THE HERSHEY COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) For the years ended December 31, Operating Activities Net income including noncontrolling interest Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Stock-based compensation expense Deferred income taxes 2022 2021 2020 $ Impairment of long-lived assets (see Note 6) Write-down of equity investments Other 1,644,817 $ 1,482,819 $ 1,275,413 378,959 315,002 294,907 65,991 66,711 57,584 36,889 13,374 26,880 9,143 188,286 113,756 125,579 120,818 96,016 113,470 Changes in assets and liabilities, net of business acquisitions and divestitures: Accounts receivable-trade, net (38,165) (14,642) (55,537) Inventories (186,963) 21,457 (151,918) Prepaid expenses and other current assets (14,507) 8,619 2,493 Accounts payable and accrued liabilities Accrued income taxes Contributions to pension and other benefit plans Other assets and liabilities Net cash provided by operating activities Investing Activities Capital additions (including software) 216,479 39,732 41,470 5,005 (29,682) (16,158) (78,547) (51,100) (11,671) (11,225) 20,822 (11,998) 2,327,837 2,082,884 1,699,657 (519,481) (495,877) (441,626) Equity investments in tax credit qualifying partnerships (275,534) (128,417) (87,211) Business acquisitions, net of cash and cash equivalents acquired (1,601,073) Other investing activities 7,639 Net cash used in investing activities (787,376) 2,539 (2,222,828) (2,443) (531,280) Financing Activities Net (decrease) increase in short-term debt (245,633) 869,030 41,759 Long-term borrowings, net of debt issuance costs 989,876 Repayment of long-term debt and finance leases (4,741) (439,444) (704,467) Cash dividends paid Repurchase of common stock Exercise of stock options Taxes withheld and paid on employee stock awards Net cash used in financing activities (775,030) (685,987) (640,732) (388,964) (457,946) (211,196) 34,158 49,821 46,372 (35,515) (16,610) (20,840) (1,415,725) (681,136) (499,228) Effect of exchange rate changes on cash and cash equivalents Less: Decrease (increase) in cash and cash equivalents classified as held for sale Increase (decrease) in cash and cash equivalents, including cash classified as held for sale Net increase (decrease) in cash and cash equivalents Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period Supplemental Disclosure Interest paid Income taxes paid 9.887 134,623 (5,075) (6,990) (826,155) 662,159 11,434 (11,434) 134,623 (814,721) 650,725 $ 329,266 463,889 $ 1,143,987 329,266 493,262 $ 1,143.987 $ 131,757 221,321 $ 127,726 $ 275,171 150,930 215,491