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Broadening Your Perspective 13-2 The financial statements of The Hershey Company and Tootsie Roll are presented below.THE HERSHEY COMPANYCONSOLIDATED STATEMENTS OF INCOME For the years ended December 31, 2011 2010 2009 In thousands of dollars except per share amounts Net Sales $6,080,788 $5,671,009 $5,298,668 Costs and Expenses:   Cost of sales 3,548,896 3,255,801 3,245,531   Selling, marketing and administrative 1,477,750 1,426,477 1,208,672   Business realignment and impairment (credits) charges, net (886 ) 83,433 82,875     Total costs and expenses 5,025,760 4,765,711 4,537,078 Income before Interest and Income Taxes 1,055,028 905,298 761,590   Interest expense, net 92,183 96,434 90,459 Income before Income Taxes 962,845 808,864 671,131   Provision for income taxes 333,883 299,065 235,137 Net Income $628,962 $509,799 $435,994 Net Income Per Share—Basic—Class B Common Stock $2.58 $2.08 $1.77 Net Income Per Share—Diluted—Class B Common Stock $2.56 $2.07 $1.77 Net Income Per Share—Basic—Common Stock $2.85 $2.29 $1.97 Net Income Per Share—Diluted—Common Stock $2.74 $2.21 $1.90 Cash Dividends Paid Per Share:   Common Stock $1.3800 $1.2800 $1.1900   Class B Common Stock 1.2500 1.1600 1.0712 The notes to consolidated financial statements are an integral part of these statements and are included in the Hershey’s 2011 Annual Report, available at www.thehersheycompany.com. THE HERSHEY COMPANYCONSOLIDATED BALANCE SHEETS December 31, 2011 2010 In thousands of dollars ASSETS Current Assets:   Cash and cash equivalents $693,686 $884,642   Accounts receivable—trade 399,499 390,061   Inventories 648,953 533,622   Deferred income taxes 136,861 55,760   Prepaid expenses and other 167,559 141,132     Total current assets 2,046,558 2,005,217 Property, Plant and Equipment, Net 1,559,717 1,437,702 Goodwill 516,745 524,134 Other Intangibles 111,913 123,080 Deferred Income Taxes 38,544 21,387 Other Assets 138,722 161,212     Total assets $4,412,199 $4,272,732 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities:   Accounts payable $420,017 $410,655   Accrued liabilities 612,186 593,308   Accrued income taxes 1,899 9,402   Short-term debt 42,080 24,088   Current portion of long-term debt 97,593 261,392     Total current liabilities 1,173,775 1,298,845 Long-term Debt 1,748,500 1,541,825 Other Long-term Liabilities 617,276 494,461     Total liabilities 3,539,551 3,335,131 Commitments and Contingencies — — Stockholders’ Equity:   The Hershey Company Stockholders’ Equity     Preferred Stock, shares issued: none in 2011 and 2010 — —     Common Stock, shares issued: 299,269,702 in 2011 and 299,195,325 in 2010 299,269 299,195     Class B Common Stock, shares issued: 60,632,042 in 2011 and 60,706,419 in 2010 60,632 60,706     Additional paid-in capital 490,817 434,865     Retained earnings 4,699,597 4,374,718     Treasury—Common Stock shares, at cost: 134,695,826 in 2011 and 132,871,512 in 2010 (4,258,962 ) (4,052,101 )     Accumulated other comprehensive loss (442,331 ) (215,067 )       The Hershey Company stockholders’ equity 849,022 902,316   Noncontrolling interests in subsidiaries 23,626 35,285       Total stockholders’ equity 872,648 937,601       Total liabilities and stockholders’equity $4,412,199 $4,272,732 THE HERSHEY COMPANYCONSOLIDATED STATEMENTS OF CASH FLOWS For the years ended December 31, 2011 2010 2009 In thousands of dollars Cash Flows Provided from (Used by) Operating Activities Net income $628,962 $509,799 $435,994 Adjustments to reconcile net income to net cash provided from operations: Depreciation and amortization 215,763 197,116 182,411 Stock-based compensation expense, net of tax of $15,127, $17,413 and $19,223, respectively 28,341 32,055 34,927 Excess tax benefits from stock-based compensation (13,997 ) (1,385 ) (4,455 ) Deferred income taxes 33,611 (18,654 ) (40,578 ) Gain on sale of trademark licensing rights, net of tax of $5,962 (11,072 ) — — Business realignment and impairment charges, net of tax of $18,333, $20,635 and $38,308, respectively 30,838 77,935 60,823 Contributions to pension plans (8,861 ) (6,073 ) (54,457 ) Changes in assets and liabilities, net of effects from business acquisitions and divestitures: Accounts receivable—trade (9,438 ) 20,329 46,584 Inventories (115,331 ) (13,910 ) 74,000 Accounts payable 7,860 90,434 37,228 Other assets and liabilities (205,809 ) 13,777 293,272 Net Cash Provided from Operating Activities 580,867 901,423 1,065,749 Cash Flows Provided from (Used by) Investing Activities Capital additions (323,961 ) (179,538 ) (126,324 ) Capitalized software additions (23,606 ) (21,949 ) (19,146 ) Proceeds from sales of property, plant and equipment 312 2,201 10,364 Proceeds from sales of trademark licensing rights 20,000 — — Business acquisitions (5,750 ) — (15,220 ) Net Cash (Used by) Investing Activities (333,005 ) (199,286 ) (150,326 ) Cash Flows Provided from (Used by) Financing Activities Net change in short-term borrowings 10,834 1,156 (458,047 ) Long-term borrowings 249,126 348,208 — Repayment of long-term debt (256,189 ) (71,548 ) (8,252 ) Proceeds from lease financing agreement 47,601 — — Cash dividends paid (304,083 ) (283,434 ) (263,403 ) Exercise of stock options 184,411 92,033 28,318 Excess tax benefits from stock-based compensation 13,997 1,385 4,455 Contributions from noncontrolling interests in subsidiaries — 10,199 7,322 Repurchase of Common Stock (384,515 ) (169,099 ) (9,314 ) Net Cash (Used by) Financing Activities (438,818 ) (71,100 ) (698,921 ) (Decrease) Increase in Cash and Cash Equivalents (190,956 ) 631,037 216,502 Cash and Cash Equivalents as of January 1 884,642 253,605 37,103 Cash and Cash Equivalents as of December 31 $693,686 $884,642 $253,605 Interest Paid $97,892 $97,932 $91,623 Income Taxes Paid 292,315 350,948 252,230 TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OFEarnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data) For the year ended December 31, 2011 2010 2009 Net product sales $528,369 $517,149 $495,592 Rental and royalty revenue 4,136 4,299 3,739 Total revenue 532,505 521,448 499,331 Product cost of goods sold 365,225 349,334 319,775 Rental and royalty cost 1,038 1,088 852 Total costs 366,263 350,422 320,627 Product gross margin 163,144 167,815 175,817 Rental and royalty gross margin 3,098 3,211 2,887 Total gross margin 166,242 171,026 178,704 Selling, marketing and administrative expenses 108,276 106,316 103,755 Impairment charges — — 14,000 Earnings from operations 57,966 64,710 60,949 Other income (expense), net 2,946 8,358 2,100 Earnings before income taxes 60,912 73,068 63,049 Provision for income taxes 16,974 20,005 9,892 Net earnings $43,938 $53,063 $53,157 Net earnings $43,938 $53,063 $53,157 Other comprehensive earnings (loss) (8,740 ) 1,183 2,845 Comprehensive earnings $35,198 $54,246 $56,002 Retained earnings at beginning of year. $135,866 $147,687 $144,949 Net earnings 43,938 53,063 53,157 Cash dividends (18,360 ) (18,078 ) (17,790 ) Stock dividends (47,175 ) (46,806 ) (32,629 ) Retained earnings at end of year $114,269 $135,866 $147,687 Earnings per share $0.76 $0.90 $0.89 Average Common and Class B Common shares outstanding 57,892 58,685 59,425 (The accompanying notes are an integral part of these statements.) CONSOLIDATED STATEMENTS OFFinancial PositionTOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data) Assets December 31, 2011 2010 CURRENT ASSETS: Cash and cash equivalents $78,612 $115,976 Investments 10,895 7,996 Accounts receivable trade, less allowances of $1,731 and $1,531 41,895 37,394 Other receivables 3,391 9,961 Inventories:

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Broadening Your Perspective 13-2 The financial statements of The Hershey Company and Tootsie Roll are presented below.THE HERSHEY COMPANYCONSOLIDATED STATEMENTS OF INCOME For the years ended December 31, 2011 2010 2009 In thousands of dollars except per share amounts Net Sales $6,080,788 $5,671,009 $5,298,668 Costs and Expenses:   Cost of sales 3,548,896 3,255,801 3,245,531   Selling, marketing and administrative 1,477,750 1,426,477 1,208,672   Business realignment and impairment (credits) charges, net (886 ) 83,433 82,875     Total costs and expenses 5,025,760 4,765,711 4,537,078 Income before Interest and Income Taxes 1,055,028 905,298 761,590   Interest expense, net 92,183 96,434 90,459 Income before Income Taxes 962,845 808,864 671,131   Provision for income taxes 333,883 299,065 235,137 Net Income $628,962 $509,799 $435,994 Net Income Per Share—Basic—Class B Common Stock $2.58 $2.08 $1.77 Net Income Per Share—Diluted—Class B Common Stock $2.56 $2.07 $1.77 Net Income Per Share—Basic—Common Stock $2.85 $2.29 $1.97 Net Income Per Share—Diluted—Common Stock $2.74 $2.21 $1.90 Cash Dividends Paid Per Share:   Common Stock $1.3800 $1.2800 $1.1900   Class B Common Stock 1.2500 1.1600 1.0712 The notes to consolidated financial statements are an integral part of these statements and are included in the Hershey’s 2011 Annual Report, available at www.thehersheycompany.com. THE HERSHEY COMPANYCONSOLIDATED BALANCE SHEETS December 31, 2011 2010 In thousands of dollars ASSETS Current Assets:   Cash and cash equivalents $693,686 $884,642   Accounts receivable—trade 399,499 390,061   Inventories 648,953 533,622   Deferred income taxes 136,861 55,760   Prepaid expenses and other 167,559 141,132     Total current assets 2,046,558 2,005,217 Property, Plant and Equipment, Net 1,559,717 1,437,702 Goodwill 516,745 524,134 Other Intangibles 111,913 123,080 Deferred Income Taxes 38,544 21,387 Other Assets 138,722 161,212     Total assets $4,412,199 $4,272,732 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities:   Accounts payable $420,017 $410,655   Accrued liabilities 612,186 593,308   Accrued income taxes 1,899 9,402   Short-term debt 42,080 24,088   Current portion of long-term debt 97,593 261,392     Total current liabilities 1,173,775 1,298,845 Long-term Debt 1,748,500 1,541,825 Other Long-term Liabilities 617,276 494,461     Total liabilities 3,539,551 3,335,131 Commitments and Contingencies — — Stockholders’ Equity:   The Hershey Company Stockholders’ Equity     Preferred Stock, shares issued: none in 2011 and 2010 — —     Common Stock, shares issued: 299,269,702 in 2011 and 299,195,325 in 2010 299,269 299,195     Class B Common Stock, shares issued: 60,632,042 in 2011 and 60,706,419 in 2010 60,632 60,706     Additional paid-in capital 490,817 434,865     Retained earnings 4,699,597 4,374,718     Treasury—Common Stock shares, at cost: 134,695,826 in 2011 and 132,871,512 in 2010 (4,258,962 ) (4,052,101 )     Accumulated other comprehensive loss (442,331 ) (215,067 )       The Hershey Company stockholders’ equity 849,022 902,316   Noncontrolling interests in subsidiaries 23,626 35,285       Total stockholders’ equity 872,648 937,601       Total liabilities and stockholders’equity $4,412,199 $4,272,732 THE HERSHEY COMPANYCONSOLIDATED STATEMENTS OF CASH FLOWS For the years ended December 31, 2011 2010 2009 In thousands of dollars Cash Flows Provided from (Used by) Operating Activities Net income $628,962 $509,799 $435,994 Adjustments to reconcile net income to net cash provided from operations: Depreciation and amortization 215,763 197,116 182,411 Stock-based compensation expense, net of tax of $15,127, $17,413 and $19,223, respectively 28,341 32,055 34,927 Excess tax benefits from stock-based compensation (13,997 ) (1,385 ) (4,455 ) Deferred income taxes 33,611 (18,654 ) (40,578 ) Gain on sale of trademark licensing rights, net of tax of $5,962 (11,072 ) — — Business realignment and impairment charges, net of tax of $18,333, $20,635 and $38,308, respectively 30,838 77,935 60,823 Contributions to pension plans (8,861 ) (6,073 ) (54,457 ) Changes in assets and liabilities, net of effects from business acquisitions and divestitures: Accounts receivable—trade (9,438 ) 20,329 46,584 Inventories (115,331 ) (13,910 ) 74,000 Accounts payable 7,860 90,434 37,228 Other assets and liabilities (205,809 ) 13,777 293,272 Net Cash Provided from Operating Activities 580,867 901,423 1,065,749 Cash Flows Provided from (Used by) Investing Activities Capital additions (323,961 ) (179,538 ) (126,324 ) Capitalized software additions (23,606 ) (21,949 ) (19,146 ) Proceeds from sales of property, plant and equipment 312 2,201 10,364 Proceeds from sales of trademark licensing rights 20,000 — — Business acquisitions (5,750 ) — (15,220 ) Net Cash (Used by) Investing Activities (333,005 ) (199,286 ) (150,326 ) Cash Flows Provided from (Used by) Financing Activities Net change in short-term borrowings 10,834 1,156 (458,047 ) Long-term borrowings 249,126 348,208 — Repayment of long-term debt (256,189 ) (71,548 ) (8,252 ) Proceeds from lease financing agreement 47,601 — — Cash dividends paid (304,083 ) (283,434 ) (263,403 ) Exercise of stock options 184,411 92,033 28,318 Excess tax benefits from stock-based compensation 13,997 1,385 4,455 Contributions from noncontrolling interests in subsidiaries — 10,199 7,322 Repurchase of Common Stock (384,515 ) (169,099 ) (9,314 ) Net Cash (Used by) Financing Activities (438,818 ) (71,100 ) (698,921 ) (Decrease) Increase in Cash and Cash Equivalents (190,956 ) 631,037 216,502 Cash and Cash Equivalents as of January 1 884,642 253,605 37,103 Cash and Cash Equivalents as of December 31 $693,686 $884,642 $253,605 Interest Paid $97,892 $97,932 $91,623 Income Taxes Paid 292,315 350,948 252,230 TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OFEarnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data) For the year ended December 31, 2011 2010 2009 Net product sales $528,369 $517,149 $495,592 Rental and royalty revenue 4,136 4,299 3,739 Total revenue 532,505 521,448 499,331 Product cost of goods sold 365,225 349,334 319,775 Rental and royalty cost 1,038 1,088 852 Total costs 366,263 350,422 320,627 Product gross margin 163,144 167,815 175,817 Rental and royalty gross margin 3,098 3,211 2,887 Total gross margin 166,242 171,026 178,704 Selling, marketing and administrative expenses 108,276 106,316 103,755 Impairment charges — — 14,000 Earnings from operations 57,966 64,710 60,949 Other income (expense), net 2,946 8,358 2,100 Earnings before income taxes 60,912 73,068 63,049 Provision for income taxes 16,974 20,005 9,892 Net earnings $43,938 $53,063 $53,157 Net earnings $43,938 $53,063 $53,157 Other comprehensive earnings (loss) (8,740 ) 1,183 2,845 Comprehensive earnings $35,198 $54,246 $56,002 Retained earnings at beginning of year. $135,866 $147,687 $144,949 Net earnings 43,938 53,063 53,157 Cash dividends (18,360 ) (18,078 ) (17,790 ) Stock dividends (47,175 ) (46,806 ) (32,629 ) Retained earnings at end of year $114,269 $135,866 $147,687 Earnings per share $0.76 $0.90 $0.89 Average Common and Class B Common shares outstanding 57,892 58,685 59,425 (The accompanying notes are an integral part of these statements.) CONSOLIDATED STATEMENTS OFFinancial PositionTOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data) Assets December 31, 2011 2010 CURRENT ASSETS: Cash and cash equivalents $78,612 $115,976 Investments 10,895 7,996 Accounts receivable trade, less allowances of $1,731 and $1,531 41,895 37,394 Other receivables 3,391 9,961 Inventories:

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Broadening Your Perspective 13-2 The financial statements of The Hershey Company and Tootsie Roll are presented below.THE HERSHEY COMPANYCONSOLIDATED STATEMENTS OF INCOME For the years ended December 31, 2011 2010 2009 In thousands of dollars except per share amounts Net Sales $6,080,788 $5,671,009 $5,298,668 Costs and Expenses:   Cost of sales 3,548,896 3,255,801 3,245,531   Selling, marketing and administrative 1,477,750 1,426,477 1,208,672   Business realignment and impairment (credits) charges, net (886 ) 83,433 82,875     Total costs and expenses 5,025,760 4,765,711 4,537,078 Income before Interest and Income Taxes 1,055,028 905,298 761,590   Interest expense, net 92,183 96,434 90,459 Income before Income Taxes 962,845 808,864 671,131   Provision for income taxes 333,883 299,065 235,137 Net Income $628,962 $509,799 $435,994 Net Income Per Share—Basic—Class B Common Stock $2.58 $2.08 $1.77 Net Income Per Share—Diluted—Class B Common Stock $2.56 $2.07 $1.77 Net Income Per Share—Basic—Common Stock $2.85 $2.29 $1.97 Net Income Per Share—Diluted—Common Stock $2.74 $2.21 $1.90 Cash Dividends Paid Per Share:   Common Stock $1.3800 $1.2800 $1.1900   Class B Common Stock 1.2500 1.1600 1.0712 The notes to consolidated financial statements are an integral part of these statements and are included in the Hershey’s 2011 Annual Report, available at www.thehersheycompany.com. THE HERSHEY COMPANYCONSOLIDATED BALANCE SHEETS December 31, 2011 2010 In thousands of dollars ASSETS Current Assets:   Cash and cash equivalents $693,686 $884,642   Accounts receivable—trade 399,499 390,061   Inventories 648,953 533,622   Deferred income taxes 136,861 55,760   Prepaid expenses and other 167,559 141,132     Total current assets 2,046,558 2,005,217 Property, Plant and Equipment, Net 1,559,717 1,437,702 Goodwill 516,745 524,134 Other Intangibles 111,913 123,080 Deferred Income Taxes 38,544 21,387 Other Assets 138,722 161,212     Total assets $4,412,199 $4,272,732 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities:   Accounts payable $420,017 $410,655   Accrued liabilities 612,186 593,308   Accrued income taxes 1,899 9,402   Short-term debt 42,080 24,088   Current portion of long-term debt 97,593 261,392     Total current liabilities 1,173,775 1,298,845 Long-term Debt 1,748,500 1,541,825 Other Long-term Liabilities 617,276 494,461     Total liabilities 3,539,551 3,335,131 Commitments and Contingencies — — Stockholders’ Equity:   The Hershey Company Stockholders’ Equity     Preferred Stock, shares issued: none in 2011 and 2010 — —     Common Stock, shares issued: 299,269,702 in 2011 and 299,195,325 in 2010 299,269 299,195     Class B Common Stock, shares issued: 60,632,042 in 2011 and 60,706,419 in 2010 60,632 60,706     Additional paid-in capital 490,817 434,865     Retained earnings 4,699,597 4,374,718     Treasury—Common Stock shares, at cost: 134,695,826 in 2011 and 132,871,512 in 2010 (4,258,962 ) (4,052,101 )     Accumulated other comprehensive loss (442,331 ) (215,067 )       The Hershey Company stockholders’ equity 849,022 902,316   Noncontrolling interests in subsidiaries 23,626 35,285       Total stockholders’ equity 872,648 937,601       Total liabilities and stockholders’equity $4,412,199 $4,272,732 THE HERSHEY COMPANYCONSOLIDATED STATEMENTS OF CASH FLOWS For the years ended December 31, 2011 2010 2009 In thousands of dollars Cash Flows Provided from (Used by) Operating Activities Net income $628,962 $509,799 $435,994 Adjustments to reconcile net income to net cash provided from operations: Depreciation and amortization 215,763 197,116 182,411 Stock-based compensation expense, net of tax of $15,127, $17,413 and $19,223, respectively 28,341 32,055 34,927 Excess tax benefits from stock-based compensation (13,997 ) (1,385 ) (4,455 ) Deferred income taxes 33,611 (18,654 ) (40,578 ) Gain on sale of trademark licensing rights, net of tax of $5,962 (11,072 ) — — Business realignment and impairment charges, net of tax of $18,333, $20,635 and $38,308, respectively 30,838 77,935 60,823 Contributions to pension plans (8,861 ) (6,073 ) (54,457 ) Changes in assets and liabilities, net of effects from business acquisitions and divestitures: Accounts receivable—trade (9,438 ) 20,329 46,584 Inventories (115,331 ) (13,910 ) 74,000 Accounts payable 7,860 90,434 37,228 Other assets and liabilities (205,809 ) 13,777 293,272 Net Cash Provided from Operating Activities 580,867 901,423 1,065,749 Cash Flows Provided from (Used by) Investing Activities Capital additions (323,961 ) (179,538 ) (126,324 ) Capitalized software additions (23,606 ) (21,949 ) (19,146 ) Proceeds from sales of property, plant and equipment 312 2,201 10,364 Proceeds from sales of trademark licensing rights 20,000 — — Business acquisitions (5,750 ) — (15,220 ) Net Cash (Used by) Investing Activities (333,005 ) (199,286 ) (150,326 ) Cash Flows Provided from (Used by) Financing Activities Net change in short-term borrowings 10,834 1,156 (458,047 ) Long-term borrowings 249,126 348,208 — Repayment of long-term debt (256,189 ) (71,548 ) (8,252 ) Proceeds from lease financing agreement 47,601 — — Cash dividends paid (304,083 ) (283,434 ) (263,403 ) Exercise of stock options 184,411 92,033 28,318 Excess tax benefits from stock-based compensation 13,997 1,385 4,455 Contributions from noncontrolling interests in subsidiaries — 10,199 7,322 Repurchase of Common Stock (384,515 ) (169,099 ) (9,314 ) Net Cash (Used by) Financing Activities (438,818 ) (71,100 ) (698,921 ) (Decrease) Increase in Cash and Cash Equivalents (190,956 ) 631,037 216,502 Cash and Cash Equivalents as of January 1 884,642 253,605 37,103 Cash and Cash Equivalents as of December 31 $693,686 $884,642 $253,605 Interest Paid $97,892 $97,932 $91,623 Income Taxes Paid 292,315 350,948 252,230 TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OFEarnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data) For the year ended December 31, 2011 2010 2009 Net product sales $528,369 $517,149 $495,592 Rental and royalty revenue 4,136 4,299 3,739 Total revenue 532,505 521,448 499,331 Product cost of goods sold 365,225 349,334 319,775 Rental and royalty cost 1,038 1,088 852 Total costs 366,263 350,422 320,627 Product gross margin 163,144 167,815 175,817 Rental and royalty gross margin 3,098 3,211 2,887 Total gross margin 166,242 171,026 178,704 Selling, marketing and administrative expenses 108,276 106,316 103,755 Impairment charges — — 14,000 Earnings from operations 57,966 64,710 60,949 Other income (expense), net 2,946 8,358 2,100 Earnings before income taxes 60,912 73,068 63,049 Provision for income taxes 16,974 20,005 9,892 Net earnings $43,938 $53,063 $53,157 Net earnings $43,938 $53,063 $53,157 Other comprehensive earnings (loss) (8,740 ) 1,183 2,845 Comprehensive earnings $35,198 $54,246 $56,002 Retained earnings at beginning of year. $135,866 $147,687 $144,949 Net earnings 43,938 53,063 53,157 Cash dividends (18,360 ) (18,078 ) (17,790 ) Stock dividends (47,175 ) (46,806 ) (32,629 ) Retained earnings at end of year $114,269 $135,866 $147,687 Earnings per share $0.76 $0.90 $0.89 Average Common and Class B Common shares outstanding 57,892 58,685 59,425 (The accompanying notes are an integral part of these statements.) CONSOLIDATED STATEMENTS OFFinancial PositionTOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data) Assets December 31, 2011 2010 CURRENT ASSETS: Cash and cash equivalents $78,612 $115,976 Investments 10,895 7,996 Accounts receivable trade, less allowances of $1,731 and $1,531 41,895 37,394 Other receivables 3,391 9,961 Inventories:

