Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Hershey Co., consolidated cash flow statement (quarterly data)

US$ in thousands

3 months ended:	Jul 2, 2023	Apr 2, 2023	Dec 31, 2022	Oct 2, 2022	Jul 3, 2022	Apr 3, 2022	Dec 31, 2021	Oct 3, 2021	Jul 4, 2021	Apr 4, 2021	Dec 31, 2020	Sep 27, 2020	Jun 28, 2020	Mar 29, 2020	Dec 31, 2019	Sep 29, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jul 1, 2018	Apr 1, 2018
Net income including noncontrolling interest	406,983)	587,185)	396,296)	399,487)	315,556)	533,478)	339,791)	444,927)	301,230)	396,871)	291,330)	447,258)	268,042)	268,783)	204,418)	325,182)	313,271)	303,881)	331,600)	265,413)	223,319)	350,719)
Depreciation and amortization	101,588)	98,199)	99,877)	94,200)	93,846)	91,036)	83,049)	78,024)	76,032)	77,897)	77,218)	75,165)	71,900)	70,624)	72,703)	74,495)	72,017)	72,329)	69,341)	74,807)	76,580)	74,416)
Stock-based compensation expense	16,849)	18,992)	15,351)	18,079)	17,224)	15,337)	15,702)	18,527)	16,826)	15,656)	19,687)	12,407)	12,915)	12,575)	12,320)	15,867)	13,156)	10,556)	13,618)	12,122)	13,088)	10,458)
Deferred income taxes	(16,044)	(11,250)	46,640)	(17,139)	2,324)	5,064)	12,612)	(5,027)	6,502)	(713)	19,643)	3,928)	10,312)	(7,003)	(21,523)	(2,332)	7,483)	1,300)	34,912)	263)	(1,441)	2,521)
Impairment of long-lived assets	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	1,600)	7,543)	107,744)	—)	4,741)	—)	28,912)	1,649)	27,168)	—)
Write-down of equity investments	77,360)	—)	117,532)	43,314)	14,848)	12,592)	85,022)	20,963)	4,880)	2,891)	96,322)	10,707)	7,447)	11,103)	31,893)	8,779)	8,633)	1,152)	27,262)	3,303)	19,330)	434)
Other	32,350)	22,347)	28,186)	26,397)	42,192)	24,043)	18,468)	26,193)	29,328)	22,027)	70,847)	15,312)	11,907)	15,404)	23,040)	10,269)	15,620)	8,497)	14,845)	8,221)	5,157)	9,055)
Accounts receivable, trade, net	97,459)	(140,962)	220,899)	(278,280)	208,837)	(189,621)	208,222)	(311,809)	111,044)	(22,099)	220,112)	(287,443)	164,880)	(153,086)	280,709)	(295,856)	155,390)	(99,991)	220,778)	(313,057)	110,746)	(9,882)
Inventories	(198,643)	(3,263)	14,462)	18,646)	(182,751)	(37,320)	60,321)	30,104)	(122,291)	53,323)	1)	42,477)	(166,489)	(27,907)	153,320)	(1,440)	(166,664)	(6,410)	99,155)	35,189)	(135,824)	(11,266)
Prepaid expenses and other current assets	(4,285)	(172)	26,058)	(36,977)	7,663)	(11,251)	(3,289)	(2,524)	(13,840)	28,272)	(5,136)	(8,101)	19,643)	(3,913)	17,138)	(21,720)	26,915)	(8,740)	19,283)	(33,216)	(33,275)	7,309)
Accounts payable and accrued liabilities	(36,325)	16,054)	(31,751)	124,895)	25,308)	98,027)	(36,714)	109,684)	23,662)	(56,900)	(90,795)	151,569)	(19,940)	636)	(67,068)	141,966)	(30,999)	(2,798)	(98,587)	160,389)	(15,431)	(146,623)
Accrued income taxes	(177,875)	174,201)	(119,960)	73,038)	(75,331)	127,258)	(121,918)	23,919)	(36,360)	104,677)	(94,128)	12,801)	(6,094)	71,263)	(49,415)	55,370)	(71,781)	56,282)	(50,130)	71,619)	(28,152)	82,231)
Contributions to pension and other benefit plans	(8,241)	(6,532)	(61,908)	(2,308)	(5,873)	(8,458)	(12,524)	(29,238)	(4,325)	(5,013)	567)	(3,905)	(4,224)	(4,109)	(6,275)	(4,940)	(4,258)	(4,661)	841)	(12,626)	(6,630)	(7,449)
Other assets and liabilities	3,235)	598)	15,961)	(16,931)	(6,537)	(3,718)	30,425)	(17,678)	15,324)	(7,249)	(1,277)	9,044)	(3,945)	(15,820)	11,482)	8,419)	5,844)	(1,437)	(4,698)	15,903)	(3,810)	(9,866)
Changes in assets and liabilities, net of business acquisition	(324,675)	39,924)	63,761)	(117,917)	(28,684)	(25,083)	124,523)	(197,542)	(26,786)	95,011)	29,344)	(83,558)	(16,169)	(132,936)	339,891)	(118,201)	(85,553)	(67,755)	186,642)	(75,799)	(112,376)	(95,546)
Adjustments to reconcile net income to net cash provided by operating activities	(112,572)	168,212)	371,347)	46,934)	141,750)	122,989)	339,376)	(58,862)	106,782)	212,769)	313,061)	33,961)	99,912)	(22,690)	566,068)	(11,123)	36,097)	26,079)	375,532)	24,566)	27,506)	1,338)
Net cash provided by operating activities	294,411)	755,397)	767,643)	446,421)	457,306)	656,467)	679,167)	386,065)	408,012)	609,640)	604,391)	481,219)	367,954)	246,093)	770,486)	314,059)	349,368)	329,960)	707,132)	289,979)	250,825)	352,057)
Capital additions, including software	(154,412)	(176,093)	(159,488)	(119,033)	(99,897)	(141,063)	(148,427)	(119,843)	(113,136)	(114,471)	(149,575)	(106,267)	(86,567)	(99,217)	(81,593)	(60,329)	(83,456)	(92,814)	(87,387)	(105,295)	(75,786)	(60,133)
Proceeds from sales of businesses, net of cash and cash equivalents divested	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(4,902)	171,950)	—)	—)
Equity investments in tax credit qualifying partnerships	(6,768)	(12,309)	(115,821)	(43,522)	(93,688)	(22,503)	(52,500)	(18,472)	(32,381)	(25,064)	(40,773)	(20,046)	(14,919)	(11,473)	(27,572)	(22,388)	(11,386)	(18,884)	(18,471)	(5,143)	(22,746)	(6,281)
Business acquisitions, net of cash and cash equivalents acquired	(165,818)	—)	—)	—)	—)	—)	(1,181,572)	(1,310)	(418,191)	—)	—)	—)	—)	—)	(699)	(401,461)	—)	—)	(423,002)	—)	—)	(915,457)
Other investing activities	(714)	85)	(2,091)	3,564)	6,566)	(400)	(590)	6)	593)	2,530)	322)	(5,139)	2,353)	21)	27,025)	(7,077)	79)	75)	3,107)	30,529)	16,011)	112)
Net cash used in investing activities	(327,712)	(188,317)	(277,400)	(158,991)	(187,019)	(163,966)	(1,383,089)	(139,619)	(563,115)	(137,005)	(190,026)	(131,452)	(99,133)	(110,669)	(82,839)	(491,255)	(94,763)	(111,623)	(530,655)	92,041)	(82,521)	(981,759)
Net increase (decrease) in short-term debt	256,684)	(90,700)	(100,081)	(121,045)	41,133)	(65,640)	529,049)	202,954)	143,106)	(6,079)	28,361)	(152,619)	(641,273)	807,290)	(1,248,912)	391,890)	(282,193)	(28,990)	(247,560)	402,265)	(1,195,716)	1,686,816)
Long-term borrowings, net of debt issuance costs	744,092)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	989,876)	—)	984,502)	96)	3,650)	1,370)	(46)	(30)	1,199,921)	—)
Repayment of long-term debt and finance leases	(751,180)	(1,187)	(1,420)	(848)	(1,423)	(1,050)	(1,415)	(1,072)	(351,094)	(85,863)	(351,331)	(1,032)	(351,018)	(1,086)	(1,256)	(841)	(919)	(3,135)	7)	(304,311)	1,382)	(607,922)
Repayment of tax receivable obligation	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(29,500)	(42,500)
Cash dividends paid	(206,190)	(207,356)	(207,041)	(207,005)	(179,900)	(181,084)	(180,793)	(180,890)	(161,565)	(162,739)	(162,714)	(163,739)	(156,476)	(157,803)	(157,102)	(157,727)	(149,020)	(146,463)	(147,343)	(147,299)	(133,579)	(134,300)
Repurchase of common stock	—)	(239,910)	(33,693)	—)	(151,921)	(203,350)	—)	(23,600)	(193,987)	(240,359)	—)	—)	(42,020)	(169,176)	(81,341)	(191,441)	(55,929)	(198,500)	(47,835)	—)	(21,592)	(178,073)
Proceeds from exercised stock options	6,827)	15,194)	3,334)	9,054)	5,059)	16,711)	10,322)	7,750)	16,632)	15,117)	6,421)	1,567)	1,144)	16,400)	5,478)	73,929)	126,826)	34,573)	29,869)	25,232)	6,338)	1,884)
Taxes withheld and paid on employee stock awards	(4,664)	(28,289)	(793)	(782)	(4,899)	(29,041)	(473)	(1,277)	(2,921)	(11,939)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net cash provided by (used in) financing activities	45,569)	(552,248)	(339,694)	(320,626)	(291,951)	(463,454)	356,690)	3,865)	(549,829)	(491,862)	(479,263)	(315,823)	(199,767)	495,625)	(498,631)	115,906)	(357,585)	(341,145)	(412,908)	(24,143)	(172,746)	725,905)
Effect of exchange rate changes on cash and cash equivalents	(26,453)	(18,375)	(14,401)	21,215)	23,331)	(20,258)	982)	(996)	(1,109)	(3,952)	3,747)	6,614)	1,320)	(18,671)	1,610)	(2,037)	2,978)	775)	642)	(1,442)	(4,640)	52)
Increase (decrease) in cash and cash equivalents, including cash classified as held for sale	(14,185)	(3,543)	136,148)	(11,981)	1,667)	8,789)	(346,250)	249,315)	(706,041)	(23,179)	(61,151)	40,558)	70,374)	612,378)	190,626)	(63,327)	(100,002)	(122,033)	(235,789)	356,435)	(9,082)	96,255)
(Increase) decrease in cash and cash equivalents classified as held for sale	—)	—)	—)	—)	—)	—)	—)	—)	—)	11,434)	(751)	—)	161)	(10,844)	—)	—)	—)	—)	—)	—)	—)	—)
Net increase (decrease) in cash and cash equivalents	(14,185)	(3,543)	136,148)	(11,981)	1,667)	8,789)	(346,250)	249,315)	(706,041)	(11,745)	(61,902)	40,558)	70,535)	601,534)	190,626)	(63,327)	(100,002)	(122,033)	(235,789)	356,435)	(9,082)	96,255)

Net Income Including Noncontrolling Interest

The net income generally shows a variable pattern with some notable peaks in late 2020 and early 2023, reaching highs above $500 million. There is a clear uptick at the end of each year and into the early months of the following year, reflecting potential seasonality or operational factors.

Depreciation and Amortization

This expense rose steadily over the periods, with values increasing from around $74 million in early 2018 to above $100 million by mid-2023, indicating growing investment in fixed assets or amortizable intangibles.

Stock-Based Compensation Expense

This expense exhibits fluctuations, generally increasing over time but with some periods of decline. The trend suggests ongoing employee compensation programs with periodic adjustments in valuation or issuance volume.

Deferred Income Taxes

The deferred income taxes show irregular and volatile changes, with some significant positive and negative adjustments over periods. This volatility may reflect timing differences, tax position changes, or valuation allowance adjustments.

Impairment of Long-Lived Assets

Impairments occurred sporadically, notably in mid-2018 and late 2019, with large values such as $107.7 million in December 2019, indicating periodic write-downs of assets that may affect profitability and balance sheet strength.

Write-Down of Equity Investments

There are multiple spikes in write-downs, particularly in late 2020 and early 2023, with amounts exceeding $100 million at times, signaling potential challenges or revaluation impacts in equity holdings.

Other Operating Adjustments

The amounts under "Other" demonstrate variability yet stay positive in most periods, possibly indicating miscellaneous operating items adding to cash flow adjustments.

Working Capital Components (Accounts Receivable, Inventories, Prepaid Expenses, and Payables)

Trade accounts receivable and inventories reveal significant volatility and large swings in both positive and negative directions, suggesting variable sales cycles or inventory management practices. Similarly, accounts payable and accrued liabilities fluctuate widely, indicating active supply chain and payment terms management.

Prepaid expenses and other current assets also demonstrate instability, sometimes positive and other times negative, potentially reflecting seasonality or prepayment timing.

Accrued Income Taxes

This component exhibits large fluctuations, shifting from large payables to receivables across quarters, reflecting dynamic tax positions or timing differences in tax payments.

Contributions to Pension and Other Benefit Plans

This cash outflow remains relatively steady with some notable increased payments in late 2021 and early 2023, reflecting ongoing employee benefit funding commitments.

Net Cash Provided by Operating Activities

Operating cash flow shows an overall upward trend with peaks at year-end quarters, notably reaching over $750 million in several recent periods, indicating strong cash generation capacity despite volatility in other areas.

Capital Additions

Capital expenditures, including software, present a growing trend, rising significantly in recent years with peak spending exceeding $170 million in early 2023, indicating sustained investment in productive capacity and technology.

Business Acquisitions and Dispositions

Major acquisition activity is evident in several periods with large cash outflows exceeding $1 billion in late 2021, indicating aggressive expansion or strategic investments. Proceeds from sales of businesses are sporadic, with a notable inflow in late 2018, possibly representing divestiture activities.

Equity Investments in Tax Credit Partnerships

These investments show continued cash outflows over most periods, becoming particularly large in late 2022 and early 2023, which may be part of a tax planning strategy or investment in partnership structures.

Net Cash Used in Investing Activities

Investing cash flows predominantly show substantial outflows, consistent with capital spending and acquisitions, with only occasional inflows related to asset sales or divestments.

Debt and Financing Activities

Debt issuance and repayments are erratic, involving both significant increases and decreases in short-term and long-term borrowings, indicating active debt management. Repayments spike in some periods, suggesting refinancing or debt maturity payments.

Dividends paid demonstrate a steady and gradually increasing cash outflow, consistent with stable shareholder returns. Stock repurchases are large but inconsistent, with active buybacks varying substantially across quarters.

Proceeds from exercised stock options fluctuate but generally remain positive, contributing to financing cash inflows.

Net Cash Provided by (Used in) Financing Activities

Overall financing cash flows display significant volatility, with large inflows and outflows reflecting debt issuance and repayments, dividend payments, share repurchases, and other financing transactions.

Effect of Exchange Rate Changes on Cash

Currency impacts on cash balances are generally minor but variable, sometimes resulting in modest positive or negative cash adjustments.

Net Increase (Decrease) in Cash and Cash Equivalents

The net cash position shows substantial variability, with some quarters recording large increases while others experience significant decreases. This variability aligns with the fluctuating operating, investing, and financing activities described.

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Hershey Co. (NYSE:HSY)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data