Adjustments to Current Assets
Adjustments to Total Assets
Adjustments to Total Liabilities
Adjustments to Stockholders’ Equity
Adjustments to Capitalization Table
Adjustments to Reported Income

Hershey Co., adjusted current assets

US$ in thousands

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Current assets	2,620,406)	2,246,206)	2,977,905)	2,117,102)	2,239,181)
Adjustments
Add: Allowances for doubtful accounts, anticipated discounts and write-offs of uncollectible accounts receivable	26,001)	28,837)	24,975)	24,966)	24,610)
Add: Adjustment to LIFO¹	192,008)	165,937)	174,898)	169,414)	178,144)
After Adjustment
Adjusted current assets	2,838,415)	2,440,980)	3,177,778)	2,311,482)	2,441,935)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ Adjustment to LIFO. See details »

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Hershey Co., adjusted total assets

US$ in thousands

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Total assets	10,948,820)	10,412,231)	9,131,845)	8,140,395)	7,703,020)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	226,062)
Add: Allowances for doubtful accounts, anticipated discounts and write-offs of uncollectible accounts receivable	26,001)	28,837)	24,975)	24,966)	24,610)
Add: Adjustment to LIFO²	192,008)	165,937)	174,898)	169,414)	178,144)
Less: Non-current deferred tax assets, net³	40,498)	40,873)	29,369)	31,033)	1,166)
After Adjustment
Adjusted total assets	11,126,331)	10,566,132)	9,302,349)	8,303,742)	8,130,670)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² Adjustment to LIFO. See details »

³ Non-current deferred tax assets, net. See details »

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Hershey Co., adjusted total liabilities

US$ in thousands

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Total liabilities	7,649,276)	7,655,002)	6,893,962)	6,395,401)	6,295,754)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	226,062)
Less: Non-current deferred tax liabilities, net²	328,403)	288,004)	229,028)	200,018)	176,860)
After Adjustment
Adjusted total liabilities	7,320,873)	7,366,998)	6,664,934)	6,195,383)	6,344,956)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Non-current deferred tax liabilities, net. See details »

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Hershey Co., adjusted total The Hershey Company stockholders’ equity

US$ in thousands

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Total The Hershey Company stockholders’ equity	3,299,544)	2,757,229)	2,234,352)	1,739,222)	1,398,721)
Adjustments
Less: Net deferred tax assets (liabilities)¹	(287,905)	(247,131)	(199,659)	(168,985)	(175,694)
Add: Allowances for doubtful accounts, anticipated discounts and write-offs of uncollectible accounts receivable	26,001)	28,837)	24,975)	24,966)	24,610)
Add: Adjustment to LIFO²	192,008)	165,937)	174,898)	169,414)	178,144)
Add: Noncontrolling interest in subsidiary	—)	—)	3,531)	5,772)	8,545)
After Adjustment
Adjusted total stockholders’ equity	3,805,458)	3,199,134)	2,637,415)	2,108,359)	1,785,714)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ Net deferred tax assets (liabilities). See details »

² Adjustment to LIFO. See details »

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Hershey Co., adjusted capitalization table

US$ in thousands

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Short-term debt	693,790)	939,423)	74,041)	32,282)	1,197,929)
Current portion of long-term debt	753,578)	2,844)	438,829)	703,390)	5,387)
Long-term portion of long-term debt	3,343,977)	4,086,627)	4,089,755)	3,530,813)	3,254,280)
Total reported debt	4,791,345)	5,028,894)	4,602,625)	4,266,485)	4,457,596)
Total The Hershey Company stockholders’ equity	3,299,544)	2,757,229)	2,234,352)	1,739,222)	1,398,721)
Total reported capital	8,090,889)	7,786,123)	6,836,977)	6,005,707)	5,856,317)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	226,062)
Add: Current operating lease liabilities²	31,787)	36,292)	36,578)	29,209)	—)
Add: Non-current operating lease liabilities³	294,849)	310,899)	181,871)	184,163)	—)
Adjusted total debt	5,117,981)	5,376,085)	4,821,074)	4,479,857)	4,683,658)
Adjustments to Equity
Less: Net deferred tax assets (liabilities)⁴	(287,905)	(247,131)	(199,659)	(168,985)	(175,694)
Add: Allowances for doubtful accounts, anticipated discounts and write-offs of uncollectible accounts receivable	26,001)	28,837)	24,975)	24,966)	24,610)
Add: Adjustment to LIFO⁵	192,008)	165,937)	174,898)	169,414)	178,144)
Add: Noncontrolling interest in subsidiary	—)	—)	3,531)	5,772)	8,545)
Adjusted total stockholders’ equity	3,805,458)	3,199,134)	2,637,415)	2,108,359)	1,785,714)
After Adjustment
Adjusted total capital	8,923,439)	8,575,219)	7,458,489)	6,588,216)	6,469,372)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Current operating lease liabilities. See details »

³ Non-current operating lease liabilities. See details »

⁴ Net deferred tax assets (liabilities). See details »

⁵ Adjustment to LIFO. See details »

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Hershey Co., adjusted net income attributable to The Hershey Company

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Net income attributable to The Hershey Company	1,644,817)	1,477,512)	1,278,708)	1,149,692)	1,177,562)
Adjustments
Add: Deferred income tax expense (benefit)¹	36,889)	13,374)	26,880)	(15,072)	36,255)
Add: Increase (decrease) in allowances for doubtful accounts, anticipated discounts and write-offs of uncollectible accounts receivable	(2,836)	3,862)	9)	356)	(17,182)
Add: Increase (decrease) in LIFO reserve²	26,071)	(8,961)	5,484)	(8,730)	(2,532)
Add: Other comprehensive income (loss), net of tax	(3,118)	94,116)	(13,062)	32,981)	(44,205)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest	—)	10,556)	(2,241)	(2,773)	(7,682)
After Adjustment
Adjusted net income including noncontrolling interest	1,701,823)	1,590,459)	1,295,778)	1,156,454)	1,142,216)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ Deferred income tax expense (benefit). See details »

² Increase (decrease) in LIFO reserve. See details »

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Hershey Co. (NYSE:HSY)

Adjustments to Financial Statements

Adjustments to Current Assets

Adjustments to Total Assets

Adjustments to Total Liabilities

Adjustments to Stockholders’ Equity

Adjustments to Capitalization Table

Adjustments to Reported Income