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Broadening Your Perspective 13-2 The financial statements of The Hershey Company and Tootsie Roll are presented below.THE HERSHEY COMPANYCONSOLIDATED STATEMENTS OF INCOME For the years ended December 31, 2011 2010 2009 In thousands of dollars except per share amounts Net Sales $6,080,788 $5,671,009 $5,298,668 Costs and Expenses:   Cost of sales 3,548,896 3,255,801 3,245,531   Selling, marketing and administrative 1,477,750 1,426,477 1,208,672   Business realignment and impairment (credits) charges, net (886 ) 83,433 82,875     Total costs and expenses 5,025,760 4,765,711 4,537,078 Income before Interest and Income Taxes 1,055,028 905,298 761,590   Interest expense, net 92,183 96,434 90,459 Income before Income Taxes 962,845 808,864 671,131   Provision for income taxes 333,883 299,065 235,137 Net Income $628,962 $509,799 $435,994 Net Income Per Share—Basic—Class B Common Stock $2.58 $2.08 $1.77 Net Income Per Share—Diluted—Class B Common Stock $2.56 $2.07 $1.77 Net Income Per Share—Basic—Common Stock $2.85 $2.29 $1.97 Net Income Per Share—Diluted—Common Stock $2.74 $2.21 $1.90 Cash Dividends Paid Per Share:   Common Stock $1.3800 $1.2800 $1.1900   Class B Common Stock 1.2500 1.1600 1.0712 The notes to consolidated financial statements are an integral part of these statements and are included in the Hershey’s 2011 Annual Report, available at www.thehersheycompany.com. THE HERSHEY COMPANYCONSOLIDATED BALANCE SHEETS December 31, 2011 2010 In thousands of dollars ASSETS Current Assets:   Cash and cash equivalents $693,686 $884,642   Accounts receivable—trade 399,499 390,061   Inventories 648,953 533,622   Deferred income taxes 136,861 55,760   Prepaid expenses and other 167,559 141,132     Total current assets 2,046,558 2,005,217 Property, Plant and Equipment, Net 1,559,717 1,437,702 Goodwill 516,745 524,134 Other Intangibles 111,913 123,080 Deferred Income Taxes 38,544 21,387 Other Assets 138,722 161,212     Total assets $4,412,199 $4,272,732 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities:   Accounts payable $420,017 $410,655   Accrued liabilities 612,186 593,308   Accrued income taxes 1,899 9,402   Short-term debt 42,080 24,088   Current portion of long-term debt 97,593 261,392     Total current liabilities 1,173,775 1,298,845 Long-term Debt 1,748,500 1,541,825 Other Long-term Liabilities 617,276 494,461     Total liabilities 3,539,551 3,335,131 Commitments and Contingencies — — Stockholders’ Equity:   The Hershey Company Stockholders’ Equity     Preferred Stock, shares issued: none in 2011 and 2010 — —     Common Stock, shares issued: 299,269,702 in 2011 and 299,195,325 in 2010 299,269 299,195     Class B Common Stock, shares issued: 60,632,042 in 2011 and 60,706,419 in 2010 60,632 60,706     Additional paid-in capital 490,817 434,865     Retained earnings 4,699,597 4,374,718     Treasury—Common Stock shares, at cost: 134,695,826 in 2011 and 132,871,512 in 2010 (4,258,962 ) (4,052,101 )     Accumulated other comprehensive loss (442,331 ) (215,067 )       The Hershey Company stockholders’ equity 849,022 902,316   Noncontrolling interests in subsidiaries 23,626 35,285       Total stockholders’ equity 872,648 937,601       Total liabilities and stockholders’equity $4,412,199 $4,272,732 THE HERSHEY COMPANYCONSOLIDATED STATEMENTS OF CASH FLOWS For the years ended December 31, 2011 2010 2009 In thousands of dollars Cash Flows Provided from (Used by) Operating Activities Net income $628,962 $509,799 $435,994 Adjustments to reconcile net income to net cash provided from operations: Depreciation and amortization 215,763 197,116 182,411 Stock-based compensation expense, net of tax of $15,127, $17,413 and $19,223, respectively 28,341 32,055 34,927 Excess tax benefits from stock-based compensation (13,997 ) (1,385 ) (4,455 ) Deferred income taxes 33,611 (18,654 ) (40,578 ) Gain on sale of trademark licensing rights, net of tax of $5,962 (11,072 ) — — Business realignment and impairment charges, net of tax of $18,333, $20,635 and $38,308, respectively 30,838 77,935 60,823 Contributions to pension plans (8,861 ) (6,073 ) (54,457 ) Changes in assets and liabilities, net of effects from business acquisitions and divestitures: Accounts receivable—trade (9,438 ) 20,329 46,584 Inventories (115,331 ) (13,910 ) 74,000 Accounts payable 7,860 90,434 37,228 Other assets and liabilities (205,809 ) 13,777 293,272 Net Cash Provided from Operating Activities 580,867 901,423 1,065,749 Cash Flows Provided from (Used by) Investing Activities Capital additions (323,961 ) (179,538 ) (126,324 ) Capitalized software additions (23,606 ) (21,949 ) (19,146 ) Proceeds from sales of property, plant and equipment 312 2,201 10,364 Proceeds from sales of trademark licensing rights 20,000 — — Business acquisitions (5,750 ) — (15,220 ) Net Cash (Used by) Investing Activities (333,005 ) (199,286 ) (150,326 ) Cash Flows Provided from (Used by) Financing Activities Net change in short-term borrowings 10,834 1,156 (458,047 ) Long-term borrowings 249,126 348,208 — Repayment of long-term debt (256,189 ) (71,548 ) (8,252 ) Proceeds from lease financing agreement 47,601 — — Cash dividends paid (304,083 ) (283,434 ) (263,403 ) Exercise of stock options 184,411 92,033 28,318 Excess tax benefits from stock-based compensation 13,997 1,385 4,455 Contributions from noncontrolling interests in subsidiaries — 10,199 7,322 Repurchase of Common Stock (384,515 ) (169,099 ) (9,314 ) Net Cash (Used by) Financing Activities (438,818 ) (71,100 ) (698,921 ) (Decrease) Increase in Cash and Cash Equivalents (190,956 ) 631,037 216,502 Cash and Cash Equivalents as of January 1 884,642 253,605 37,103 Cash and Cash Equivalents as of December 31 $693,686 $884,642 $253,605 Interest Paid $97,892 $97,932 $91,623 Income Taxes Paid 292,315 350,948 252,230 TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OFEarnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data) For the year ended December 31, 2011 2010 2009 Net product sales $528,369 $517,149 $495,592 Rental and royalty revenue 4,136 4,299 3,739 Total revenue 532,505 521,448 499,331 Product cost of goods sold 365,225 349,334 319,775 Rental and royalty cost 1,038 1,088 852 Total costs 366,263 350,422 320,627 Product gross margin 163,144 167,815 175,817 Rental and royalty gross margin 3,098 3,211 2,887 Total gross margin 166,242 171,026 178,704 Selling, marketing and administrative expenses 108,276 106,316 103,755 Impairment charges — — 14,000 Earnings from operations 57,966 64,710 60,949 Other income (expense), net 2,946 8,358 2,100 Earnings before income taxes 60,912 73,068 63,049 Provision for income taxes 16,974 20,005 9,892 Net earnings $43,938 $53,063 $53,157 Net earnings $43,938 $53,063 $53,157 Other comprehensive earnings (loss) (8,740 ) 1,183 2,845 Comprehensive earnings $35,198 $54,246 $56,002 Retained earnings at beginning of year. $135,866 $147,687 $144,949 Net earnings 43,938 53,063 53,157 Cash dividends (18,360 ) (18,078 ) (17,790 ) Stock dividends (47,175 ) (46,806 ) (32,629 ) Retained earnings at end of year $114,269 $135,866 $147,687 Earnings per share $0.76 $0.90 $0.89 Average Common and Class B Common shares outstanding 57,892 58,685 59,425 (The accompanying notes are an integral part of these statements.) CONSOLIDATED STATEMENTS OFFinancial PositionTOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data) Assets December 31, 2011 2010 CURRENT ASSETS: Cash and cash equivalents $78,612 $115,976 Investments 10,895 7,996 Accounts receivable trade, less allowances of $1,731 and $1,531 41,895 37,394 Other receivables 3,391 9,961 Inventories:

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Broadening Your Perspective 13-2 The financial statements of The Hershey Company and Tootsie Roll are presented below.THE HERSHEY COMPANYCONSOLIDATED STATEMENTS OF INCOME For the years ended December 31, 2011 2010 2009 In thousands of dollars except per share amounts Net Sales $6,080,788 $5,671,009 $5,298,668 Costs and Expenses:   Cost of sales 3,548,896 3,255,801 3,245,531   Selling, marketing and administrative 1,477,750 1,426,477 1,208,672   Business realignment and impairment (credits) charges, net (886 ) 83,433 82,875     Total costs and expenses 5,025,760 4,765,711 4,537,078 Income before Interest and Income Taxes 1,055,028 905,298 761,590   Interest expense, net 92,183 96,434 90,459 Income before Income Taxes 962,845 808,864 671,131   Provision for income taxes 333,883 299,065 235,137 Net Income $628,962 $509,799 $435,994 Net Income Per Share—Basic—Class B Common Stock $2.58 $2.08 $1.77 Net Income Per Share—Diluted—Class B Common Stock $2.56 $2.07 $1.77 Net Income Per Share—Basic—Common Stock $2.85 $2.29 $1.97 Net Income Per Share—Diluted—Common Stock $2.74 $2.21 $1.90 Cash Dividends Paid Per Share:   Common Stock $1.3800 $1.2800 $1.1900   Class B Common Stock 1.2500 1.1600 1.0712 The notes to consolidated financial statements are an integral part of these statements and are included in the Hershey’s 2011 Annual Report, available at www.thehersheycompany.com. THE HERSHEY COMPANYCONSOLIDATED BALANCE SHEETS December 31, 2011 2010 In thousands of dollars ASSETS Current Assets:   Cash and cash equivalents $693,686 $884,642   Accounts receivable—trade 399,499 390,061   Inventories 648,953 533,622   Deferred income taxes 136,861 55,760   Prepaid expenses and other 167,559 141,132     Total current assets 2,046,558 2,005,217 Property, Plant and Equipment, Net 1,559,717 1,437,702 Goodwill 516,745 524,134 Other Intangibles 111,913 123,080 Deferred Income Taxes 38,544 21,387 Other Assets 138,722 161,212     Total assets $4,412,199 $4,272,732 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities:   Accounts payable $420,017 $410,655   Accrued liabilities 612,186 593,308   Accrued income taxes 1,899 9,402   Short-term debt 42,080 24,088   Current portion of long-term debt 97,593 261,392     Total current liabilities 1,173,775 1,298,845 Long-term Debt 1,748,500 1,541,825 Other Long-term Liabilities 617,276 494,461     Total liabilities 3,539,551 3,335,131 Commitments and Contingencies — — Stockholders’ Equity:   The Hershey Company Stockholders’ Equity     Preferred Stock, shares issued: none in 2011 and 2010 — —     Common Stock, shares issued: 299,269,702 in 2011 and 299,195,325 in 2010 299,269 299,195     Class B Common Stock, shares issued: 60,632,042 in 2011 and 60,706,419 in 2010 60,632 60,706     Additional paid-in capital 490,817 434,865     Retained earnings 4,699,597 4,374,718     Treasury—Common Stock shares, at cost: 134,695,826 in 2011 and 132,871,512 in 2010 (4,258,962 ) (4,052,101 )     Accumulated other comprehensive loss (442,331 ) (215,067 )       The Hershey Company stockholders’ equity 849,022 902,316   Noncontrolling interests in subsidiaries 23,626 35,285       Total stockholders’ equity 872,648 937,601       Total liabilities and stockholders’equity $4,412,199 $4,272,732 THE HERSHEY COMPANYCONSOLIDATED STATEMENTS OF CASH FLOWS For the years ended December 31, 2011 2010 2009 In thousands of dollars Cash Flows Provided from (Used by) Operating Activities Net income $628,962 $509,799 $435,994 Adjustments to reconcile net income to net cash provided from operations: Depreciation and amortization 215,763 197,116 182,411 Stock-based compensation expense, net of tax of $15,127, $17,413 and $19,223, respectively 28,341 32,055 34,927 Excess tax benefits from stock-based compensation (13,997 ) (1,385 ) (4,455 ) Deferred income taxes 33,611 (18,654 ) (40,578 ) Gain on sale of trademark licensing rights, net of tax of $5,962 (11,072 ) — — Business realignment and impairment charges, net of tax of $18,333, $20,635 and $38,308, respectively 30,838 77,935 60,823 Contributions to pension plans (8,861 ) (6,073 ) (54,457 ) Changes in assets and liabilities, net of effects from business acquisitions and divestitures: Accounts receivable—trade (9,438 ) 20,329 46,584 Inventories (115,331 ) (13,910 ) 74,000 Accounts payable 7,860 90,434 37,228 Other assets and liabilities (205,809 ) 13,777 293,272 Net Cash Provided from Operating Activities 580,867 901,423 1,065,749 Cash Flows Provided from (Used by) Investing Activities Capital additions (323,961 ) (179,538 ) (126,324 ) Capitalized software additions (23,606 ) (21,949 ) (19,146 ) Proceeds from sales of property, plant and equipment 312 2,201 10,364 Proceeds from sales of trademark licensing rights 20,000 — — Business acquisitions (5,750 ) — (15,220 ) Net Cash (Used by) Investing Activities (333,005 ) (199,286 ) (150,326 ) Cash Flows Provided from (Used by) Financing Activities Net change in short-term borrowings 10,834 1,156 (458,047 ) Long-term borrowings 249,126 348,208 — Repayment of long-term debt (256,189 ) (71,548 ) (8,252 ) Proceeds from lease financing agreement 47,601 — — Cash dividends paid (304,083 ) (283,434 ) (263,403 ) Exercise of stock options 184,411 92,033 28,318 Excess tax benefits from stock-based compensation 13,997 1,385 4,455 Contributions from noncontrolling interests in subsidiaries — 10,199 7,322 Repurchase of Common Stock (384,515 ) (169,099 ) (9,314 ) Net Cash (Used by) Financing Activities (438,818 ) (71,100 ) (698,921 ) (Decrease) Increase in Cash and Cash Equivalents (190,956 ) 631,037 216,502 Cash and Cash Equivalents as of January 1 884,642 253,605 37,103 Cash and Cash Equivalents as of December 31 $693,686 $884,642 $253,605 Interest Paid $97,892 $97,932 $91,623 Income Taxes Paid 292,315 350,948 252,230 TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OFEarnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data) For the year ended December 31, 2011 2010 2009 Net product sales $528,369 $517,149 $495,592 Rental and royalty revenue 4,136 4,299 3,739 Total revenue 532,505 521,448 499,331 Product cost of goods sold 365,225 349,334 319,775 Rental and royalty cost 1,038 1,088 852 Total costs 366,263 350,422 320,627 Product gross margin 163,144 167,815 175,817 Rental and royalty gross margin 3,098 3,211 2,887 Total gross margin 166,242 171,026 178,704 Selling, marketing and administrative expenses 108,276 106,316 103,755 Impairment charges — — 14,000 Earnings from operations 57,966 64,710 60,949 Other income (expense), net 2,946 8,358 2,100 Earnings before income taxes 60,912 73,068 63,049 Provision for income taxes 16,974 20,005 9,892 Net earnings $43,938 $53,063 $53,157 Net earnings $43,938 $53,063 $53,157 Other comprehensive earnings (loss) (8,740 ) 1,183 2,845 Comprehensive earnings $35,198 $54,246 $56,002 Retained earnings at beginning of year. $135,866 $147,687 $144,949 Net earnings 43,938 53,063 53,157 Cash dividends (18,360 ) (18,078 ) (17,790 ) Stock dividends (47,175 ) (46,806 ) (32,629 ) Retained earnings at end of year $114,269 $135,866 $147,687 Earnings per share $0.76 $0.90 $0.89 Average Common and Class B Common shares outstanding 57,892 58,685 59,425 (The accompanying notes are an integral part of these statements.) CONSOLIDATED STATEMENTS OFFinancial PositionTOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data) Assets December 31, 2011 2010 CURRENT ASSETS: Cash and cash equivalents $78,612 $115,976 Investments 10,895 7,996 Accounts receivable trade, less allowances of $1,731 and $1,531 41,895 37,394 Other receivables 3,391 9,961 Inventories:

