For the years ended December 31, Operating Activities THE HERSHEY COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) 2019 2018 2017 Net income including noncontrolling interest 1,146,752 $ 1,171,051 $ 756,537 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 291,544 295,144 261,853 Stock-based compensation expense 51,899 49,286 51,061 Deferred income taxes (15,072) 36,255 18,582 Impairment of long-lived and intangible assets (see Note 6) 112,485 57,729 208,712 Write-down of equity investments 50,457 50,329 66,209 Other 57,426 37,278 77,291 Changes in assets and liabilities, net of business acquisitions and divestitures: Accounts receivable-trade, net 40,252 8,585 (6,881) Inventories (21,194) (12,746) (71,404) Prepaid expenses and other current assets 13,593 (39,899) 18,214 Accounts payable and accrued liabilities 41,101 (100,252) (52,960) Accrued income taxes (9,544) 75,568 (71,027) Contributions to pension and other benefit plans (20,134) (25,864) (56,433) Other assets and liabilities 24,308 (2,471) 49,761 Net cash provided by operating activities 1,763,873 1,599,993 1,249,515 Investing Activities Capital additions (including software) (318,192) (328,601) (257,675) Proceeds from sales of property, plant and equipment and other long-lived assets 28,131 49,759 7,609 Proceeds from sales of businesses, net of cash and cash equivalents divested Equity investments in tax credit qualifying partnerships Business acquisitions, net of cash and cash equivalents acquired 167,048 (80,230) (52,641) (78,598) (402,160) (1,338,459) Other investing activities Net cash used in investing activities Financing Activities (8,029) (780,480) (1,502,894) (328,664) Net (decrease) increase in short-term debt (1,168,205) 645,805 Long-term borrowings 989,618 1,199,845 (81,426) 954 Repayment of long-term debt and finance leases (6,151) (910,844) Repayment of tax receivable obligation (72,000) Cash dividends paid (610,312) (562,521) (526,272) Repurchase of common stock (527,211) (247,500) (300,312) Exercise of stock options 240,806 63,323 63,288 Net cash (used in) provided by financing activities (1,081,455) 116,108 (843,768) Effect of exchange rate changes on cash and cash equivalents 3,326 (5,388) 6,129 (Decrease) increase in cash and cash equivalents (94,736) 207,819 83,212 Cash and cash equivalents, beginning of period 587,998 380,179 296,967 Cash and cash equivalents, end of period Supplemental Disclosure 493,262 $ 587,998 $ 380,179 Interest paid Income taxes paid See Notes to Consolidated Financial Statements. 139,504 $ 238,067 132,486 S 101,874 118,842 351,832