Send us Feedback

Hershey Foods (HSY)
Analysis
SUMMARY
BULLS
BEARS
TOPICS
Data
DATA CENTRAL
STOCK CHART
Financials
SEC FILINGS
BALANCE
INCOME
CASH FLOW

HSY » Topics » Liabilities

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

Liabilities

A summary of our liabilities is as follows:

 

December 31,

    2009    2008
In thousands of dollars          

Current liabilities

    $ 910,628    $ 1,270,212

Long-term debt

      1,502,730      1,505,954

Other long-term liabilities

      501,334      504,963

Deferred income taxes

      —        3,646
             

Total liabilities

    $ 2,914,692    $ 3,284,775
             

 

  •  

Changes in current liabilities from 2008 to 2009 were primarily the result of the following:

 

  •  

Higher accounts payable reflecting the timing of inventory deliveries to support manufacturing requirements and higher costs of goods and services;

 

  •  

Higher accrued liabilities primarily associated with advertising and promotions, certain hedging transactions, as well as higher expected incentive compensation payments in 2010, partially offset by payments of liabilities associated with the 2007 business realignment initiatives; and

 

  •  

A decrease in short-term debt of $459.1 million reflecting repayments of commercial paper borrowings facilitated by strong cash flow during 2009.

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

Liabilities

A summary of our liabilities is as follows:

 

December 31,

    2008    2007
In thousands of dollars          

Current liabilities

    $ 1,270,212    $ 1,618,770

Long-term debt

      1,505,954      1,279,965

Other long-term liabilities

      504,963      544,016

Deferred income taxes

      3,646      180,842
             

Total liabilities

    $ 3,284,775    $ 3,623,593
             

 

  •  

Changes in current liabilities from 2007 to 2008 were primarily the result of the following:

 

  •  

Higher accounts payable reflecting the effect of working capital improvement initiatives and higher costs of goods and services;

 

  •  

Lower accrued liabilities primarily associated with the 2007 business realignment initiatives and certain executive retirement benefit payments in 2008, partially offset by higher expected incentive compensation payments in 2009;

 

  •  

A decrease in short-term debt reflecting repayments of commercial paper borrowings using the proceeds of the $250 million of Notes issued in March 2008 as well as cash provided from operations.

 

  •  

The increase in long-term debt in 2008 primarily resulted from the issuance of $250 million of Notes in March 2008, discussed further in the Liquidity and Capital Resources section.

 

  •  

The decrease in other long-term liabilities primarily reflects the impact of favorable claims experience and a higher discount rate used in determining the liability for our post-retirement benefit plans.

 

  •  

The decrease in deferred income tax liabilities was principally associated with the change in the funded status of our pension plans in 2008 and the tax effect of impairment charges related to certain trademarks.

 

29

Table of Contents

Liabilities

FACE="Times New Roman" SIZE="2">A summary of our liabilities is as follows:

 




















































































December 31,

  2008  2007
In thousands of dollars      

Current liabilities

  $1,270,212  $1,618,770

Long-term debt

   1,505,954   1,279,965

Other long-term liabilities

   504,963   544,016

Deferred income taxes

   3,646   180,842
        

Total liabilities

  $3,284,775  $3,623,593
        

 







 • 

Changes in current liabilities from 2007 to 2008 were primarily the result of the following:

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







 • 

Higher accounts payable reflecting the effect of working capital improvement initiatives and higher costs of goods and services;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







 • 

Lower accrued liabilities primarily associated with the 2007 business realignment initiatives and certain executive retirement benefit payments in 2008, partially
offset by higher expected incentive compensation payments in 2009;

 







 • 

A decrease in short-term debt reflecting repayments of commercial paper borrowings using the proceeds of the $250 million of Notes issued in March 2008 as well as
cash provided from operations.

 







 • 

The increase in long-term debt in 2008 primarily resulted from the issuance of $250 million of Notes in March 2008, discussed further in the Liquidity and Capital
Resources section.

 







 • 

The decrease in other long-term liabilities primarily reflects the impact of favorable claims experience and a higher discount rate used in determining the
liability for our post-retirement benefit plans.

 







 • 

The decrease in deferred income tax liabilities was principally associated with the change in the funded status of our pension plans in 2008 and the tax effect of
impairment charges related to certain trademarks.

 


29






Table of Contents


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

Liabilities

A summary of our liabilities is as follows:

 

December 31,

    2007    2006
In thousands of dollars          

Current liabilities

    $ 1,618,770    $ 1,453,538

Long-term debt

      1,279,965      1,248,128

Other long-term liabilities

      544,016      486,473

Deferred income taxes

      180,842      286,003
             

Total liabilities

    $ 3,623,593    $ 3,474,142
             

 

  •  

Changes in current liabilities from 2006 to 2007 were primarily the result of the following:

 

  •  

Higher accounts payable reflecting the effect of working capital improvement initiatives;

 

  •  

Higher accrued liabilities primarily associated with the 2007 business realignment initiatives and higher expected employee benefit payments; and

 

  •  

An increase in short-term debt reflecting commercial paper borrowings, partially offset by a decrease in the current-portion of long-term debt primarily resulting from the payment of 6.95% Notes due in March 2007.

