Adjustments to Financial Statements
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Hershey Co. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Return on Equity (ROE) since 2005
- Aggregate Accruals
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Adjustments to Current Assets
Hershey Co., adjusted current assets
US$ in thousands
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 »
- Current Assets
- The current assets exhibit a fluctuating trend over the five-year period. Starting at approximately 2.24 billion US dollars in 2018, there is a slight decrease to about 2.12 billion in 2019. This is followed by a substantial increase in 2020 to roughly 2.98 billion. However, the value declines again in 2021 to approximately 2.25 billion and then rises to around 2.62 billion in 2022. This pattern indicates volatility in the company's short-term asset holdings year over year.
- Adjusted Current Assets
- The adjusted current assets closely mirror the movements of the current assets but consistently present higher values across all years. Starting at about 2.44 billion in 2018, there is a downward adjustment to 2.31 billion in 2019, followed by a significant increase to 3.18 billion in 2020. Similar to current assets, a decline is seen in 2021 with adjusted figures at nearly 2.44 billion, followed by an increase to approximately 2.84 billion in 2022. These adjusted figures suggest that, after accounting for certain adjustments, the company holds more liquid or short-term assets than reflected by the raw current assets data alone, although the volatility trend persists.
Adjustments to Total Assets
Hershey Co., adjusted total assets
US$ in thousands
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 »
- Total assets
- The total assets increased consistently over the five-year period from 2018 to 2022. Starting at approximately 7.7 billion US dollars in 2018, total assets rose steadily to reach about 10.95 billion US dollars by the end of 2022. This indicates a compound growth trend, reflecting ongoing asset accumulation or appreciation.
- Adjusted total assets
- Adjusted total assets followed a similar upward trajectory, beginning at approximately 8.13 billion US dollars in 2018 and increasing to roughly 11.13 billion US dollars by the end of 2022. The adjusted figures are consistently higher than the reported total assets in each year, suggesting that adjustments account for additional asset values not captured in the reported totals. The growth rate in adjusted assets mirrors the steady expansion seen in total assets, indicating continuous growth after adjustments over the defined period.
- Overall analysis
- Both total and adjusted total assets show a stable and steady increase year-over-year without any declines or volatility. This consistent growth trend suggests positive capital investment, asset acquisition, or revaluation efforts. The parallel movement of both metrics with a persistent gap highlights the significance of adjustments in presenting a more comprehensive asset base. The data implies sound asset management and capacity growth over the five years analyzed.
Adjustments to Total Liabilities
Hershey Co., adjusted total liabilities
US$ in thousands
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 »
- Total liabilities
- The total liabilities showed a generally increasing trend over the five-year period. Starting from approximately 6.30 billion US dollars at the end of 2018, the liabilities grew marginally by 1.59% to about 6.40 billion in 2019. In 2020, a more significant increase was observed, rising to roughly 6.89 billion US dollars, which is an increase of around 7.8% from the previous year. This upward trajectory continued into 2021, with total liabilities reaching approximately 7.66 billion, representing an 11.1% rise from 2020. However, by the end of 2022, total liabilities slightly declined by 0.08% to around 7.65 billion US dollars, indicating a near stabilization in liabilities after several years of growth.
- Adjusted total liabilities
- The adjusted total liabilities mirrored a similar increasing pattern but with some fluctuations. The figure began at about 6.34 billion US dollars in 2018 and decreased by approximately 2.34% to around 6.20 billion in 2019, contrasting with the nominal total liabilities. Subsequently, adjusted liabilities increased to about 6.66 billion in 2020, marking a 7.5% higher value than in 2019. This growth trend persisted into 2021, with adjusted total liabilities reaching approximately 7.37 billion US dollars, an increase of roughly 10.6%. In 2022, adjusted liabilities slightly decreased by 0.6% to about 7.32 billion US dollars, reflecting a pattern analogous to the nominal total liabilities and suggesting a possible reassessment or refinement of liabilities adjustments in the final year.
Adjustments to Stockholders’ Equity
Hershey Co., adjusted total The Hershey Company stockholders’ equity
US$ in thousands
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 »
- Total The Hershey Company stockholders’ equity (US$ in thousands)
- The total stockholders’ equity exhibited a consistent upward trend over the five-year period. Starting at approximately 1.4 billion in 2018, it increased steadily each year, reaching nearly 3.3 billion by the end of 2022. This growth indicates a strengthening equity base, which may reflect retained earnings accumulation, capital injections, or other equity enhancements.