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Broadening Your Perspective 13-2 The financial statements of The Hershey Company and Tootsie Roll are presented below.THE HERSHEY COMPANYCONSOLIDATED STATEMENTS OF INCOME For the years ended December 31, 2011 2010 2009 In thousands of dollars except per share amounts Net Sales $6,080,788 $5,671,009 $5,298,668 Costs and Expenses:   Cost of sales 3,548,896 3,255,801 3,245,531   Selling, marketing and administrative 1,477,750 1,426,477 1,208,672   Business realignment and impairment (credits) charges, net (886 ) 83,433 82,875     Total costs and expenses 5,025,760 4,765,711 4,537,078 Income before Interest and Income Taxes 1,055,028 905,298 761,590   Interest expense, net 92,183 96,434 90,459 Income before Income Taxes 962,845 808,864 671,131   Provision for income taxes 333,883 299,065 235,137 Net Income $628,962 $509,799 $435,994 Net Income Per Share—Basic—Class B Common Stock $2.58 $2.08 $1.77 Net Income Per Share—Diluted—Class B Common Stock $2.56 $2.07 $1.77 Net Income Per Share—Basic—Common Stock $2.85 $2.29 $1.97 Net Income Per Share—Diluted—Common Stock $2.74 $2.21 $1.90 Cash Dividends Paid Per Share:   Common Stock $1.3800 $1.2800 $1.1900   Class B Common Stock 1.2500 1.1600 1.0712 The notes to consolidated financial statements are an integral part of these statements and are included in the Hershey’s 2011 Annual Report, available at www.thehersheycompany.com. THE HERSHEY COMPANYCONSOLIDATED BALANCE SHEETS December 31, 2011 2010 In thousands of dollars ASSETS Current Assets:   Cash and cash equivalents $693,686 $884,642   Accounts receivable—trade 399,499 390,061   Inventories 648,953 533,622   Deferred income taxes 136,861 55,760   Prepaid expenses and other 167,559 141,132     Total current assets 2,046,558 2,005,217 Property, Plant and Equipment, Net 1,559,717 1,437,702 Goodwill 516,745 524,134 Other Intangibles 111,913 123,080 Deferred Income Taxes 38,544 21,387 Other Assets 138,722 161,212     Total assets $4,412,199 $4,272,732 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities:   Accounts payable $420,017 $410,655   Accrued liabilities 612,186 593,308   Accrued income taxes 1,899 9,402   Short-term debt 42,080 24,088   Current portion of long-term debt 97,593 261,392     Total current liabilities 1,173,775 1,298,845 Long-term Debt 1,748,500 1,541,825 Other Long-term Liabilities 617,276 494,461     Total liabilities 3,539,551 3,335,131 Commitments and Contingencies — — Stockholders’ Equity:   The Hershey Company Stockholders’ Equity     Preferred Stock, shares issued: none in 2011 and 2010 — —     Common Stock, shares issued: 299,269,702 in 2011 and 299,195,325 in 2010 299,269 299,195     Class B Common Stock, shares issued: 60,632,042 in 2011 and 60,706,419 in 2010 60,632 60,706     Additional paid-in capital 490,817 434,865     Retained earnings 4,699,597 4,374,718     Treasury—Common Stock shares, at cost: 134,695,826 in 2011 and 132,871,512 in 2010 (4,258,962 ) (4,052,101 )     Accumulated other comprehensive loss (442,331 ) (215,067 )       The Hershey Company stockholders’ equity 849,022 902,316   Noncontrolling interests in subsidiaries 23,626 35,285       Total stockholders’ equity 872,648 937,601       Total liabilities and stockholders’equity $4,412,199 $4,272,732 THE HERSHEY COMPANYCONSOLIDATED STATEMENTS OF CASH FLOWS For the years ended December 31, 2011 2010 2009 In thousands of dollars Cash Flows Provided from (Used by) Operating Activities Net income $628,962 $509,799 $435,994 Adjustments to reconcile net income to net cash provided from operations: Depreciation and amortization 215,763 197,116 182,411 Stock-based compensation expense, net of tax of $15,127, $17,413 and $19,223, respectively 28,341 32,055 34,927 Excess tax benefits from stock-based compensation (13,997 ) (1,385 ) (4,455 ) Deferred income taxes 33,611 (18,654 ) (40,578 ) Gain on sale of trademark licensing rights, net of tax of $5,962 (11,072 ) — — Business realignment and impairment charges, net of tax of $18,333, $20,635 and $38,308, respectively 30,838 77,935 60,823 Contributions to pension plans (8,861 ) (6,073 ) (54,457 ) Changes in assets and liabilities, net of effects from business acquisitions and divestitures: Accounts receivable—trade (9,438 ) 20,329 46,584 Inventories (115,331 ) (13,910 ) 74,000 Accounts payable 7,860 90,434 37,228 Other assets and liabilities (205,809 ) 13,777 293,272 Net Cash Provided from Operating Activities 580,867 901,423 1,065,749 Cash Flows Provided from (Used by) Investing Activities Capital additions (323,961 ) (179,538 ) (126,324 ) Capitalized software additions (23,606 ) (21,949 ) (19,146 ) Proceeds from sales of property, plant and equipment 312 2,201 10,364 Proceeds from sales of trademark licensing rights 20,000 — — Business acquisitions (5,750 ) — (15,220 ) Net Cash (Used by) Investing Activities (333,005 ) (199,286 ) (150,326 ) Cash Flows Provided from (Used by) Financing Activities Net change in short-term borrowings 10,834 1,156 (458,047 ) Long-term borrowings 249,126 348,208 — Repayment of long-term debt (256,189 ) (71,548 ) (8,252 ) Proceeds from lease financing agreement 47,601 — — Cash dividends paid (304,083 ) (283,434 ) (263,403 ) Exercise of stock options 184,411 92,033 28,318 Excess tax benefits from stock-based compensation 13,997 1,385 4,455 Contributions from noncontrolling interests in subsidiaries — 10,199 7,322 Repurchase of Common Stock (384,515 ) (169,099 ) (9,314 ) Net Cash (Used by) Financing Activities (438,818 ) (71,100 ) (698,921 ) (Decrease) Increase in Cash and Cash Equivalents (190,956 ) 631,037 216,502 Cash and Cash Equivalents as of January 1 884,642 253,605 37,103 Cash and Cash Equivalents as of December 31 $693,686 $884,642 $253,605 Interest Paid $97,892 $97,932 $91,623 Income Taxes Paid 292,315 350,948 252,230 TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OFEarnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data) For the year ended December 31, 2011 2010 2009 Net product sales $528,369 $517,149 $495,592 Rental and royalty revenue 4,136 4,299 3,739 Total revenue 532,505 521,448 499,331 Product cost of goods sold 365,225 349,334 319,775 Rental and royalty cost 1,038 1,088 852 Total costs 366,263 350,422 320,627 Product gross margin 163,144 167,815 175,817 Rental and royalty gross margin 3,098 3,211 2,887 Total gross margin 166,242 171,026 178,704 Selling, marketing and administrative expenses 108,276 106,316 103,755 Impairment charges — — 14,000 Earnings from operations 57,966 64,710 60,949 Other income (expense), net 2,946 8,358 2,100 Earnings before income taxes 60,912 73,068 63,049 Provision for income taxes 16,974 20,005 9,892 Net earnings $43,938 $53,063 $53,157 Net earnings $43,938 $53,063 $53,157 Other comprehensive earnings (loss) (8,740 ) 1,183 2,845 Comprehensive earnings $35,198 $54,246 $56,002 Retained earnings at beginning of year. $135,866 $147,687 $144,949 Net earnings 43,938 53,063 53,157 Cash dividends (18,360 ) (18,078 ) (17,790 ) Stock dividends (47,175 ) (46,806 ) (32,629 ) Retained earnings at end of year $114,269 $135,866 $147,687 Earnings per share $0.76 $0.90 $0.89 Average Common and Class B Common shares outstanding 57,892 58,685 59,425 (The accompanying notes are an integral part of these statements.) CONSOLIDATED STATEMENTS OFFinancial PositionTOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data) Assets December 31, 2011 2010 CURRENT ASSETS: Cash and cash equivalents $78,612 $115,976 Investments 10,895 7,996 Accounts receivable trade, less allowances of $1,731 and $1,531 41,895 37,394 Other receivables 3,391 9,961 Inventories:

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Broadening Your Perspective 13-2 The financial statements of The Hershey Company and Tootsie Roll are presented below.THE HERSHEY COMPANYCONSOLIDATED STATEMENTS OF INCOME For the years ended December 31, 2011 2010 2009 In thousands of dollars except per share amounts Net Sales $6,080,788 $5,671,009 $5,298,668 Costs and Expenses:   Cost of sales 3,548,896 3,255,801 3,245,531   Selling, marketing and administrative 1,477,750 1,426,477 1,208,672   Business realignment and impairment (credits) charges, net (886 ) 83,433 82,875     Total costs and expenses 5,025,760 4,765,711 4,537,078 Income before Interest and Income Taxes 1,055,028 905,298 761,590   Interest expense, net 92,183 96,434 90,459 Income before Income Taxes 962,845 808,864 671,131   Provision for income taxes 333,883 299,065 235,137 Net Income $628,962 $509,799 $435,994 Net Income Per Share—Basic—Class B Common Stock $2.58 $2.08 $1.77 Net Income Per Share—Diluted—Class B Common Stock $2.56 $2.07 $1.77 Net Income Per Share—Basic—Common Stock $2.85 $2.29 $1.97 Net Income Per Share—Diluted—Common Stock $2.74 $2.21 $1.90 Cash Dividends Paid Per Share:   Common Stock $1.3800 $1.2800 $1.1900   Class B Common Stock 1.2500 1.1600 1.0712 The notes to consolidated financial statements are an integral part of these statements and are included in the Hershey’s 2011 Annual Report, available at www.thehersheycompany.com. THE HERSHEY COMPANYCONSOLIDATED BALANCE SHEETS December 31, 2011 2010 In thousands of dollars ASSETS Current Assets:   Cash and cash equivalents $693,686 $884,642   Accounts receivable—trade 399,499 390,061   Inventories 648,953 533,622   Deferred income taxes 136,861 55,760   Prepaid expenses and other 167,559 141,132     Total current assets 2,046,558 2,005,217 Property, Plant and Equipment, Net 1,559,717 1,437,702 Goodwill 516,745 524,134 Other Intangibles 111,913 123,080 Deferred Income Taxes 38,544 21,387 Other Assets 138,722 161,212     Total assets $4,412,199 $4,272,732 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities:   Accounts payable $420,017 $410,655   Accrued liabilities 612,186 593,308   Accrued income taxes 1,899 9,402   Short-term debt 42,080 24,088   Current portion of long-term debt 97,593 261,392     Total current liabilities 1,173,775 1,298,845 Long-term Debt 1,748,500 1,541,825 Other Long-term Liabilities 617,276 494,461     Total liabilities 3,539,551 3,335,131 Commitments and Contingencies — — Stockholders’ Equity:   The Hershey Company Stockholders’ Equity     Preferred Stock, shares issued: none in 2011 and 2010 — —     Common Stock, shares issued: 299,269,702 in 2011 and 299,195,325 in 2010 299,269 299,195     Class B Common Stock, shares issued: 60,632,042 in 2011 and 60,706,419 in 2010 60,632 60,706     Additional paid-in capital 490,817 434,865     Retained earnings 4,699,597 4,374,718     Treasury—Common Stock shares, at cost: 134,695,826 in 2011 and 132,871,512 in 2010 (4,258,962 ) (4,052,101 )     Accumulated other comprehensive loss (442,331 ) (215,067 )       The Hershey Company stockholders’ equity 849,022 902,316   Noncontrolling interests in subsidiaries 23,626 35,285       Total stockholders’ equity 872,648 937,601       Total liabilities and stockholders’equity $4,412,199 $4,272,732 THE HERSHEY COMPANYCONSOLIDATED STATEMENTS OF CASH FLOWS For the years ended December 31, 2011 2010 2009 In thousands of dollars Cash Flows Provided from (Used by) Operating Activities Net income $628,962 $509,799 $435,994 Adjustments to reconcile net income to net cash provided from operations: Depreciation and amortization 215,763 197,116 182,411 Stock-based compensation expense, net of tax of $15,127, $17,413 and $19,223, respectively 28,341 32,055 34,927 Excess tax benefits from stock-based compensation (13,997 ) (1,385 ) (4,455 ) Deferred income taxes 33,611 (18,654 ) (40,578 ) Gain on sale of trademark licensing rights, net of tax of $5,962 (11,072 ) — — Business realignment and impairment charges, net of tax of $18,333, $20,635 and $38,308, respectively 30,838 77,935 60,823 Contributions to pension plans (8,861 ) (6,073 ) (54,457 ) Changes in assets and liabilities, net of effects from business acquisitions and divestitures: Accounts receivable—trade (9,438 ) 20,329 46,584 Inventories (115,331 ) (13,910 ) 74,000 Accounts payable 7,860 90,434 37,228 Other assets and liabilities (205,809 ) 13,777 293,272 Net Cash Provided from Operating Activities 580,867 901,423 1,065,749 Cash Flows Provided from (Used by) Investing Activities Capital additions (323,961 ) (179,538 ) (126,324 ) Capitalized software additions (23,606 ) (21,949 ) (19,146 ) Proceeds from sales of property, plant and equipment 312 2,201 10,364 Proceeds from sales of trademark licensing rights 20,000 — — Business acquisitions (5,750 ) — (15,220 ) Net Cash (Used by) Investing Activities (333,005 ) (199,286 ) (150,326 ) Cash Flows Provided from (Used by) Financing Activities Net change in short-term borrowings 10,834 1,156 (458,047 ) Long-term borrowings 249,126 348,208 — Repayment of long-term debt (256,189 ) (71,548 ) (8,252 ) Proceeds from lease financing agreement 47,601 — — Cash dividends paid (304,083 ) (283,434 ) (263,403 ) Exercise of stock options 184,411 92,033 28,318 Excess tax benefits from stock-based compensation 13,997 1,385 4,455 Contributions from noncontrolling interests in subsidiaries — 10,199 7,322 Repurchase of Common Stock (384,515 ) (169,099 ) (9,314 ) Net Cash (Used by) Financing Activities (438,818 ) (71,100 ) (698,921 ) (Decrease) Increase in Cash and Cash Equivalents (190,956 ) 631,037 216,502 Cash and Cash Equivalents as of January 1 884,642 253,605 37,103 Cash and Cash Equivalents as of December 31 $693,686 $884,642 $253,605 Interest Paid $97,892 $97,932 $91,623 Income Taxes Paid 292,315 350,948 252,230 TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OFEarnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data) For the year ended December 31, 2011 2010 2009 Net product sales $528,369 $517,149 $495,592 Rental and royalty revenue 4,136 4,299 3,739 Total revenue 532,505 521,448 499,331 Product cost of goods sold 365,225 349,334 319,775 Rental and royalty cost 1,038 1,088 852 Total costs 366,263 350,422 320,627 Product gross margin 163,144 167,815 175,817 Rental and royalty gross margin 3,098 3,211 2,887 Total gross margin 166,242 171,026 178,704 Selling, marketing and administrative expenses 108,276 106,316 103,755 Impairment charges — — 14,000 Earnings from operations 57,966 64,710 60,949 Other income (expense), net 2,946 8,358 2,100 Earnings before income taxes 60,912 73,068 63,049 Provision for income taxes 16,974 20,005 9,892 Net earnings $43,938 $53,063 $53,157 Net earnings $43,938 $53,063 $53,157 Other comprehensive earnings (loss) (8,740 ) 1,183 2,845 Comprehensive earnings $35,198 $54,246 $56,002 Retained earnings at beginning of year. $135,866 $147,687 $144,949 Net earnings 43,938 53,063 53,157 Cash dividends (18,360 ) (18,078 ) (17,790 ) Stock dividends (47,175 ) (46,806 ) (32,629 ) Retained earnings at end of year $114,269 $135,866 $147,687 Earnings per share $0.76 $0.90 $0.89 Average Common and Class B Common shares outstanding 57,892 58,685 59,425 (The accompanying notes are an integral part of these statements.) CONSOLIDATED STATEMENTS OFFinancial PositionTOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data) Assets December 31, 2011 2010 CURRENT ASSETS: Cash and cash equivalents $78,612 $115,976 Investments 10,895 7,996 Accounts receivable trade, less allowances of $1,731 and $1,531 41,895 37,394 Other receivables 3,391 9,961 Inventories:

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Broadening Your Perspective 13-2 The financial statements of The Hershey Company and Tootsie Roll are presented below.THE HERSHEY COMPANYCONSOLIDATED STATEMENTS OF INCOME For the years ended December 31, 2011 2010 2009 In thousands of dollars except per share amounts Net Sales $6,080,788 $5,671,009 $5,298,668 Costs and Expenses:   Cost of sales 3,548,896 3,255,801 3,245,531   Selling, marketing and administrative 1,477,750 1,426,477 1,208,672   Business realignment and impairment (credits) charges, net (886 ) 83,433 82,875     Total costs and expenses 5,025,760 4,765,711 4,537,078 Income before Interest and Income Taxes 1,055,028 905,298 761,590   Interest expense, net 92,183 96,434 90,459 Income before Income Taxes 962,845 808,864 671,131   Provision for income taxes 333,883 299,065 235,137 Net Income $628,962 $509,799 $435,994 Net Income Per Share—Basic—Class B Common Stock $2.58 $2.08 $1.77 Net Income Per Share—Diluted—Class B Common Stock $2.56 $2.07 $1.77 Net Income Per Share—Basic—Common Stock $2.85 $2.29 $1.97 Net Income Per Share—Diluted—Common Stock $2.74 $2.21 $1.90 Cash Dividends Paid Per Share:   Common Stock $1.3800 $1.2800 $1.1900   Class B Common Stock 1.2500 1.1600 1.0712 The notes to consolidated financial statements are an integral part of these statements and are included in the Hershey’s 2011 Annual Report, available at www.thehersheycompany.com. THE HERSHEY COMPANYCONSOLIDATED BALANCE SHEETS December 31, 2011 2010 In thousands of dollars ASSETS Current Assets:   Cash and cash equivalents $693,686 $884,642   Accounts receivable—trade 399,499 390,061   Inventories 648,953 533,622   Deferred income taxes 136,861 55,760   Prepaid expenses and other 167,559 141,132     Total current assets 2,046,558 2,005,217 Property, Plant and Equipment, Net 1,559,717 1,437,702 Goodwill 516,745 524,134 Other Intangibles 111,913 123,080 Deferred Income Taxes 38,544 21,387 Other Assets 138,722 161,212     Total assets $4,412,199 $4,272,732 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities:   Accounts payable $420,017 $410,655   Accrued liabilities 612,186 593,308   Accrued income taxes 1,899 9,402   Short-term debt 42,080 24,088   Current portion of long-term debt 97,593 261,392     Total current liabilities 1,173,775 1,298,845 Long-term Debt 1,748,500 1,541,825 Other Long-term Liabilities 617,276 494,461     Total liabilities 3,539,551 3,335,131 Commitments and Contingencies — — Stockholders’ Equity:   The Hershey Company Stockholders’ Equity     Preferred Stock, shares issued: none in 2011 and 2010 — —     Common Stock, shares issued: 299,269,702 in 2011 and 299,195,325 in 2010 299,269 299,195     Class B Common Stock, shares issued: 60,632,042 in 2011 and 60,706,419 in 2010 60,632 60,706     Additional paid-in capital 490,817 434,865     Retained earnings 4,699,597 4,374,718     Treasury—Common Stock shares, at cost: 134,695,826 in 2011 and 132,871,512 in 2010 (4,258,962 ) (4,052,101 )     Accumulated other comprehensive loss (442,331 ) (215,067 )       The Hershey Company stockholders’ equity 849,022 902,316   Noncontrolling interests in subsidiaries 23,626 35,285       Total stockholders’ equity 872,648 937,601       Total liabilities and stockholders’equity $4,412,199 $4,272,732 THE HERSHEY COMPANYCONSOLIDATED STATEMENTS OF CASH FLOWS For the years ended December 31, 2011 2010 2009 In thousands of dollars Cash Flows Provided from (Used by) Operating Activities Net income $628,962 $509,799 $435,994 Adjustments to reconcile net income to net cash provided from operations: Depreciation and amortization 215,763 197,116 182,411 Stock-based compensation expense, net of tax of $15,127, $17,413 and $19,223, respectively 28,341 32,055 34,927 Excess tax benefits from stock-based compensation (13,997 ) (1,385 ) (4,455 ) Deferred income taxes 33,611 (18,654 ) (40,578 ) Gain on sale of trademark licensing rights, net of tax of $5,962 (11,072 ) — — Business realignment and impairment charges, net of tax of $18,333, $20,635 and $38,308, respectively 30,838 77,935 60,823 Contributions to pension plans (8,861 ) (6,073 ) (54,457 ) Changes in assets and liabilities, net of effects from business acquisitions and divestitures: Accounts receivable—trade (9,438 ) 20,329 46,584 Inventories (115,331 ) (13,910 ) 74,000 Accounts payable 7,860 90,434 37,228 Other assets and liabilities (205,809 ) 13,777 293,272 Net Cash Provided from Operating Activities 580,867 901,423 1,065,749 Cash Flows Provided from (Used by) Investing Activities Capital additions (323,961 ) (179,538 ) (126,324 ) Capitalized software additions (23,606 ) (21,949 ) (19,146 ) Proceeds from sales of property, plant and equipment 312 2,201 10,364 Proceeds from sales of trademark licensing rights 20,000 — — Business acquisitions (5,750 ) — (15,220 ) Net Cash (Used by) Investing Activities (333,005 ) (199,286 ) (150,326 ) Cash Flows Provided from (Used by) Financing Activities Net change in short-term borrowings 10,834 1,156 (458,047 ) Long-term borrowings 249,126 348,208 — Repayment of long-term debt (256,189 ) (71,548 ) (8,252 ) Proceeds from lease financing agreement 47,601 — — Cash dividends paid (304,083 ) (283,434 ) (263,403 ) Exercise of stock options 184,411 92,033 28,318 Excess tax benefits from stock-based compensation 13,997 1,385 4,455 Contributions from noncontrolling interests in subsidiaries — 10,199 7,322 Repurchase of Common Stock (384,515 ) (169,099 ) (9,314 ) Net Cash (Used by) Financing Activities (438,818 ) (71,100 ) (698,921 ) (Decrease) Increase in Cash and Cash Equivalents (190,956 ) 631,037 216,502 Cash and Cash Equivalents as of January 1 884,642 253,605 37,103 Cash and Cash Equivalents as of December 31 $693,686 $884,642 $253,605 Interest Paid $97,892 $97,932 $91,623 Income Taxes Paid 292,315 350,948 252,230 TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OFEarnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data) For the year ended December 31, 2011 2010 2009 Net product sales $528,369 $517,149 $495,592 Rental and royalty revenue 4,136 4,299 3,739 Total revenue 532,505 521,448 499,331 Product cost of goods sold 365,225 349,334 319,775 Rental and royalty cost 1,038 1,088 852 Total costs 366,263 350,422 320,627 Product gross margin 163,144 167,815 175,817 Rental and royalty gross margin 3,098 3,211 2,887 Total gross margin 166,242 171,026 178,704 Selling, marketing and administrative expenses 108,276 106,316 103,755 Impairment charges — — 14,000 Earnings from operations 57,966 64,710 60,949 Other income (expense), net 2,946 8,358 2,100 Earnings before income taxes 60,912 73,068 63,049 Provision for income taxes 16,974 20,005 9,892 Net earnings $43,938 $53,063 $53,157 Net earnings $43,938 $53,063 $53,157 Other comprehensive earnings (loss) (8,740 ) 1,183 2,845 Comprehensive earnings $35,198 $54,246 $56,002 Retained earnings at beginning of year. $135,866 $147,687 $144,949 Net earnings 43,938 53,063 53,157 Cash dividends (18,360 ) (18,078 ) (17,790 ) Stock dividends (47,175 ) (46,806 ) (32,629 ) Retained earnings at end of year $114,269 $135,866 $147,687 Earnings per share $0.76 $0.90 $0.89 Average Common and Class B Common shares outstanding 57,892 58,685 59,425 (The accompanying notes are an integral part of these statements.) CONSOLIDATED STATEMENTS OFFinancial PositionTOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data) Assets December 31, 2011 2010 CURRENT ASSETS: Cash and cash equivalents $78,612 $115,976 Investments 10,895 7,996 Accounts receivable trade, less allowances of $1,731 and $1,531 41,895 37,394 Other receivables 3,391 9,961 Inventories:

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Broadening Your Perspective 13-2 The financial statements of The Hershey Company and Tootsie Roll are presented below.THE HERSHEY COMPANYCONSOLIDATED STATEMENTS OF INCOME For the years ended December 31, 2011 2010 2009 In thousands of dollars except per share amounts Net Sales $6,080,788 $5,671,009 $5,298,668 Costs and Expenses:   Cost of sales 3,548,896 3,255,801 3,245,531   Selling, marketing and administrative 1,477,750 1,426,477 1,208,672   Business realignment and impairment (credits) charges, net (886 ) 83,433 82,875     Total costs and expenses 5,025,760 4,765,711 4,537,078 Income before Interest and Income Taxes 1,055,028 905,298 761,590   Interest expense, net 92,183 96,434 90,459 Income before Income Taxes 962,845 808,864 671,131   Provision for income taxes 333,883 299,065 235,137 Net Income $628,962 $509,799 $435,994 Net Income Per Share—Basic—Class B Common Stock $2.58 $2.08 $1.77 Net Income Per Share—Diluted—Class B Common Stock $2.56 $2.07 $1.77 Net Income Per Share—Basic—Common Stock $2.85 $2.29 $1.97 Net Income Per Share—Diluted—Common Stock $2.74 $2.21 $1.90 Cash Dividends Paid Per Share:   Common Stock $1.3800 $1.2800 $1.1900   Class B Common Stock 1.2500 1.1600 1.0712 The notes to consolidated financial statements are an integral part of these statements and are included in the Hershey’s 2011 Annual Report, available at www.thehersheycompany.com. THE HERSHEY COMPANYCONSOLIDATED BALANCE SHEETS December 31, 2011 2010 In thousands of dollars ASSETS Current Assets:   Cash and cash equivalents $693,686 $884,642   Accounts receivable—trade 399,499 390,061   Inventories 648,953 533,622   Deferred income taxes 136,861 55,760   Prepaid expenses and other 167,559 141,132     Total current assets 2,046,558 2,005,217 Property, Plant and Equipment, Net 1,559,717 1,437,702 Goodwill 516,745 524,134 Other Intangibles 111,913 123,080 Deferred Income Taxes 38,544 21,387 Other Assets 138,722 161,212     Total assets $4,412,199 $4,272,732 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities:   Accounts payable $420,017 $410,655   Accrued liabilities 612,186 593,308   Accrued income taxes 1,899 9,402   Short-term debt 42,080 24,088   Current portion of long-term debt 97,593 261,392     Total current liabilities 1,173,775 1,298,845 Long-term Debt 1,748,500 1,541,825 Other Long-term Liabilities 617,276 494,461     Total liabilities 3,539,551 3,335,131 Commitments and Contingencies — — Stockholders’ Equity:   The Hershey Company Stockholders’ Equity     Preferred Stock, shares issued: none in 2011 and 2010 — —     Common Stock, shares issued: 299,269,702 in 2011 and 299,195,325 in 2010 299,269 299,195     Class B Common Stock, shares issued: 60,632,042 in 2011 and 60,706,419 in 2010 60,632 60,706     Additional paid-in capital 490,817 434,865     Retained earnings 4,699,597 4,374,718     Treasury—Common Stock shares, at cost: 134,695,826 in 2011 and 132,871,512 in 2010 (4,258,962 ) (4,052,101 )     Accumulated other comprehensive loss (442,331 ) (215,067 )       The Hershey Company stockholders’ equity 849,022 902,316   Noncontrolling interests in subsidiaries 23,626 35,285       Total stockholders’ equity 872,648 937,601       Total liabilities and stockholders’equity $4,412,199 $4,272,732 THE HERSHEY COMPANYCONSOLIDATED STATEMENTS OF CASH FLOWS For the years ended December 31, 2011 2010 2009 In thousands of dollars Cash Flows Provided from (Used by) Operating Activities Net income $628,962 $509,799 $435,994 Adjustments to reconcile net income to net cash provided from operations: Depreciation and amortization 215,763 197,116 182,411 Stock-based compensation expense, net of tax of $15,127, $17,413 and $19,223, respectively 28,341 32,055 34,927 Excess tax benefits from stock-based compensation (13,997 ) (1,385 ) (4,455 ) Deferred income taxes 33,611 (18,654 ) (40,578 ) Gain on sale of trademark licensing rights, net of tax of $5,962 (11,072 ) — — Business realignment and impairment charges, net of tax of $18,333, $20,635 and $38,308, respectively 30,838 77,935 60,823 Contributions to pension plans (8,861 ) (6,073 ) (54,457 ) Changes in assets and liabilities, net of effects from business acquisitions and divestitures: Accounts receivable—trade (9,438 ) 20,329 46,584 Inventories (115,331 ) (13,910 ) 74,000 Accounts payable 7,860 90,434 37,228 Other assets and liabilities (205,809 ) 13,777 293,272 Net Cash Provided from Operating Activities 580,867 901,423 1,065,749 Cash Flows Provided from (Used by) Investing Activities Capital additions (323,961 ) (179,538 ) (126,324 ) Capitalized software additions (23,606 ) (21,949 ) (19,146 ) Proceeds from sales of property, plant and equipment 312 2,201 10,364 Proceeds from sales of trademark licensing rights 20,000 — — Business acquisitions (5,750 ) — (15,220 ) Net Cash (Used by) Investing Activities (333,005 ) (199,286 ) (150,326 ) Cash Flows Provided from (Used by) Financing Activities Net change in short-term borrowings 10,834 1,156 (458,047 ) Long-term borrowings 249,126 348,208 — Repayment of long-term debt (256,189 ) (71,548 ) (8,252 ) Proceeds from lease financing agreement 47,601 — — Cash dividends paid (304,083 ) (283,434 ) (263,403 ) Exercise of stock options 184,411 92,033 28,318 Excess tax benefits from stock-based compensation 13,997 1,385 4,455 Contributions from noncontrolling interests in subsidiaries — 10,199 7,322 Repurchase of Common Stock (384,515 ) (169,099 ) (9,314 ) Net Cash (Used by) Financing Activities (438,818 ) (71,100 ) (698,921 ) (Decrease) Increase in Cash and Cash Equivalents (190,956 ) 631,037 216,502 Cash and Cash Equivalents as of January 1 884,642 253,605 37,103 Cash and Cash Equivalents as of December 31 $693,686 $884,642 $253,605 Interest Paid $97,892 $97,932 $91,623 Income Taxes Paid 292,315 350,948 252,230 TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OFEarnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data) For the year ended December 31, 2011 2010 2009 Net product sales $528,369 $517,149 $495,592 Rental and royalty revenue 4,136 4,299 3,739 Total revenue 532,505 521,448 499,331 Product cost of goods sold 365,225 349,334 319,775 Rental and royalty cost 1,038 1,088 852 Total costs 366,263 350,422 320,627 Product gross margin 163,144 167,815 175,817 Rental and royalty gross margin 3,098 3,211 2,887 Total gross margin 166,242 171,026 178,704 Selling, marketing and administrative expenses 108,276 106,316 103,755 Impairment charges — — 14,000 Earnings from operations 57,966 64,710 60,949 Other income (expense), net 2,946 8,358 2,100 Earnings before income taxes 60,912 73,068 63,049 Provision for income taxes 16,974 20,005 9,892 Net earnings $43,938 $53,063 $53,157 Net earnings $43,938 $53,063 $53,157 Other comprehensive earnings (loss) (8,740 ) 1,183 2,845 Comprehensive earnings $35,198 $54,246 $56,002 Retained earnings at beginning of year. $135,866 $147,687 $144,949 Net earnings 43,938 53,063 53,157 Cash dividends (18,360 ) (18,078 ) (17,790 ) Stock dividends (47,175 ) (46,806 ) (32,629 ) Retained earnings at end of year $114,269 $135,866 $147,687 Earnings per share $0.76 $0.90 $0.89 Average Common and Class B Common shares outstanding 57,892 58,685 59,425 (The accompanying notes are an integral part of these statements.) CONSOLIDATED STATEMENTS OFFinancial PositionTOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data) Assets December 31, 2011 2010 CURRENT ASSETS: Cash and cash equivalents $78,612 $115,976 Investments 10,895 7,996 Accounts receivable trade, less allowances of $1,731 and $1,531 41,895 37,394 Other receivables 3,391 9,961 Inventories:

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Broadening Your Perspective 13-2 The financial statements of The Hershey Company and Tootsie Roll are presented below.THE HERSHEY COMPANYCONSOLIDATED STATEMENTS OF INCOME For the years ended December 31, 2011 2010 2009 In thousands of dollars except per share amounts Net Sales $6,080,788 $5,671,009 $5,298,668 Costs and Expenses:   Cost of sales 3,548,896 3,255,801 3,245,531   Selling, marketing and administrative 1,477,750 1,426,477 1,208,672   Business realignment and impairment (credits) charges, net (886 ) 83,433 82,875     Total costs and expenses 5,025,760 4,765,711 4,537,078 Income before Interest and Income Taxes 1,055,028 905,298 761,590   Interest expense, net 92,183 96,434 90,459 Income before Income Taxes 962,845 808,864 671,131   Provision for income taxes 333,883 299,065 235,137 Net Income $628,962 $509,799 $435,994 Net Income Per Share—Basic—Class B Common Stock $2.58 $2.08 $1.77 Net Income Per Share—Diluted—Class B Common Stock $2.56 $2.07 $1.77 Net Income Per Share—Basic—Common Stock $2.85 $2.29 $1.97 Net Income Per Share—Diluted—Common Stock $2.74 $2.21 $1.90 Cash Dividends Paid Per Share:   Common Stock $1.3800 $1.2800 $1.1900   Class B Common Stock 1.2500 1.1600 1.0712 The notes to consolidated financial statements are an integral part of these statements and are included in the Hershey’s 2011 Annual Report, available at www.thehersheycompany.com. THE HERSHEY COMPANYCONSOLIDATED BALANCE SHEETS December 31, 2011 2010 In thousands of dollars ASSETS Current Assets:   Cash and cash equivalents $693,686 $884,642   Accounts receivable—trade 399,499 390,061   Inventories 648,953 533,622   Deferred income taxes 136,861 55,760   Prepaid expenses and other 167,559 141,132     Total current assets 2,046,558 2,005,217 Property, Plant and Equipment, Net 1,559,717 1,437,702 Goodwill 516,745 524,134 Other Intangibles 111,913 123,080 Deferred Income Taxes 38,544 21,387 Other Assets 138,722 161,212     Total assets $4,412,199 $4,272,732 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities:   Accounts payable $420,017 $410,655   Accrued liabilities 612,186 593,308   Accrued income taxes 1,899 9,402   Short-term debt 42,080 24,088   Current portion of long-term debt 97,593 261,392     Total current liabilities 1,173,775 1,298,845 Long-term Debt 1,748,500 1,541,825 Other Long-term Liabilities 617,276 494,461     Total liabilities 3,539,551 3,335,131 Commitments and Contingencies — — Stockholders’ Equity:   The Hershey Company Stockholders’ Equity     Preferred Stock, shares issued: none in 2011 and 2010 — —     Common Stock, shares issued: 299,269,702 in 2011 and 299,195,325 in 2010 299,269 299,195     Class B Common Stock, shares issued: 60,632,042 in 2011 and 60,706,419 in 2010 60,632 60,706     Additional paid-in capital 490,817 434,865     Retained earnings 4,699,597 4,374,718     Treasury—Common Stock shares, at cost: 134,695,826 in 2011 and 132,871,512 in 2010 (4,258,962 ) (4,052,101 )     Accumulated other comprehensive loss (442,331 ) (215,067 )       The Hershey Company stockholders’ equity 849,022 902,316   Noncontrolling interests in subsidiaries 23,626 35,285       Total stockholders’ equity 872,648 937,601       Total liabilities and stockholders’equity $4,412,199 $4,272,732 THE HERSHEY COMPANYCONSOLIDATED STATEMENTS OF CASH FLOWS For the years ended December 31, 2011 2010 2009 In thousands of dollars Cash Flows Provided from (Used by) Operating Activities Net income $628,962 $509,799 $435,994 Adjustments to reconcile net income to net cash provided from operations: Depreciation and amortization 215,763 197,116 182,411 Stock-based compensation expense, net of tax of $15,127, $17,413 and $19,223, respectively 28,341 32,055 34,927 Excess tax benefits from stock-based compensation (13,997 ) (1,385 ) (4,455 ) Deferred income taxes 33,611 (18,654 ) (40,578 ) Gain on sale of trademark licensing rights, net of tax of $5,962 (11,072 ) — — Business realignment and impairment charges, net of tax of $18,333, $20,635 and $38,308, respectively 30,838 77,935 60,823 Contributions to pension plans (8,861 ) (6,073 ) (54,457 ) Changes in assets and liabilities, net of effects from business acquisitions and divestitures: Accounts receivable—trade (9,438 ) 20,329 46,584 Inventories (115,331 ) (13,910 ) 74,000 Accounts payable 7,860 90,434 37,228 Other assets and liabilities (205,809 ) 13,777 293,272 Net Cash Provided from Operating Activities 580,867 901,423 1,065,749 Cash Flows Provided from (Used by) Investing Activities Capital additions (323,961 ) (179,538 ) (126,324 ) Capitalized software additions (23,606 ) (21,949 ) (19,146 ) Proceeds from sales of property, plant and equipment 312 2,201 10,364 Proceeds from sales of trademark licensing rights 20,000 — — Business acquisitions (5,750 ) — (15,220 ) Net Cash (Used by) Investing Activities (333,005 ) (199,286 ) (150,326 ) Cash Flows Provided from (Used by) Financing Activities Net change in short-term borrowings 10,834 1,156 (458,047 ) Long-term borrowings 249,126 348,208 — Repayment of long-term debt (256,189 ) (71,548 ) (8,252 ) Proceeds from lease financing agreement 47,601 — — Cash dividends paid (304,083 ) (283,434 ) (263,403 ) Exercise of stock options 184,411 92,033 28,318 Excess tax benefits from stock-based compensation 13,997 1,385 4,455 Contributions from noncontrolling interests in subsidiaries — 10,199 7,322 Repurchase of Common Stock (384,515 ) (169,099 ) (9,314 ) Net Cash (Used by) Financing Activities (438,818 ) (71,100 ) (698,921 ) (Decrease) Increase in Cash and Cash Equivalents (190,956 ) 631,037 216,502 Cash and Cash Equivalents as of January 1 884,642 253,605 37,103 Cash and Cash Equivalents as of December 31 $693,686 $884,642 $253,605 Interest Paid $97,892 $97,932 $91,623 Income Taxes Paid 292,315 350,948 252,230 TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OFEarnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data) For the year ended December 31, 2011 2010 2009 Net product sales $528,369 $517,149 $495,592 Rental and royalty revenue 4,136 4,299 3,739 Total revenue 532,505 521,448 499,331 Product cost of goods sold 365,225 349,334 319,775 Rental and royalty cost 1,038 1,088 852 Total costs 366,263 350,422 320,627 Product gross margin 163,144 167,815 175,817 Rental and royalty gross margin 3,098 3,211 2,887 Total gross margin 166,242 171,026 178,704 Selling, marketing and administrative expenses 108,276 106,316 103,755 Impairment charges — — 14,000 Earnings from operations 57,966 64,710 60,949 Other income (expense), net 2,946 8,358 2,100 Earnings before income taxes 60,912 73,068 63,049 Provision for income taxes 16,974 20,005 9,892 Net earnings $43,938 $53,063 $53,157 Net earnings $43,938 $53,063 $53,157 Other comprehensive earnings (loss) (8,740 ) 1,183 2,845 Comprehensive earnings $35,198 $54,246 $56,002 Retained earnings at beginning of year. $135,866 $147,687 $144,949 Net earnings 43,938 53,063 53,157 Cash dividends (18,360 ) (18,078 ) (17,790 ) Stock dividends (47,175 ) (46,806 ) (32,629 ) Retained earnings at end of year $114,269 $135,866 $147,687 Earnings per share $0.76 $0.90 $0.89 Average Common and Class B Common shares outstanding 57,892 58,685 59,425 (The accompanying notes are an integral part of these statements.) CONSOLIDATED STATEMENTS OFFinancial PositionTOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data) Assets December 31, 2011 2010 CURRENT ASSETS: Cash and cash equivalents $78,612 $115,976 Investments 10,895 7,996 Accounts receivable trade, less allowances of $1,731 and $1,531 41,895 37,394 Other receivables 3,391 9,961 Inventories:

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Broadening Your Perspective 13-2 The financial statements of The Hershey Company and Tootsie Roll are presented below.THE HERSHEY COMPANYCONSOLIDATED STATEMENTS OF INCOME For the years ended December 31, 2011 2010 2009 In thousands of dollars except per share amounts Net Sales $6,080,788 $5,671,009 $5,298,668 Costs and Expenses:   Cost of sales 3,548,896 3,255,801 3,245,531   Selling, marketing and administrative 1,477,750 1,426,477 1,208,672   Business realignment and impairment (credits) charges, net (886 ) 83,433 82,875     Total costs and expenses 5,025,760 4,765,711 4,537,078 Income before Interest and Income Taxes 1,055,028 905,298 761,590   Interest expense, net 92,183 96,434 90,459 Income before Income Taxes 962,845 808,864 671,131   Provision for income taxes 333,883 299,065 235,137 Net Income $628,962 $509,799 $435,994 Net Income Per Share—Basic—Class B Common Stock $2.58 $2.08 $1.77 Net Income Per Share—Diluted—Class B Common Stock $2.56 $2.07 $1.77 Net Income Per Share—Basic—Common Stock $2.85 $2.29 $1.97 Net Income Per Share—Diluted—Common Stock $2.74 $2.21 $1.90 Cash Dividends Paid Per Share:   Common Stock $1.3800 $1.2800 $1.1900   Class B Common Stock 1.2500 1.1600 1.0712 The notes to consolidated financial statements are an integral part of these statements and are included in the Hershey’s 2011 Annual Report, available at www.thehersheycompany.com. THE HERSHEY COMPANYCONSOLIDATED BALANCE SHEETS December 31, 2011 2010 In thousands of dollars ASSETS Current Assets:   Cash and cash equivalents $693,686 $884,642   Accounts receivable—trade 399,499 390,061   Inventories 648,953 533,622   Deferred income taxes 136,861 55,760   Prepaid expenses and other 167,559 141,132     Total current assets 2,046,558 2,005,217 Property, Plant and Equipment, Net 1,559,717 1,437,702 Goodwill 516,745 524,134 Other Intangibles 111,913 123,080 Deferred Income Taxes 38,544 21,387 Other Assets 138,722 161,212     Total assets $4,412,199 $4,272,732 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities:   Accounts payable $420,017 $410,655   Accrued liabilities 612,186 593,308   Accrued income taxes 1,899 9,402   Short-term debt 42,080 24,088   Current portion of long-term debt 97,593 261,392     Total current liabilities 1,173,775 1,298,845 Long-term Debt 1,748,500 1,541,825 Other Long-term Liabilities 617,276 494,461     Total liabilities 3,539,551 3,335,131 Commitments and Contingencies — — Stockholders’ Equity:   The Hershey Company Stockholders’ Equity     Preferred Stock, shares issued: none in 2011 and 2010 — —     Common Stock, shares issued: 299,269,702 in 2011 and 299,195,325 in 2010 299,269 299,195     Class B Common Stock, shares issued: 60,632,042 in 2011 and 60,706,419 in 2010 60,632 60,706     Additional paid-in capital 490,817 434,865     Retained earnings 4,699,597 4,374,718     Treasury—Common Stock shares, at cost: 134,695,826 in 2011 and 132,871,512 in 2010 (4,258,962 ) (4,052,101 )     Accumulated other comprehensive loss (442,331 ) (215,067 )       The Hershey Company stockholders’ equity 849,022 902,316   Noncontrolling interests in subsidiaries 23,626 35,285       Total stockholders’ equity 872,648 937,601       Total liabilities and stockholders’equity $4,412,199 $4,272,732 THE HERSHEY COMPANYCONSOLIDATED STATEMENTS OF CASH FLOWS For the years ended December 31, 2011 2010 2009 In thousands of dollars Cash Flows Provided from (Used by) Operating Activities Net income $628,962 $509,799 $435,994 Adjustments to reconcile net income to net cash provided from operations: Depreciation and amortization 215,763 197,116 182,411 Stock-based compensation expense, net of tax of $15,127, $17,413 and $19,223, respectively 28,341 32,055 34,927 Excess tax benefits from stock-based compensation (13,997 ) (1,385 ) (4,455 ) Deferred income taxes 33,611 (18,654 ) (40,578 ) Gain on sale of trademark licensing rights, net of tax of $5,962 (11,072 ) — — Business realignment and impairment charges, net of tax of $18,333, $20,635 and $38,308, respectively 30,838 77,935 60,823 Contributions to pension plans (8,861 ) (6,073 ) (54,457 ) Changes in assets and liabilities, net of effects from business acquisitions and divestitures: Accounts receivable—trade (9,438 ) 20,329 46,584 Inventories (115,331 ) (13,910 ) 74,000 Accounts payable 7,860 90,434 37,228 Other assets and liabilities (205,809 ) 13,777 293,272 Net Cash Provided from Operating Activities 580,867 901,423 1,065,749 Cash Flows Provided from (Used by) Investing Activities Capital additions (323,961 ) (179,538 ) (126,324 ) Capitalized software additions (23,606 ) (21,949 ) (19,146 ) Proceeds from sales of property, plant and equipment 312 2,201 10,364 Proceeds from sales of trademark licensing rights 20,000 — — Business acquisitions (5,750 ) — (15,220 ) Net Cash (Used by) Investing Activities (333,005 ) (199,286 ) (150,326 ) Cash Flows Provided from (Used by) Financing Activities Net change in short-term borrowings 10,834 1,156 (458,047 ) Long-term borrowings 249,126 348,208 — Repayment of long-term debt (256,189 ) (71,548 ) (8,252 ) Proceeds from lease financing agreement 47,601 — — Cash dividends paid (304,083 ) (283,434 ) (263,403 ) Exercise of stock options 184,411 92,033 28,318 Excess tax benefits from stock-based compensation 13,997 1,385 4,455 Contributions from noncontrolling interests in subsidiaries — 10,199 7,322 Repurchase of Common Stock (384,515 ) (169,099 ) (9,314 ) Net Cash (Used by) Financing Activities (438,818 ) (71,100 ) (698,921 ) (Decrease) Increase in Cash and Cash Equivalents (190,956 ) 631,037 216,502 Cash and Cash Equivalents as of January 1 884,642 253,605 37,103 Cash and Cash Equivalents as of December 31 $693,686 $884,642 $253,605 Interest Paid $97,892 $97,932 $91,623 Income Taxes Paid 292,315 350,948 252,230 TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OFEarnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data) For the year ended December 31, 2011 2010 2009 Net product sales $528,369 $517,149 $495,592 Rental and royalty revenue 4,136 4,299 3,739 Total revenue 532,505 521,448 499,331 Product cost of goods sold 365,225 349,334 319,775 Rental and royalty cost 1,038 1,088 852 Total costs 366,263 350,422 320,627 Product gross margin 163,144 167,815 175,817 Rental and royalty gross margin 3,098 3,211 2,887 Total gross margin 166,242 171,026 178,704 Selling, marketing and administrative expenses 108,276 106,316 103,755 Impairment charges — — 14,000 Earnings from operations 57,966 64,710 60,949 Other income (expense), net 2,946 8,358 2,100 Earnings before income taxes 60,912 73,068 63,049 Provision for income taxes 16,974 20,005 9,892 Net earnings $43,938 $53,063 $53,157 Net earnings $43,938 $53,063 $53,157 Other comprehensive earnings (loss) (8,740 ) 1,183 2,845 Comprehensive earnings $35,198 $54,246 $56,002 Retained earnings at beginning of year. $135,866 $147,687 $144,949 Net earnings 43,938 53,063 53,157 Cash dividends (18,360 ) (18,078 ) (17,790 ) Stock dividends (47,175 ) (46,806 ) (32,629 ) Retained earnings at end of year $114,269 $135,866 $147,687 Earnings per share $0.76 $0.90 $0.89 Average Common and Class B Common shares outstanding 57,892 58,685 59,425 (The accompanying notes are an integral part of these statements.) CONSOLIDATED STATEMENTS OFFinancial PositionTOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data) Assets December 31, 2011 2010 CURRENT ASSETS: Cash and cash equivalents $78,612 $115,976 Investments 10,895 7,996 Accounts receivable trade, less allowances of $1,731 and $1,531 41,895 37,394 Other receivables 3,391 9,961 Inventories:

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Broadening Your Perspective 13-2 The financial statements of The Hershey Company and Tootsie Roll are presented below.THE HERSHEY COMPANYCONSOLIDATED STATEMENTS OF INCOME For the years ended December 31, 2011 2010 2009 In thousands of dollars except per share amounts Net Sales $6,080,788 $5,671,009 $5,298,668 Costs and Expenses:   Cost of sales 3,548,896 3,255,801 3,245,531   Selling, marketing and administrative 1,477,750 1,426,477 1,208,672   Business realignment and impairment (credits) charges, net (886 ) 83,433 82,875     Total costs and expenses 5,025,760 4,765,711 4,537,078 Income before Interest and Income Taxes 1,055,028 905,298 761,590   Interest expense, net 92,183 96,434 90,459 Income before Income Taxes 962,845 808,864 671,131   Provision for income taxes 333,883 299,065 235,137 Net Income $628,962 $509,799 $435,994 Net Income Per Share—Basic—Class B Common Stock $2.58 $2.08 $1.77 Net Income Per Share—Diluted—Class B Common Stock $2.56 $2.07 $1.77 Net Income Per Share—Basic—Common Stock $2.85 $2.29 $1.97 Net Income Per Share—Diluted—Common Stock $2.74 $2.21 $1.90 Cash Dividends Paid Per Share:   Common Stock $1.3800 $1.2800 $1.1900   Class B Common Stock 1.2500 1.1600 1.0712 The notes to consolidated financial statements are an integral part of these statements and are included in the Hershey’s 2011 Annual Report, available at www.thehersheycompany.com. THE HERSHEY COMPANYCONSOLIDATED BALANCE SHEETS December 31, 2011 2010 In thousands of dollars ASSETS Current Assets:   Cash and cash equivalents $693,686 $884,642   Accounts receivable—trade 399,499 390,061   Inventories 648,953 533,622   Deferred income taxes 136,861 55,760   Prepaid expenses and other 167,559 141,132     Total current assets 2,046,558 2,005,217 Property, Plant and Equipment, Net 1,559,717 1,437,702 Goodwill 516,745 524,134 Other Intangibles 111,913 123,080 Deferred Income Taxes 38,544 21,387 Other Assets 138,722 161,212     Total assets $4,412,199 $4,272,732 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities:   Accounts payable $420,017 $410,655   Accrued liabilities 612,186 593,308   Accrued income taxes 1,899 9,402   Short-term debt 42,080 24,088   Current portion of long-term debt 97,593 261,392     Total current liabilities 1,173,775 1,298,845 Long-term Debt 1,748,500 1,541,825 Other Long-term Liabilities 617,276 494,461     Total liabilities 3,539,551 3,335,131 Commitments and Contingencies — — Stockholders’ Equity:   The Hershey Company Stockholders’ Equity     Preferred Stock, shares issued: none in 2011 and 2010 — —     Common Stock, shares issued: 299,269,702 in 2011 and 299,195,325 in 2010 299,269 299,195     Class B Common Stock, shares issued: 60,632,042 in 2011 and 60,706,419 in 2010 60,632 60,706     Additional paid-in capital 490,817 434,865     Retained earnings 4,699,597 4,374,718     Treasury—Common Stock shares, at cost: 134,695,826 in 2011 and 132,871,512 in 2010 (4,258,962 ) (4,052,101 )     Accumulated other comprehensive loss (442,331 ) (215,067 )       The Hershey Company stockholders’ equity 849,022 902,316   Noncontrolling interests in subsidiaries 23,626 35,285       Total stockholders’ equity 872,648 937,601       Total liabilities and stockholders’equity $4,412,199 $4,272,732 THE HERSHEY COMPANYCONSOLIDATED STATEMENTS OF CASH FLOWS For the years ended December 31, 2011 2010 2009 In thousands of dollars Cash Flows Provided from (Used by) Operating Activities Net income $628,962 $509,799 $435,994 Adjustments to reconcile net income to net cash provided from operations: Depreciation and amortization 215,763 197,116 182,411 Stock-based compensation expense, net of tax of $15,127, $17,413 and $19,223, respectively 28,341 32,055 34,927 Excess tax benefits from stock-based compensation (13,997 ) (1,385 ) (4,455 ) Deferred income taxes 33,611 (18,654 ) (40,578 ) Gain on sale of trademark licensing rights, net of tax of $5,962 (11,072 ) — — Business realignment and impairment charges, net of tax of $18,333, $20,635 and $38,308, respectively 30,838 77,935 60,823 Contributions to pension plans (8,861 ) (6,073 ) (54,457 ) Changes in assets and liabilities, net of effects from business acquisitions and divestitures: Accounts receivable—trade (9,438 ) 20,329 46,584 Inventories (115,331 ) (13,910 ) 74,000 Accounts payable 7,860 90,434 37,228 Other assets and liabilities (205,809 ) 13,777 293,272 Net Cash Provided from Operating Activities 580,867 901,423 1,065,749 Cash Flows Provided from (Used by) Investing Activities Capital additions (323,961 ) (179,538 ) (126,324 ) Capitalized software additions (23,606 ) (21,949 ) (19,146 ) Proceeds from sales of property, plant and equipment 312 2,201 10,364 Proceeds from sales of trademark licensing rights 20,000 — — Business acquisitions (5,750 ) — (15,220 ) Net Cash (Used by) Investing Activities (333,005 ) (199,286 ) (150,326 ) Cash Flows Provided from (Used by) Financing Activities Net change in short-term borrowings 10,834 1,156 (458,047 ) Long-term borrowings 249,126 348,208 — Repayment of long-term debt (256,189 ) (71,548 ) (8,252 ) Proceeds from lease financing agreement 47,601 — — Cash dividends paid (304,083 ) (283,434 ) (263,403 ) Exercise of stock options 184,411 92,033 28,318 Excess tax benefits from stock-based compensation 13,997 1,385 4,455 Contributions from noncontrolling interests in subsidiaries — 10,199 7,322 Repurchase of Common Stock (384,515 ) (169,099 ) (9,314 ) Net Cash (Used by) Financing Activities (438,818 ) (71,100 ) (698,921 ) (Decrease) Increase in Cash and Cash Equivalents (190,956 ) 631,037 216,502 Cash and Cash Equivalents as of January 1 884,642 253,605 37,103 Cash and Cash Equivalents as of December 31 $693,686 $884,642 $253,605 Interest Paid $97,892 $97,932 $91,623 Income Taxes Paid 292,315 350,948 252,230 TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OFEarnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data) For the year ended December 31, 2011 2010 2009 Net product sales $528,369 $517,149 $495,592 Rental and royalty revenue 4,136 4,299 3,739 Total revenue 532,505 521,448 499,331 Product cost of goods sold 365,225 349,334 319,775 Rental and royalty cost 1,038 1,088 852 Total costs 366,263 350,422 320,627 Product gross margin 163,144 167,815 175,817 Rental and royalty gross margin 3,098 3,211 2,887 Total gross margin 166,242 171,026 178,704 Selling, marketing and administrative expenses 108,276 106,316 103,755 Impairment charges — — 14,000 Earnings from operations 57,966 64,710 60,949 Other income (expense), net 2,946 8,358 2,100 Earnings before income taxes 60,912 73,068 63,049 Provision for income taxes 16,974 20,005 9,892 Net earnings $43,938 $53,063 $53,157 Net earnings $43,938 $53,063 $53,157 Other comprehensive earnings (loss) (8,740 ) 1,183 2,845 Comprehensive earnings $35,198 $54,246 $56,002 Retained earnings at beginning of year. $135,866 $147,687 $144,949 Net earnings 43,938 53,063 53,157 Cash dividends (18,360 ) (18,078 ) (17,790 ) Stock dividends (47,175 ) (46,806 ) (32,629 ) Retained earnings at end of year $114,269 $135,866 $147,687 Earnings per share $0.76 $0.90 $0.89 Average Common and Class B Common shares outstanding 57,892 58,685 59,425 (The accompanying notes are an integral part of these statements.) CONSOLIDATED STATEMENTS OFFinancial PositionTOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data) Assets December 31, 2011 2010 CURRENT ASSETS: Cash and cash equivalents $78,612 $115,976 Investments 10,895 7,996 Accounts receivable trade, less allowances of $1,731 and $1,531 41,895 37,394 Other receivables 3,391 9,961 Inventories:

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THE HERSHEY COMPANYCONSOLIDATED STATEMENTS OF INCOME For the years ended December 31, 2011 2010 2009 In thousands of dollars except per share amounts Net Sales $6,080,788 $5,671,009 $5,298,668 Costs and Expenses:   Cost of sales 3,548,896 3,255,801 3,245,531   Selling, marketing and administrative 1,477,750 1,426,477 1,208,672   Business realignment and impairment (credits) charges, net (886 ) 83,433 82,875     Total costs and expenses 5,025,760 4,765,711 4,537,078 Income before Interest and Income Taxes 1,055,028 905,298 761,590   Interest expense, net 92,183 96,434 90,459 Income before Income Taxes 962,845 808,864 671,131   Provision for income taxes 333,883 299,065 235,137 Net Income $628,962 $509,799 $435,994 Net Income Per Share—Basic—Class B Common Stock $2.58 $2.08 $1.77 Net Income Per Share—Diluted—Class B Common Stock $2.56 $2.07 $1.77 Net Income Per Share—Basic—Common Stock $2.85 $2.29 $1.97 Net Income Per Share—Diluted—Common Stock $2.74 $2.21 $1.90 Cash Dividends Paid Per Share:   Common Stock $1.3800 $1.2800 $1.1900   Class B Common Stock 1.2500 1.1600 1.0712 The notes to consolidated financial statements are an integral part of these statements and are included in the Hershey’s 2011 Annual Report, available at www.thehersheycompany.com.
THE HERSHEY COMPANYCONSOLIDATED STATEMENTS OF INCOME For the years ended December 31, 2011 2010 2009 In thousands of dollars except per share amounts Net Sales $6,080,788 $5,671,009 $5,298,668 Costs and Expenses:   Cost of sales 3,548,896 3,255,801 3,245,531   Selling, marketing and administrative 1,477,750 1,426,477 1,208,672   Business realignment and impairment (credits) charges, net (886 ) 83,433 82,875     Total costs and expenses 5,025,760 4,765,711 4,537,078 Income before Interest and Income Taxes 1,055,028 905,298 761,590   Interest expense, net 92,183 96,434 90,459 Income before Income Taxes 962,845 808,864 671,131   Provision for income taxes 333,883 299,065 235,137 Net Income $628,962 $509,799 $435,994 Net Income Per Share—Basic—Class B Common Stock $2.58 $2.08 $1.77 Net Income Per Share—Diluted—Class B Common Stock $2.56 $2.07 $1.77 Net Income Per Share—Basic—Common Stock $2.85 $2.29 $1.97 Net Income Per Share—Diluted—Common Stock $2.74 $2.21 $1.90 Cash Dividends Paid Per Share:   Common Stock $1.3800 $1.2800 $1.1900   Class B Common Stock 1.2500 1.1600 1.0712 The notes to consolidated financial statements are an integral part of these statements and are included in the Hershey’s 2011 Annual Report, available at www.thehersheycompany.com.
THE HERSHEY COMPANYCONSOLIDATED STATEMENTS OF INCOME
THE HERSHEY COMPANYCONSOLIDATED STATEMENTS OF INCOME