 

  •  

The increase in long-term debt in 2007 was primarily associated with debt assumed through the Godrej Hershey Foods and Beverages Company acquisition.

 

  •  

The increase in other long-term liabilities and a corresponding decrease in deferred income taxes of $56.4 million in 2007 were associated with the reclassification of unrecognized tax benefits from deferred income taxes to other long-term liabilities in accordance with the adoption of FIN No. 48, discussed further in Note 11 to the Consolidated Financial Statements. The residual decrease in deferred income taxes is primarily attributable to the effect of the 2007 business realignment initiatives.

Liabilities

STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%">A summary of our liabilities is as follows:

 




















































































December 31,

  2007  2006
In thousands of dollars      

Current liabilities

  $1,618,770  $1,453,538

Long-term debt

   1,279,965   1,248,128

Other long-term liabilities

   544,016   486,473

Deferred income taxes

   180,842   286,003
        

Total liabilities

  $3,623,593  $3,474,142
        

 







 • 

Changes in current liabilities from 2006 to 2007 were primarily the result of the following:

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







 • 

Higher accounts payable reflecting the effect of working capital improvement initiatives;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







 • 

Higher accrued liabilities primarily associated with the 2007 business realignment initiatives and higher expected employee benefit payments; and

 







 • 

An increase in short-term debt reflecting commercial paper borrowings, partially offset by a decrease in the current-portion of long-term debt primarily resulting
from the payment of 6.95% Notes due in March 2007.

 







 • 

The increase in long-term debt in 2007 was primarily associated with debt assumed through the Godrej Hershey Foods and Beverages Company acquisition.

 







 • 

The increase in other long-term liabilities and a corresponding decrease in deferred income taxes of $56.4 million in 2007 were associated with the reclassification
of unrecognized tax benefits from deferred income taxes to other long-term liabilities in accordance with the adoption of FIN No. 48, discussed further in Note 11 to the Consolidated Financial Statements. The residual decrease in deferred
income taxes is primarily attributable to the effect of the 2007 business realignment initiatives.

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

Liabilities

A summary of our liabilities is as follows:

 

December 31,

    2006    2005
In thousands of dollars          

Current liabilities

    $ 1,453,538    $ 1,490,382

Long-term debt

      1,248,128      942,755

Other long-term liabilities

      486,473      412,929

Deferred income taxes

      286,003      400,253
             

Total liabilities

    $ 3,474,142    $ 3,246,319
             

 

  •  

Changes in current liabilities from 2005 to 2006 were primarily the result of the following:

 

  •  

Lower accounts payable reflecting the timing of payments in December;

 

  •  

Reduced accrued liabilities associated with business realignment initiatives, incentive compensation and marketing programs; and

 

  •  

Higher current portion of long-term debt, substantially offset by the refinancing of commercial paper borrowings upon the issuance of long-term debt.

 

  •  

The increase in long-term debt in 2006 resulted from the issuance of $500 million of Notes in August 2006, discussed further in the Liquidity and Capital Resources section. This increase was reduced by the reclassification of 6.95% Notes and certain lease obligations to current portion of long-term debt.

 

  •  

The increase in other long-term liabilities in 2006 was principally associated with the recording of liabilities for post-retirement benefits upon adoption of SFAS No. 158.

 

  •  

The decrease in deferred taxes in 2006 was primarily associated with the tax effect of the reclassification of assets related to our pension plans and liabilities recorded for our post-retirement benefit plans upon adoption of SFAS No. 158.

This excerpt taken from the HSY 10-K filed Mar 7, 2005.

Liabilities

Total liabilities increased by $405.6 million as of December 31, 2004, primarily reflecting an increase in short-term borrowings, partially offset by a reduction in deferred income tax liabilities resulting from the adjustment to income tax contingency reserves, net of an increase associated with the business acquisitions. The increase in accounts payable was due to the business acquisitions. Higher accrued liabilities were primarily related to increased promotional allowances and employee compensation in addition to $11.8 million associated with the business acquisitions. The increase in short-term debt of $331.2 million reflected commercial paper borrowings primarily associated with the repurchase of Common Stock from the Milton Hershey School Trust and the acquisition of the

17



Grupo Lorena and Mauna Loa businesses, along with other funding requirements. The increase in current portion of long-term debt and the corresponding decrease in long-term debt was associated with the reclassification of $201.2 million of 6.7% Notes due in 2005 and $76.8 million related to certain lease agreements. The increase in other long-term liabilities was primarily associated with incentive compensation.

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
10-K
Mar 7, 2005

RELATED TOPICS for HSY:

"Liabilities" elsewhere:

BEAM INC (FO)
Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki