.

Schedule of Fair Values and Carrying Values of Long-Term Debt

The fair values and carrying values of long-term debt, including the current portion, were as follows:


	Fair Value				Carrying Value
At December 31,	2023		2022		2023		2022
Current portion of long-term debt	$	297,842	$	749,345	$	305,058	$	753,578
Long-term debt	3,413,411		2,854,165		3,789,132		3,343,977
Total	$	3,711,253	$	3,603,510	$	4,094,190	$	4,097,555

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

GOODWILL AND INTANGIBLE ASSETS - GOODWILL AND INTANGIBLE ASSETS NARRATIVE (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Impairment Loss	$ 0	$ 0	$ 0
Amortization of Intangible Assets	$ 88,771,000	$ 79,690,000	$ 52,124,000

SHORT AND LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Short-term Debt

Short-term debt consisted of the following:


	December 31, 2023			December 31, 2022
Short-term foreign bank borrowings against lines of credit	$	192,278		$	135,555
U.S. commercial paper	527,561			558,235
Total short-term debt	$	719,839		$	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:


December 31,	Maturity Date	2023		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)		76,385		73,479
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts		(25,834)		(19,563)
Total long-term debt		4,094,190		4,097,555
Less—current portion		305,058		753,578
Long-term portion		$	3,789,132	$	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 Maturities of Long-term Debt


2024	$	300,000
2025	600,000
2026	500,000
2027	193,639
2028	350,000
Thereafter	2,100,000

Schedule of Net Interest Expense

Net interest expense consists of the following:


For the years ended December 31,	2023		2022		2021
Interest expense	$	176,066	$	148,226	$	139,156
Capitalized interest	(14,555)		(8,131)		(9,310)
Interest expense	161,511		140,095		129,846
Interest income	(9,726)		(2,538)		(2,429)
Interest expense, net	$	151,785	$	137,557	$	127,417

- 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
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482949/835-30-55-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS - SCHEDULE OF PROJECTED BENEFIT OBLIGATIONS IN EXCESS OF PLAN ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Projected benefit obligation	$ 84,416	$ 79,932
Accumulated benefit obligation	71,046	68,665
Fair value of plan assets	$ 50,718	$ 44,584

SHORT AND LONG-TERM DEBT - SHORT-TERM DEBT NARRATIVE (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) period	Dec. 31, 2022 USD ($)
Line of Credit Facility [Line Items]
Short-term debt	$ 719,839,000	$ 693,790,000
Short-term debt, weighted average interest rate	5.80%	4.40%
Maximum amount of short term borrowing outstanding	$ 859,773,000	$ 937,593,000
Commercial Paper
Line of Credit Facility [Line Items]
Short-term debt	$ 527,561,000	$ 558,235,000
Short-term debt, weighted average interest rate	5.40%	4.30%
Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Debt instrument, covenant, pre-tax income from operations to consolidated interest expense, minimum	200.00%
Revolving Credit Facility \| Foreign Line of Credit
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 411,553,000	$ 313,195,000
Short-term foreign bank loans against the lines of credit	192,278,000	$ 135,555,000
Line of Credit \| Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	1,350,000,000
Line Of Credit Facility, Accordion Feature Increase Limit	$ 500,000,000
Debt, Termination Date, Number of Extension Option \| period	2
Debt, Termination Date, Extension Term	1 year