- Adjusted total stockholders’ equity (US$ in thousands)
- The adjusted total stockholders’ equity also showed a continuous and more pronounced increase from 1.79 billion in 2018 to approximately 3.81 billion in 2022. The adjustment appears to result in higher reported equity values relative to the unadjusted figures, suggesting that the adjustments account for certain factors that increase the net worth attributed to shareholders. The growth trajectory mirrors the pattern observed in the total stockholders’ equity, demonstrating consistent improvement year over year.
- Overall Insights
- Both equity metrics reveal a robust expansion in shareholder equity from 2018 through 2022, with the adjusted figures consistently exceeding the unadjusted totals. This progression signals a positive financial trend, potentially reflecting strong profitability, effective capital management, or successful reinvestment strategies. The absence of any decline or plateau in these values points to sustained growth without significant equity dilution or losses.
Adjustments to Capitalization Table
Hershey Co., adjusted capitalization table
US$ in thousands
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 »
- Total Reported Debt
- There is a fluctuating trend in total reported debt over the five-year period. Debt decreased from 4.46 billion in 2018 to 4.27 billion in 2019, then increased steadily to a peak of 5.03 billion in 2021 before slightly decreasing to 4.79 billion in 2022. Overall, debt shows an upward movement with some variability.
- Total Stockholders’ Equity
- Stockholders’ equity demonstrates consistent growth throughout the period, rising from approximately 1.40 billion in 2018 to nearly 3.30 billion in 2022. This steady increase reflects enhanced shareholder value and retained earnings accumulation or equity injections.
- Total Reported Capital
- Total capital, representing the sum of debt and equity, follows a continuous upward trend. It increased from 5.86 billion in 2018 to about 8.09 billion in 2022. The growth in capital is primarily driven by the rising equity base, supported by moderately increasing debt levels.
- Adjusted Total Debt
- Adjusted debt values trend similarly to reported debt but are consistently higher by a margin reflecting adjustments. The pattern includes an initial decrease from 4.68 billion in 2018 to 4.48 billion in 2019, followed by an increase, peaking near 5.38 billion in 2021, then slightly decreasing to 5.12 billion in 2022.
- Adjusted Total Stockholders’ Equity
- Adjusted equity shows steady and significant growth from 1.79 billion in 2018 to 3.81 billion in 2022. The increase is consistent each year without any reversal, indicating a strengthening financial position when adjustments are considered.
- Adjusted Total Capital
- Adjusted total capital reflects a continuous rise from 6.47 billion in 2018 to 8.92 billion in 2022. The growth trajectory is smooth and steady, mirroring the increases in both adjusted debt and equity, with equity growth slightly outpacing debt increases.
- Overall Financial Position Insights
- Over the analyzed timeframe, the company has strengthened its equity base considerably while managing its debt levels with some fluctuations. The upward trend in total capital suggests expansion or increased investment. The consistent growth in adjusted figures confirms the robustness of the financial improvement, even after accounting for necessary adjustments. This implies an improving balance sheet profile and potentially greater financial stability.
Adjustments to Reported Income
Hershey Co., adjusted net income attributable to The Hershey Company
US$ in thousands
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 »
- Net Income Attributable to The Hershey Company
- The net income attributable to the company demonstrated an overall upward trend over the five-year period. Starting at approximately 1,177 million USD in 2018, there was a slight decline in 2019 to roughly 1,150 million USD. However, from 2019 onwards, net income showed consistent growth each year, reaching about 1,648 million USD in 2022. The increase from 2019 to 2022 represents a cumulative growth of approximately 43%, indicating strengthening profitability.
- Adjusted Net Income Including Noncontrolling Interest
- The adjusted net income including noncontrolling interest also exhibited a generally positive trend, starting around 1,142 million USD in 2018. A slight increase was visible between 2018 and 2019, rising to roughly 1,156 million USD. The year 2020 saw a more significant increase to approximately 1,296 million USD. Subsequently, there was a notably higher jump in 2021 to about 1,590 million USD, followed by further growth to 1,702 million USD in 2022. This equates to an overall increase of nearly 49% over the five-year span, reflecting improved earnings quality after adjusting for noncontrolling interests.
- Comparative Observations
- Both net income and adjusted net income series reveal a recovery and growth phase following 2019. The adjusted net income figures tend to be slightly lower than the net income attributable, implying the presence of noncontrolling interests that modestly reduce the consolidated earnings figures. The sharper increase seen in adjusted net income during 2021 could suggest either improved operational performance or adjustments impacting income apart from core net income.
- Overall Insights
- The financial data indicates a strong recovery and expansion in profitability after a modest dip in 2019. The company’s profitability improvements are sustained through subsequent years, with both net income and adjusted net income reaching their highest values in 2022. This trend reflects potentially effective management strategies, operational efficiencies, or favorable market conditions over the examined period.