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THE HERSHEY COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) For the years ended December 31, Operating Activities Net income Adjustments...

Using cash flow information - The Hershey Company. Following are statements of cash flows, as reported by The Hershey Company in its 2016 annual report



A. Briefly review the consolidated statements of cash flows, and then provide an overall evaluation of the big picture during the three years presented for The Hershey's Company. Have financing cash flows been sufficient to meet investing needs and to pay dividends?



B. Were there significant changes to any of the specific line item details that you think would require further explanation or analysis?




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THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) For the years ended December 31,
Operating Activities Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Stock-based compensation expense Excess tax benefits fiom stock-based compensation
Deferred income taxes Goodwill and other intangible asset impairment charges
Loss on early extinguishment of debt Write-down of equity investments Gain on settlement of SGM liability (see Note 2) Other Changes in assets and liabilities, net of business acquisitions and divestitures: Accounts receivable—trade, net
Inventories
Prepaid expenses and other current assets
Accounts payabli: and accrued liabilities
Contributions to pension and other benefits plans
Other assets and liabilities
Net cash provided by operating activities
Investing Activities
Capital additions (including soflware)
Proceeds from sales of property, plant and equipment
Proceeds fi‘orn sale of business
Equity investments in tax credit qualifying partnerships
Business acquisitions, net of cash and cash equivalents acquired
Sale (purchase) of short-term investments
Net cash used in investing activities
Financing Activities
Net increase in short-term debt
Long-term borrowings
Repayment of long-term debt
Payment of SGM liability (see Note 2)
Cash dividends paid
Repurchase of common stock
Exercise of stock options
Excess tax benefits from stock-based compensation
Other
Net cash used in financing activities
Effect of exchange rate changes on cash and cash equivalents
Decrease in cash and cash equivalents
Cash and cash equivalents, beginning of period
Cash and cash equivalents, end of period
Supplemental Disclosure
Interest paid (excluding loss on early extinguishment of debt in 2015) Income taxes paid 2016 2015 2014
$ 720,044 5 512,951 846,912
301,837 244,928 211,532
54,785 51,533 54,068
(22,062) (24,839) (53,497)
(38,097) (38,537) 18,796
4,204 280,802 15,900
7 28,326 7
43,482 39,489 7
(26,650) 7 7
51,375 28,467 (11,027)
21,096 (24,440) (67,464)
13,965 52,049 (88,497)
(42,955) 118,007 (7,245)
(72,295) 29,406 (59,102)
(41,697) (53,273) (53,110)
16,443 (30,413) 37,111
983,475 1,214,456 844,377
(269,476) (3 56,810) (370,789)
3,651 1,205 1,612
7 32,408 7
(44,255) (30,720) 7
(285,3 74) (218,654) (396,265)
7 95,316 (97,131)
(595,454) W (862,573)
275,607 10,720 117,515
792,953 599,031 3,051
(500,000) (3 55,446) (1,442)
(35,762) 7 7
(499,475) (476,132) (440,414)
(592,550) (582,623) (576,755)
102,722 72,719 122,306
22,062 24,839 53,497
7 (48,270) 2,940
(434,443) (755,162) (719,302)
(3,140) W (6,156)
(49,562) (28,325) (743,654)
346,529 374,854 1,118,508
$ 296,967 $ 346,529 5 374,854
$ 90,951 3 88,448 87,801
425,539 368,926 384,318

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