DERIVATIVE INSTRUMENTS - SCHEDULE OF THE CLASSIFICATION OF DERIVATIVE ASSETS AND LIABILITIES WITHIN THE CONSOLIDATED BALANCE SHEETS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative asset	$ 4,751	$ 6,074
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other non-current assets, Prepaid expenses and other	Other non-current assets, Prepaid expenses and other
Derivative liability	$ 2,349	$ 923
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities, Other long-term liabilities	Accrued liabilities, Other long-term liabilities
Designated as Hedging Instrument \| Cash Flow Hedges \| Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Derivative asset	$ 1,219	$ 3,921
Derivative liability	1,670	261
Non-designated Hedges
Derivatives, Fair Value [Line Items]
Derivative asset	3,532	2,153
Derivative liability	679	662
Non-designated Hedges \| Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Derivative asset	1,123	246
Derivative liability	0	0
Non-designated Hedges \| Commodities futures and options
Derivatives, Fair Value [Line Items]
Derivative asset	66	685
Derivative liability	679	662
Gross derivative assets, included within derivative liabilities	29,881	25,308
Derivative liability, gross liabilities	30,493	25,296
Non-designated Hedges \| Deferred compensation derivatives
Derivatives, Fair Value [Line Items]
Derivative asset	2,343	1,222
Derivative liability	$ 0	$ 0

STOCK COMPENSATION PLANS - SCHEDULE OF STOCK OPTION INFORMATION BY EXERCISE PRICE RANGE (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
$60.68 - $99.90
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (USD per share)	$ 60.68
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (USD per share)	$ 99.90
Number Outstanding (shares) \| shares	388,522
Weighted-Average Remaining Contractual Life in Years	3 years 4 months 24 days
Weighted- Average Exercise Price (USD per share)	$ 96.78
Number Exercisable (shares) \| shares	388,522
Weighted- Average Exercise Price (USD per share)	$ 96.78
$99.91 - $107.95
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (USD per share)	99.91
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (USD per share)	$ 107.95
Number Outstanding (shares) \| shares	210,214
Weighted-Average Remaining Contractual Life in Years	2 years 2 months 12 days
Weighted- Average Exercise Price (USD per share)	$ 107.09
Number Exercisable (shares) \| shares	210,214
Weighted- Average Exercise Price (USD per share)	$ 107.09
$107.96 - $240.90
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (USD per share)	107.96
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (USD per share)	$ 240.90
Number Outstanding (shares) \| shares	127,965
Weighted-Average Remaining Contractual Life in Years	4 years 8 months 12 days
Weighted- Average Exercise Price (USD per share)	$ 130.31
Number Exercisable (shares) \| shares	101,910
Weighted- Average Exercise Price (USD per share)	$ 119.09
$60.68 - $240.90
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (USD per share)	60.68
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (USD per share)	$ 240.90
Number Outstanding (shares) \| shares	726,701
Weighted-Average Remaining Contractual Life in Years	3 years 3 months 18 days
Weighted- Average Exercise Price (USD per share)	$ 105.67
Number Exercisable (shares) \| shares	700,646
Weighted- Average Exercise Price (USD per share)	$ 103.12

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - ACCOUNTS RECEIVABLE - TRADE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue, Major Customer [Line Items]
Allowance for doubtful accounts	$ 31,663	$ 26,001
McLane Company, Inc. \| Customer Concentration Risk \| Accounts Receivable
Revenue, Major Customer [Line Items]
Concentration risk, percentage	24.00%

BUSINESS ACQUISITIONS AND DIVESTITURES (Tables)

12 Months Ended

Dec. 31, 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

The purchase consideration, inclusive of the acquisition date fair value of the contingent consideration, was allocated to assets acquired and liabilities assumed based on their respective fair values as follows:


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

EQUITY AND NONCONTROLLING INTEREST (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of the Changes in the Outstanding Shares of Common Stock

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


For the years ended December 31,	2023	2022	2021
Shares issued	221,553,025	221,553,025	221,553,025
Treasury shares at beginning of year	(16,588,308)	(15,444,011)	(13,325,898)
Stock repurchases:
Shares repurchased in the open market under pre-approved share repurchase programs	—	—	(871,144)
Milton Hershey School Trust repurchase	(1,000,000)	(1,000,000)	—
Shares repurchased in the open market to replace Treasury Stock issued for stock options and incentive compensation	(127,609)	(824,701)	(2,005,500)
Stock issuances:
Shares issued for stock options and incentive compensation	555,818	680,404	758,531

Treasury shares at end of year	(17,160,099)	(16,588,308)	(15,444,011)

