Description of this paper

Loading

The financial statements of The Hershey Company and Tootsie Roll-(Answered)

Description

Step-by-step Instant Solution


Question

The financial statements of?The Hershey Company?and?Tootsie Roll?are presented below.

THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF INCOME
For the years ended December 31, 2011 2010 2009
In thousands of dollars except per share amounts
Net Sales $6,080,788 $5,671,009 $5,298,668
Costs and Expenses:
??Cost of sales 3,548,896 3,255,801 3,245,531
??Selling, marketing and administrative 1,477,750 1,426,477 1,208,672
??Business realignment and impairment (credits) charges, net (886 ) 83,433 82,875
????Total costs and expenses 5,025,760 4,765,711 4,537,078
Income before Interest and Income Taxes 1,055,028 905,298 761,590
??Interest expense, net 92,183 96,434 90,459
Income before Income Taxes 962,845 808,864 671,131
??Provision for income taxes 333,883 299,065 235,137
Net Income $628,962 $509,799 $435,994
Net Income Per Share?Basic?Class B Common Stock $2.58 $2.08 $1.77
Net Income Per Share?Diluted?Class B Common Stock $2.56 $2.07 $1.77
Net Income Per Share?Basic?Common Stock $2.85 $2.29 $1.97
Net Income Per Share?Diluted?Common Stock $2.74 $2.21 $1.90
Cash Dividends Paid Per Share:
??Common Stock $1.3800 $1.2800 $1.1900
??Class B Common Stock 1.2500 1.1600 1.0712
The notes to consolidated financial statements are an integral part of these statements and are included in the Hershey's 2011 Annual Report, available at www.thehersheycompany.com.


THE HERSHEY COMPANY
CONSOLIDATED BALANCE SHEETS
December 31, 2011 2010
In thousands of dollars
ASSETS
Current Assets:
??Cash and cash equivalents $693,686 $884,642
??Accounts receivable?trade 399,499 390,061
??Inventories 648,953 533,622
??Deferred income taxes 136,861 55,760
??Prepaid expenses and other 167,559 141,132
????Total current assets 2,046,558 2,005,217
Property, Plant and Equipment, Net 1,559,717 1,437,702
Goodwill 516,745 524,134
Other Intangibles 111,913 123,080
Deferred Income Taxes 38,544 21,387
Other Assets 138,722 161,212
????Total assets $4,412,199 $4,272,732
LIABILITIES AND STOCKHOLDERS? EQUITY
Current Liabilities:
??Accounts payable $420,017 $410,655
??Accrued liabilities 612,186 593,308
??Accrued income taxes 1,899 9,402
??Short-term debt 42,080 24,088
??Current portion of long-term debt 97,593 261,392
????Total current liabilities 1,173,775 1,298,845
Long-term Debt 1,748,500 1,541,825
Other Long-term Liabilities 617,276 494,461
????Total liabilities 3,539,551 3,335,131
Commitments and Contingencies ?
?
Stockholders? Equity:
??The Hershey Company Stockholders? Equity
????Preferred Stock, shares issued: none in 2011 and 2010 ? ?
????Common Stock, shares issued: 299,269,702 in 2011 and 299,195,325 in 2010 299,269 299,195
????Class B Common Stock, shares issued: 60,632,042 in 2011 and 60,706,419 in 2010 60,632 60,706
????Additional paid-in capital 490,817 434,865
????Retained earnings 4,699,597 4,374,718
????Treasury?Common Stock shares, at cost: 134,695,826 in 2011 and 132,871,512 in 2010 (4,258,962 ) (4,052,101 )
????Accumulated other comprehensive loss (442,331 ) (215,067 )
??????The Hershey Company stockholders? equity 849,022 902,316
??Noncontrolling interests in subsidiaries 23,626 35,285
??????Total stockholders? equity 872,648 937,601
??????Total liabilities and stockholders?equity $4,412,199 $4,272,732

THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended December 31, 2011 2010 2009
In thousands of dollars
Cash Flows Provided from (Used by) Operating Activities
Net income
$628,962 $509,799 $435,994
Adjustments to reconcile net income to net cash provided from operations:
Depreciation and amortization 215,763 197,116 182,411
Stock-based compensation expense, net of tax of $15,127, $17,413 and $19,223, respectively 28,341 32,055 34,927
Excess tax benefits from stock-based compensation (13,997 ) (1,385 ) (4,455 )
Deferred income taxes 33,611 (18,654 ) (40,578 )
Gain on sale of trademark licensing rights, net of tax of $5,962 (11,072 ) ?
?
Business realignment and impairment charges, net of tax of $18,333, $20,635 and $38,308, respectively 30,838 77,935 60,823
Contributions to pension plans (8,861 ) (6,073 ) (54,457 )
Changes in assets and liabilities, net of effects from business acquisitions and divestitures:
Accounts receivable?trade (9,438 ) 20,329 46,584
Inventories (115,331 ) (13,910 ) 74,000
Accounts payable 7,860 90,434 37,228
Other assets and liabilities (205,809 ) 13,777 293,272
Net Cash Provided from Operating Activities 580,867 901,423 1,065,749
Cash Flows Provided from (Used by) Investing Activities
Capital additions (323,961 ) (179,538 ) (126,324 )
Capitalized software additions (23,606 ) (21,949 ) (19,146 )
Proceeds from sales of property, plant and equipment 312 2,201 10,364
Proceeds from sales of trademark licensing rights 20,000 ? ?
Business acquisitions (5,750 ) ? (15,220 )
Net Cash (Used by) Investing Activities
(333,005 ) (199,286 ) (150,326 )
Cash Flows Provided from (Used by) Financing Activities
Net change in short-term borrowings 10,834 1,156 (458,047 )
Long-term borrowings 249,126 348,208 ?
Repayment of long-term debt (256,189 ) (71,548 ) (8,252 )
Proceeds from lease financing agreement 47,601 ?
?
Cash dividends paid (304,083 ) (283,434 ) (263,403 )
Exercise of stock options 184,411 92,033 28,318
Excess tax benefits from stock-based compensation 13,997 1,385 4,455
Contributions from noncontrolling interests in subsidiaries ? 10,199 7,322
Repurchase of Common Stock (384,515 ) (169,099 ) (9,314 )
Net Cash (Used by) Financing Activities (438,818 ) (71,100 ) (698,921 )
(Decrease) Increase in Cash and Cash Equivalents (190,956 ) 631,037 216,502
Cash and Cash Equivalents as of January 1 884,642 253,605 37,103
Cash and Cash Equivalents as of December 31 $693,686 $884,642 $253,605
Interest Paid $97,892 $97,932 $91,623
Income Taxes Paid 292,315 350,948 252,230


TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011 2010 2009
Net product sales
$528,369 $517,149 $495,592
Rental and royalty revenue 4,136 4,299 3,739
Total revenue 532,505 521,448 499,331
Product cost of goods sold 365,225 349,334 319,775
Rental and royalty cost 1,038 1,088 852
Total costs 366,263 350,422 320,627
Product gross margin 163,144 167,815 175,817
Rental and royalty gross margin 3,098 3,211 2,887
Total gross margin 166,242 171,026 178,704
Selling, marketing and administrative expenses 108,276 106,316 103,755
Impairment charges ? ? 14,000
Earnings from operations 57,966 64,710 60,949
Other income (expense), net 2,946 8,358 2,100
Earnings before income taxes 60,912 73,068 63,049
Provision for income taxes 16,974 20,005 9,892
Net earnings $43,938 $53,063 $53,157
Net earnings $43,938 $53,063 $53,157
Other comprehensive earnings (loss) (8,740 ) 1,183 2,845
Comprehensive earnings $35,198 $54,246 $56,002
Retained earnings at beginning of year. $135,866 $147,687 $144,949
Net earnings 43,938 53,063 53,157
Cash dividends (18,360 ) (18,078 ) (17,790 )
Stock dividends (47,175 ) (46,806 ) (32,629 )
Retained earnings at end of year $114,269 $135,866 $147,687
Earnings per share $0.76 $0.90 $0.89
Average Common and Class B Common shares outstanding
57,892 58,685 59,425
(The accompanying notes are an integral part of these statements.)


CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)
Assets December 31,
2011 2010
CURRENT ASSETS:
Cash and cash equivalents $78,612 $115,976
Investments 10,895 7,996
Accounts receivable trade, less allowances of $1,731 and $1,531 41,895 37,394
Other receivables 3,391 9,961
Inventories:
Finishe

 

Paper#9256068 | Written in 27-Jul-2016

Price : $16
SiteLock