Calculate the wacc:

THE HERSHEY COMPANY

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

December 31,		2015				2014
ASSETS
Current assets:
Cash and cash equivalents		$	346,529			$	374,854
Short-term investments						97,131
Accounts receivabletrade, net		599,073				596,940
Inventories		750,970				801,036
Deferred income taxes						100,515
Prepaid expenses and other		152,026				276,571
Total current assets		1,848,598				2,247,047
Property, plant and equipment, net		2,240,460				2,151,901
Goodwill		684,252				792,955
Other intangibles		379,305				294,841
Other assets		155,366				136,126
Deferred income taxes		36,390
Total assets		$	5,344,371			$	5,622,870
LIABILITIES AND STOCKHOLDERS EQUITY
Current liabilities:
Accounts payable		$	474,266			$	482,017
Accrued liabilities		856,967				813,513
Accrued income taxes		23,243				4,616
Short-term debt		363,513				384,696
Current portion of long-term debt		499,923				250,805
Total current liabilities		2,217,912				1,935,647
Long-term debt		1,557,091				1,542,317
Other long-term liabilities		468,718				526,003
Deferred income taxes		53,188				99,373
Total liabilities		4,296,909				4,103,340
Stockholders equity:
The Hershey Company stockholders equity
Preferred stock, shares issued: none in 2015 and 2014
Common stock, shares issued: 299,281,967 in 2015 and 299,281,967 in 2014		299,281				299,281
Class B common stock, shares issued: 60,619,777 in 2015 and 60,619,777 in 2014		60,620				60,620
Additional paid-in capital		783,877				754,186
Retained earnings		5,897,603				5,860,784
Treasurycommon stock shares, at cost: 143,124,384 in 2015 and 138,856,786 in 2014		(5,672,359		)		(5,161,236		)
Accumulated other comprehensive loss		(371,025		)		(358,573		)
The Hershey Company stockholders equity		997,997				1,455,062
Noncontrolling interests in subsidiaries		49,465				64,468
Total stockholders equity		1,047,462				1,519,530
Total liabilities and stockholders equity		$	5,344,371			$	5,622,870

See Notes to Consolidated Financial Statements.

52

THE HERSHEY COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

For the years ended December 31,	2015				2014				2013
Operating Activities
Net income	$	512,951			$	846,912			$	820,470
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	244,928				211,532				201,033
Stock-based compensation expense	51,533				54,068				53,967
Excess tax benefits from stock-based compensation	(24,839		)		(53,497		)		(48,396		)
Deferred income taxes	(38,537		)		18,796				7,457
Non-cash business realignment and impairment charges	283,469				39,988
Contributions to pension and other benefits plans	(53,273		)		(53,110		)		(57,213		)
Loss on early extinguishment of debt	28,326
Write-down of equity investments	39,489
Changes in assets and liabilities, net of effects from business acquisitions and divestitures:
Accounts receivabletrade, net	(24,440		)		(67,464		)		(16,529		)
Inventories	52,049				(88,497		)		(26,279		)
Accounts payable and accrued liabilities	(1,017		)		(13,847		)		102,411
Other assets and liabilities	143,817				(50,504		)		154,478
Net cash provided by operating activities	1,214,456				844,377				1,191,399
Investing Activities
Capital additions	(329,707		)		(345,947		)		(323,551		)
Capitalized software additions	(27,103		)		(24,842		)		(27,360		)
Proceeds from sales of property, plant and equipment	1,205				1,612				15,331
Proceeds from sale of business	32,408
Loan to affiliate									(16,000		)
Equity investments in tax credit qualifying partnerships	(30,720		)
Business acquisitions, net of cash and cash equivalents acquired	(218,654		)		(396,265		)
Sale (purchase) of short-term investments	95,316				(97,131		)
Net cash used in investing activities	(477,255		)		(862,573		)		(351,580		)
Financing Activities
Net increase in short-term debt	10,720				117,515				54,351
Long-term borrowings	599,031				3,051				250,595
Repayment of long-term debt	(355,446		)		(1,442		)		(250,761		)
Cash dividends paid	(476,132		)		(440,414		)		(393,801		)
Exercise of stock options	72,719				122,306				147,255
Excess tax benefits from stock-based compensation	24,839				53,497				48,396
Contributions from noncontrolling interest					2,940				2,940
Payment of contingent consideration	(10,000		)
Purchase of noncontrolling interest	(38,270		)
Repurchase of common stock	(582,623		)		(576,755		)		(305,564		)
Net cash used in financing activities	(755,162		)		(719,302		)		(446,589		)
Effect of exchange rate changes on cash and cash equivalents	(10,364		)		(6,156		)		(2,994		)
(Decrease) increase in cash and cash equivalents	(28,325		)		(743,654		)		390,236
Cash and cash equivalents, beginning of period	374,854				1,118,508				728,272
Cash and cash equivalents, end of period	$	346,529			$	374,854			$	1,118,508
Supplemental Disclosure
Interest paid (excluding loss on early extinguishment of debt in 2015)	$	88,448			$	87,801			$	92,551
Income taxes paid	368,926				384,318				373,902