Net shares outstanding at end of year	204,392,926	204,964,717	206,109,014

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS - SCHEDULE OF PENSION PLAN ASSETS WITHIN THE FAIR VALUE HIERARCHY (Details) - Pension Benefits - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	$ 836,843	$ 848,432	$ 1,098,191
Fair Value, Measurements, Recurring
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	836,843	848,432
Defined Benefit Plan, Plan Assets Measured at Net Asset Value	793,732	818,510
Fair Value, Measurements, Recurring \| Quoted prices in active markets of identical assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	909	327
Fair Value, Measurements, Recurring \| Significant other observable inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	42,202	29,595
Fair Value, Measurements, Recurring \| Significant other unobservable inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	43,711	30,488
Defined Benefit Plan, Plan Assets Measured at Net Asset Value	600	566
Fair Value, Measurements, Recurring \| Cash and cash equivalents \| Quoted prices in active markets of identical assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	909	327
Fair Value, Measurements, Recurring \| Cash and cash equivalents \| Significant other observable inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	42,202	29,595
Fair Value, Measurements, Recurring \| Cash and cash equivalents \| Significant other unobservable inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| International all-cap
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	395
Defined Benefit Plan, Plan Assets Measured at Net Asset Value	395
Fair Value, Measurements, Recurring \| International all-cap \| Quoted prices in active markets of identical assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0
Fair Value, Measurements, Recurring \| International all-cap \| Significant other observable inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0
Fair Value, Measurements, Recurring \| International all-cap \| Significant other unobservable inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0
Fair Value, Measurements, Recurring \| Global all-cap
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	209,245	206,636
Defined Benefit Plan, Plan Assets Measured at Net Asset Value	209,245	206,636
Fair Value, Measurements, Recurring \| Global all-cap \| Quoted prices in active markets of identical assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| Global all-cap \| Significant other observable inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| Global all-cap \| Significant other unobservable inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| U.S. government/agency
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	186,095	173,122
Defined Benefit Plan, Plan Assets Measured at Net Asset Value	186,095	173,122
Fair Value, Measurements, Recurring \| U.S. government/agency \| Quoted prices in active markets of identical assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| U.S. government/agency \| Significant other observable inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| U.S. government/agency \| Significant other unobservable inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	60,293	58,646
Defined Benefit Plan, Plan Assets Measured at Net Asset Value	60,293	58,646
Fair Value, Measurements, Recurring \| Corporate bonds \| Quoted prices in active markets of identical assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| Corporate bonds \| Significant other observable inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| Corporate bonds \| Significant other unobservable inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| International government/corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	29,254	26,489
Defined Benefit Plan, Plan Assets Measured at Net Asset Value	29,254	26,489
Fair Value, Measurements, Recurring \| International government/corporate bonds \| Quoted prices in active markets of identical assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| International government/corporate bonds \| Significant other observable inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| International government/corporate bonds \| Significant other unobservable inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| Diversified credit
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	123,081	109,926
Defined Benefit Plan, Plan Assets Measured at Net Asset Value	123,081	109,926
Fair Value, Measurements, Recurring \| Diversified credit \| Quoted prices in active markets of identical assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| Diversified credit \| Significant other observable inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| Diversified credit \| Significant other unobservable inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| Global diversified assets
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	68,856	95,243
Defined Benefit Plan, Plan Assets Measured at Net Asset Value	68,856	95,243
Fair Value, Measurements, Recurring \| Global diversified assets \| Quoted prices in active markets of identical assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| Global diversified assets \| Significant other observable inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| Global diversified assets \| Significant other unobservable inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| Real assets fund
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	115,913	147,882
Defined Benefit Plan, Plan Assets Measured at Net Asset Value	115,913	147,882
Fair Value, Measurements, Recurring \| Real assets fund \| Quoted prices in active markets of identical assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| Real assets fund \| Significant other observable inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Measurements, Recurring \| Real assets fund \| Significant other unobservable inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	$ 0	$ 0