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HSY » Topics » Cash Flows

This excerpt taken from the HSY 10-K filed Feb 19, 2010.

Cash Flows

Information about the expected cash flows for our pension and other post-retirement benefit plans is as follows:

 

     Expected Benefit Payments
   2010    2011    2012    2013    2014    2015–2019
In thousands of dollars                              

Pension Benefits

    $ 88,271    $ 53,902    $ 56,217    $ 57,035    $ 61,374    $ 411,204

Other Benefits

      31,368      31,584      30,802      30,298      29,568      123,996

The higher 2010 expected cash flows from our pension plans are related to the global supply chain transformation program. These payments are primarily associated with potential payments from a domestic pension plan which are highly dependent on the decisions of impacted hourly employees to withdraw funds and the partial termination of a Canadian pension plan.

These excerpts taken from the HSY 10-K filed Feb 20, 2009.

Cash Flows

Information about the expected cash flows for our pension and other post-retirement benefit plans is as follows:

 

     Expected Benefit Payments
     2009    2010    2011    2012    2013    2014–2018
In thousands of dollars                              

Pension Benefits

    $ 191,593    $ 64,939    $ 51,325    $ 54,398    $ 56,195    $ 395,206

Other Benefits

      30,399      32,125      32,426      31,476      30,620      131,655

The significantly higher 2009 expected cash flows from our pension plans are related to the global supply chain transformation program. These payments are primarily associated with the termination and partial termination of two Canadian pension plans, along with potential payments from a domestic pension plan which are highly dependent on the decisions of impacted hourly employees to withdraw funds.

 

87

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THE HERSHEY COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

Cash Flows

Information about the expected cash flows for our pension and other post-retirement benefit plans is as follows:

STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"> 
































































































   Expected Benefit Payments
   2009  2010  2011  2012  2013  2014–2018
In thousands of dollars                  

Pension Benefits

  $191,593  $64,939  $51,325  $54,398  $56,195  $395,206

Other Benefits

   30,399   32,125   32,426   31,476   30,620   131,655

The significantly higher 2009 expected cash flows from our pension plans are related to the global
supply chain transformation program. These payments are primarily associated with the termination and partial termination of two Canadian pension plans, along with potential payments from a domestic pension plan which are highly dependent on the
decisions of impacted hourly employees to withdraw funds.

 


87






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THE HERSHEY COMPANY

ALIGN="center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 


These excerpts taken from the HSY 10-K filed Feb 19, 2008.

Cash Flows

Information about the expected cash flows for our pension and other post-retirement benefit plans is as follows:

 

     Expected Benefit Payments
     2008    2009    2010    2011    2012    2013–2017
(In thousands of dollars)                              

Pension Benefits

    $ 158,906    $ 111,960    $ 72,819    $ 46,877    $ 57,619    $ 379,793

Other Benefits

      32,208      36,006      37,286      36,861      35,240      145,644

84

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THE HERSHEY COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

Cash Flows

Information about the expected cash flows for our pension and other post-retirement benefit plans is as follows:

STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"> 
































































































   Expected Benefit Payments
   2008  2009  2010  2011  2012  2013–2017
(In thousands of dollars)                  

Pension Benefits

  $158,906  $111,960  $72,819  $46,877  $57,619  $379,793

Other Benefits

   32,208   36,006   37,286   36,861   35,240   145,644

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THE HERSHEY COMPANY

FACE="Times New Roman" SIZE="2">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

FACE="Times New Roman" SIZE="2">13. EMPLOYEE STOCK OWNERSHIP TRUST AND SAVINGS PLANS

Prior to December 31, 2006, our
Company’s employee stock ownership trust (“ESOP”) served as the primary vehicle for employer contributions to The Hershey Company 401(k) Plan (formerly known as The Hershey Company Employee Savings Stock Investment and Ownership Plan)
for participating domestic salaried and hourly employees. In December 1991, we funded the ESOP by providing a 15-year, 7.75% loan of $47.9 million. The ESOP used the proceeds of the loan to purchase our Common Stock. During 2006 and 2005, the ESOP
received a combination of dividends on unallocated shares of our Common Stock and contributions from us. This equals the amount required to meet principal and interest payments under the loan. Simultaneously, the ESOP allocated to participants
318,351 shares of our Common Stock each year. As of December 31, 2006 all shares had been allocated. We consider all ESOP shares as outstanding for income per share computations.

STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%">The following table summarizes our ESOP expense and dividends:

 













































For the years ended December 31,

  2006  2005
In millions of dollars      

Compensation (income) expense related to ESOP

  $(.3) $.4

Dividends paid on unallocated ESOP shares

   .3   .5

 







 • 

We recognized net compensation expense equal to the shares allocated multiplied by the original cost of $10.03 per share less dividends received by the ESOP on
unallocated shares.

 







 • 

We reflected dividends paid on all ESOP shares as a reduction to retained earnings.

STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%">Contributions to The Hershey Company 401(k) Plan are based on a portion of eligible pay up to a defined maximum. Beginning in 2007, the defined maximum
was increased for all salaried and non-union hourly employees and all matching contributions were made in cash. Beginning in 2008, the defined maximum was increased for certain union hourly employees. Some domestic employees are eligible to
participate in similar plans. The 2007 matching contributions totaled $18.2 million.

This excerpt taken from the HSY 10-K filed Feb 23, 2007.

Cash Flows

Information about the expected cash flows for our pension and other post-retirement benefit plans is as follows:

 

     Expected Benefit Payments
     2007    2008    2009    2010    2011    2012–2016
(In thousands of dollars)                              

Pension Benefits

    $ 85,494    $ 64,043    $ 59,706    $ 62,176    $ 60,665    $ 475,058

Other Benefits

      28,740      28,762      27,880      28,143      28,265      130,055

EXCERPTS ON THIS PAGE:

10-K
Feb 19, 2010
10-K (2 sections)
Feb 20, 2009
10-K (2 sections)
Feb 19, 2008
10-K
Feb 23, 2007

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