Acc 290

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THE HERSHEY COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS For the years ended December 31, 2011 2010 In thousands of dollars Cash Flows Provided from (Used by) Operating Activities Net income $628,962 $509,799 Adjustments to reconcile net income to net cash provided from operations: Depreciation and amortization 215,763 197,116 Stock-based compensation expense, net of tax of 28,341 32,055 $15,127, $17,413 and $19,223, respectively Excess tax benefits from stock-based compensation (13,997) (1,385) Deferred income taxes 33,611 (18,654) Gain on sale of trademark licensing rights, net of tax of (11,072) $5,962 Business realignment and impairment charges, net of tax 30,838 77,935 of $18,333, $20,635 and $38,308, respectively Contributions to pension plans (8,861) (6,073) Changes in assets and liabilities, net of effects from business acquisitions and divestitures: Accounts receivabletrade (9,438) 20,329 Inventories (115,331) (13,910) Accounts payable 7,860 90,434 Other assets and liabilities (205,809) 13,777 Net Cash Provided from Operating Activities 580,867 901,423 Cash Flows Provided from (Used by) Investing Activities Capital additions (323,961) (179,538) Capitalized software additions (23,606) (21,949) Proceeds from sales of property, plant and equipment 312 2,201 Proceeds from sales of trademark licensing rights 20,000 Business acquisitions (5,750) Net Cash (Used by) Investing Activities (333,005) (199,286) Cash Flows Provided from (Used by) Financing Activities Net change in short-term borrowings 10,834 1,156 Long-term borrowings 249,126 348,208 Repayment of long-term debt (256,189) (71,548) Proceeds from lease financing agreement 47,601 Cash dividends paid (304,083) (283,434) Exercise of stock options 184,411 92,033 Excess tax benefits from stock-based compensation 13,997 1,385 Contributions from noncontrolling interests in 10,199 subsidiaries Repurchase of Common Stock (384,515) (169,099) Net Cash (Used by) Financing Activities (438,818) (71,100) (Decrease) Increase in Cash and Cash Equivalents (190,956) 631,037 Cash and Cash Equivalents as of January 1 884,642 253,605 Cash and Cash Equivalents as of December 31 $693,686 $884,642 Interest Paid Income Taxes Paid $97,892 292,315 $97,932 350,948 TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF 2009 $435,994 182,411 34,927 (4,455) (40,578) 60,823 (54,457) 46,584 74,000 37,228 293,272 1,065,749 (126,324) (19,146) 10,364 (15,220) (150,326) (458,047) (8,252) (263,403) 28,318 4,455 7,322 (9,314) (698,921) 216,502 37,103 $253,605 $91,623 252,230 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 57,892 58,685 59,425 outstanding (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: Finished goods and work-in-process 42,676 35,416 Raw materials and supplies 29,084 21,236 Prepaid expenses 5,070 6,499 Deferred income taxes 578 689 Total current assets 212,201 235,167 PROPERTY, PLANT AND EQUIPMENT, at cost: Land 21,939 21,696 Buildings 107,567 102,934 Machinery and equipment 322,993 307,178 Construction in progress LessAccumulated depreciation Net property, plant and equipment OTHER ASSETS: Goodwill Trademarks Investments Split dollar officer life insurance Prepaid expenses Equity method investment Deferred income taxes Total other assets Total assets Liabilities and Shareholders' Equity CURRENT LIABILITIES: Accounts payable Dividends payable Accrued liabilities Total current liabilities NONCURRENT LIABILITES: Deferred income taxes Postretirement health care and life insurance benefits Industrial development bonds Liability for uncertain tax positions Deferred compensation and other liabilities Total noncurrent liabilities SHAREHOLDERS' EQUITY: Common stock, $.69-4/9 par value120,000 shares authorized 36,479 and 36,057 respectively, issued Class B common stock, $.69-4/9 par value40,000 shares authorized 21,025 and 20,466 respectively, issued Capital in excess of par value Retained earnings, per accompanying statement Accumulated other comprehensive loss Treasury stock (at cost)71 shares and 69 shares, respectively Total shareholders' equity Total liabilities and shareholders' equity 2,598 455,097 242,935 212,162 9,243 440,974 225,482 215,492 73,237 175,024 96,161 74,209 3,212 3,935 7,715 433,493 $857,856 73,237 175,024 64,461 74,441 6,680 4,254 9,203 407,300 $857,959 December 31, 2011 2010 $10,683 4,603 43,069 58,355 $9,791 4,529 44,185 58,505 43,521 26,108 7,500 8,345 48,092 133,566 47,865 20,689 7,500 9,835 46,157 132,046 25,333 25,040 14,601 14,212 533,677 114,269 (19,953) (1,992) 665,935 $857,856 505,495 135,866 (11,213) (1,992) 667,408 $857,959 TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF Cash Flows (in thousands) For the year ended December 31, 2011 2010 2009 CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings $43,938 $53,063 $53,157 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation 19,229 18,279 17,862 Impairment charges 14,000 Impairment of equity method investment 4,400 Loss from equity method investment 194 342 233 Amortization of marketable security premiums Changes in operating assets and liabilities: Accounts receivable Other receivables Inventories Prepaid expenses and other assets Accounts payable and accrued liabilities Income taxes payable and deferred Postretirement health care and life insurance benefits Deferred compensation and other liabilities Others Net cash provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures Net purchase of trading securities Purchase of available for sale securities Sale and maturity of available for sale securities Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES: Shares repurchased and retired Dividends paid in cash Net cash used in financing activities 1,267 522 320 (5,448) 3,963 (15,631) 5,106 84 (5,772) 2,022 2,146 (708) 50,390 717 (2,373) (1,447) 4,936 2,180 2,322 1,429 2,525 310 82,805 (5,899) (2,088) 455 5,203 (2,755) (12,543) 1,384 2,960 305 76,994 (16,351) (3,234) (39,252) 7,680 (51,157) (12,813) (2,902) (9,301) 8,208 (16,808) (20,831) (1,713) (11,331) 17,511 (16,364) (18,190) (18,407) (36,597) (22,881) (18,130) (41,011) (20,723) (17,825) (38,548) Increase (decrease) in cash and cash equivalents (37,364) 24,986 22,082 Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 115,976 $78,612 90,990 $115,976 68,908 $90,990 Supplemental cash flow information Income taxes paid $16,906 $20,586 Interest paid $38 $49 Stock dividend issued $47,053 $46,683 (The accompanying notes are an integral part of these statements.) $22,364 $182 $32,538 For each company calculate the following values for 2011. (Hint: When calculating free cash flow, do not consider business acquisitions to be part of capital expenditures.) (Round all ratios to 1 decimal places, e.g. 15.2:1 or 15.2%, earnings per share to 2 decimal places, e.g. 15.21 and all other answers to thousands. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) (1) Working capital. Working capital $ Hershey Company $ Tootsie Roll (2) Current ratio. Current ratio Hershey Company :1 Tootsie Roll :1 (3) Debt to assets ratio. Debt to assets ratio Hershey Company % Tootsie Roll % (4) Free cash flow. Free cash flow Hershey Company Tootsie Roll $ $ (5) Earnings per share. Earnings per share Hershey Company Tootsie Roll $ $