For the years ended December 31, 2011 2010 2009
For the years ended December 31,
2011
2010
2009
In thousands of dollars except per share amounts
In thousands of dollars except per share amounts
Net Sales $6,080,788 $5,671,009 $5,298,668
Net Sales
$6,080,788

$5,671,009
$5,298,668
Costs and Expenses:
Costs and Expenses:
  Cost of sales 3,548,896 3,255,801 3,245,531
  Cost of sales
3,548,896
3,255,801
3,245,531
  Selling, marketing and administrative 1,477,750 1,426,477 1,208,672
  Selling, marketing and administrative
1,477,750
1,426,477
1,208,672
  Business realignment and impairment (credits) charges, net (886 ) 83,433 82,875
  Business realignment and impairment (credits) charges, net
(886
)
83,433
82,875
    Total costs and expenses 5,025,760 4,765,711 4,537,078
    Total costs and expenses
5,025,760

4,765,711
4,537,078
Income before Interest and Income Taxes 1,055,028 905,298 761,590
Income before Interest and Income Taxes
1,055,028

905,298
761,590
  Interest expense, net 92,183 96,434 90,459
  Interest expense, net
92,183

96,434
90,459
Income before Income Taxes 962,845 808,864 671,131
Income before Income Taxes
962,845

808,864
671,131
  Provision for income taxes 333,883 299,065 235,137
  Provision for income taxes
333,883

299,065
235,137
Net Income $628,962 $509,799 $435,994
Net Income
$628,962

$509,799
$435,994
Net Income Per Share—Basic—Class B Common Stock $2.58 $2.08 $1.77
Net Income Per Share—Basic—Class B Common Stock
$2.58

$2.08
$1.77
Net Income Per Share—Diluted—Class B Common Stock $2.56 $2.07 $1.77
Net Income Per Share—Diluted—Class B Common Stock
$2.56

$2.07
$1.77
Net Income Per Share—Basic—Common Stock $2.85 $2.29 $1.97
Net Income Per Share—Basic—Common Stock
$2.85

$2.29
$1.97
Net Income Per Share—Diluted—Common Stock $2.74 $2.21 $1.90
Net Income Per Share—Diluted—Common Stock
$2.74

$2.21
$1.90
Cash Dividends Paid Per Share:
Cash Dividends Paid Per Share:
  Common Stock $1.3800 $1.2800 $1.1900
  Common Stock
$1.3800
$1.2800
$1.1900
  Class B Common Stock 1.2500 1.1600 1.0712
  Class B Common Stock
1.2500
1.1600
1.0712
The notes to consolidated financial statements are an integral part of these statements and are included in the Hershey’s 2011 Annual Report, available at www.thehersheycompany.com.
The notes to consolidated financial statements are an integral part of these statements and are included in the Hershey’s 2011 Annual Report, available at www.thehersheycompany.com.

THE HERSHEY COMPANYCONSOLIDATED BALANCE SHEETS December 31, 2011 2010 In thousands of dollars ASSETS Current Assets:   Cash and cash equivalents $693,686 $884,642   Accounts receivable—trade 399,499 390,061   Inventories 648,953 533,622   Deferred income taxes 136,861 55,760   Prepaid expenses and other 167,559 141,132     Total current assets 2,046,558 2,005,217 Property, Plant and Equipment, Net 1,559,717 1,437,702 Goodwill 516,745 524,134 Other Intangibles 111,913 123,080 Deferred Income Taxes 38,544 21,387 Other Assets 138,722 161,212     Total assets $4,412,199 $4,272,732 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities:   Accounts payable $420,017 $410,655   Accrued liabilities 612,186 593,308   Accrued income taxes 1,899 9,402   Short-term debt 42,080 24,088   Current portion of long-term debt 97,593 261,392     Total current liabilities 1,173,775 1,298,845 Long-term Debt 1,748,500 1,541,825 Other Long-term Liabilities 617,276 494,461     Total liabilities 3,539,551 3,335,131 Commitments and Contingencies — — Stockholders’ Equity:   The Hershey Company Stockholders’ Equity     Preferred Stock, shares issued: none in 2011 and 2010 — —     Common Stock, shares issued: 299,269,702 in 2011 and 299,195,325 in 2010 299,269 299,195     Class B Common Stock, shares issued: 60,632,042 in 2011 and 60,706,419 in 2010 60,632 60,706     Additional paid-in capital 490,817 434,865     Retained earnings 4,699,597 4,374,718     Treasury—Common Stock shares, at cost: 134,695,826 in 2011 and 132,871,512 in 2010 (4,258,962 ) (4,052,101 )     Accumulated other comprehensive loss (442,331 ) (215,067 )       The Hershey Company stockholders’ equity 849,022 902,316   Noncontrolling interests in subsidiaries 23,626 35,285       Total stockholders’ equity 872,648 937,601       Total liabilities and stockholders’equity $4,412,199 $4,272,732
THE HERSHEY COMPANYCONSOLIDATED BALANCE SHEETS December 31, 2011 2010 In thousands of dollars ASSETS Current Assets:   Cash and cash equivalents $693,686 $884,642   Accounts receivable—trade 399,499 390,061   Inventories 648,953 533,622   Deferred income taxes 136,861 55,760   Prepaid expenses and other 167,559 141,132     Total current assets 2,046,558 2,005,217 Property, Plant and Equipment, Net 1,559,717 1,437,702 Goodwill 516,745 524,134 Other Intangibles 111,913 123,080 Deferred Income Taxes 38,544 21,387 Other Assets 138,722 161,212     Total assets $4,412,199 $4,272,732 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities:   Accounts payable $420,017 $410,655   Accrued liabilities 612,186 593,308   Accrued income taxes 1,899 9,402   Short-term debt 42,080 24,088   Current portion of long-term debt 97,593 261,392     Total current liabilities 1,173,775 1,298,845 Long-term Debt 1,748,500 1,541,825 Other Long-term Liabilities 617,276 494,461     Total liabilities 3,539,551 3,335,131 Commitments and Contingencies — — Stockholders’ Equity:   The Hershey Company Stockholders’ Equity     Preferred Stock, shares issued: none in 2011 and 2010 — —     Common Stock, shares issued: 299,269,702 in 2011 and 299,195,325 in 2010 299,269 299,195     Class B Common Stock, shares issued: 60,632,042 in 2011 and 60,706,419 in 2010 60,632 60,706     Additional paid-in capital 490,817 434,865     Retained earnings 4,699,597 4,374,718     Treasury—Common Stock shares, at cost: 134,695,826 in 2011 and 132,871,512 in 2010 (4,258,962 ) (4,052,101 )     Accumulated other comprehensive loss (442,331 ) (215,067 )       The Hershey Company stockholders’ equity 849,022 902,316   Noncontrolling interests in subsidiaries 23,626 35,285       Total stockholders’ equity 872,648 937,601       Total liabilities and stockholders’equity $4,412,199 $4,272,732
THE HERSHEY COMPANYCONSOLIDATED BALANCE SHEETS
THE HERSHEY COMPANYCONSOLIDATED BALANCE SHEETS

December 31, 2011 2010
December 31,
2011
2010
In thousands of dollars
In thousands of dollars
ASSETS
ASSETS
Current Assets:
Current Assets:
  Cash and cash equivalents $693,686 $884,642
  Cash and cash equivalents
$693,686
$884,642
  Accounts receivable—trade 399,499 390,061
  Accounts receivable—trade
399,499
390,061
  Inventories 648,953 533,622
  Inventories
648,953
533,622
  Deferred income taxes 136,861 55,760
  Deferred income taxes
136,861
55,760
  Prepaid expenses and other 167,559 141,132
  Prepaid expenses and other
167,559

141,132

    Total current assets 2,046,558 2,005,217
    Total current assets
2,046,558
2,005,217
Property, Plant and Equipment, Net 1,559,717 1,437,702
Property, Plant and Equipment, Net
1,559,717
1,437,702
Goodwill 516,745 524,134
Goodwill
516,745
524,134
Other Intangibles 111,913 123,080
Other Intangibles
111,913
123,080
Deferred Income Taxes 38,544 21,387
Deferred Income Taxes
38,544
21,387
Other Assets 138,722 161,212
Other Assets
138,722

161,212

    Total assets $4,412,199 $4,272,732
    Total assets
$4,412,199

$4,272,732

LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Current Liabilities:
  Accounts payable $420,017 $410,655
  Accounts payable
$420,017
$410,655
  Accrued liabilities 612,186 593,308
  Accrued liabilities
612,186
593,308
  Accrued income taxes 1,899 9,402
  Accrued income taxes
1,899
9,402
  Short-term debt 42,080 24,088
  Short-term debt
42,080
24,088
  Current portion of long-term debt 97,593 261,392
  Current portion of long-term debt
97,593

261,392

    Total current liabilities 1,173,775 1,298,845
    Total current liabilities
1,173,775
1,298,845
Long-term Debt 1,748,500 1,541,825
Long-term Debt
1,748,500
1,541,825
Other Long-term Liabilities 617,276 494,461
Other Long-term Liabilities
617,276

494,461

    Total liabilities 3,539,551 3,335,131
    Total liabilities
3,539,551

3,335,131

Commitments and Contingencies — —
Commitments and Contingencies

Stockholders’ Equity:
Stockholders’ Equity:
  The Hershey Company Stockholders’ Equity
  The Hershey Company Stockholders’ Equity
    Preferred Stock, shares issued: none in 2011 and 2010 — —
    Preferred Stock, shares issued: none in 2011 and 2010


    Common Stock, shares issued: 299,269,702 in 2011 and 299,195,325 in 2010 299,269 299,195
    Common Stock, shares issued: 299,269,702 in 2011 and 299,195,325 in 2010
299,269
299,195
    Class B Common Stock, shares issued: 60,632,042 in 2011 and 60,706,419 in 2010 60,632 60,706
    Class B Common Stock, shares issued: 60,632,042 in 2011 and 60,706,419 in 2010
60,632
60,706
    Additional paid-in capital 490,817 434,865
    Additional paid-in capital
490,817
434,865
    Retained earnings 4,699,597 4,374,718
    Retained earnings
4,699,597
4,374,718
    Treasury—Common Stock shares, at cost: 134,695,826 in 2011 and 132,871,512 in 2010 (4,258,962 ) (4,052,101 )
    Treasury—Common Stock shares, at cost: 134,695,826 in 2011 and 132,871,512 in 2010
(4,258,962
)
(4,052,101
)
    Accumulated other comprehensive loss (442,331 ) (215,067 )
    Accumulated other comprehensive loss
(442,331
)
(215,067
)
      The Hershey Company stockholders’ equity 849,022 902,316
      The Hershey Company stockholders’ equity
849,022

902,316

  Noncontrolling interests in subsidiaries 23,626 35,285
  Noncontrolling interests in subsidiaries
23,626

35,285

      Total stockholders’ equity 872,648 937,601
      Total stockholders’ equity
872,648

937,601

      Total liabilities and stockholders’equity $4,412,199 $4,272,732
      Total liabilities and stockholders’equity
$4,412,199

$4,272,732

THE HERSHEY COMPANYCONSOLIDATED STATEMENTS OF CASH FLOWS For the years ended December 31, 2011 2010 2009 In thousands of dollars Cash Flows Provided from (Used by) Operating Activities Net income $628,962 $509,799 $435,994 Adjustments to reconcile net income to net cash provided from operations: Depreciation and amortization 215,763 197,116 182,411 Stock-based compensation expense, net of tax of $15,127, $17,413 and $19,223, respectively 28,341 32,055 34,927 Excess tax benefits from stock-based compensation (13,997 ) (1,385 ) (4,455 ) Deferred income taxes 33,611 (18,654 ) (40,578 ) Gain on sale of trademark licensing rights, net of tax of $5,962 (11,072 ) — — Business realignment and impairment charges, net of tax of $18,333, $20,635 and $38,308, respectively 30,838 77,935 60,823 Contributions to pension plans (8,861 ) (6,073 ) (54,457 ) Changes in assets and liabilities, net of effects from business acquisitions and divestitures: Accounts receivable—trade (9,438 ) 20,329 46,584 Inventories (115,331 ) (13,910 ) 74,000 Accounts payable 7,860 90,434 37,228 Other assets and liabilities (205,809 ) 13,777 293,272 Net Cash Provided from Operating Activities 580,867 901,423 1,065,749 Cash Flows Provided from (Used by) Investing Activities Capital additions (323,961 ) (179,538 ) (126,324 ) Capitalized software additions (23,606 ) (21,949 ) (19,146 ) Proceeds from sales of property, plant and equipment 312 2,201 10,364 Proceeds from sales of trademark licensing rights 20,000 — — Business acquisitions (5,750 ) — (15,220 ) Net Cash (Used by) Investing Activities (333,005 ) (199,286 ) (150,326 ) Cash Flows Provided from (Used by) Financing Activities Net change in short-term borrowings 10,834 1,156 (458,047 ) Long-term borrowings 249,126 348,208 — Repayment of long-term debt (256,189 ) (71,548 ) (8,252 ) Proceeds from lease financing agreement 47,601 — — Cash dividends paid (304,083 ) (283,434 ) (263,403 ) Exercise of stock options 184,411 92,033 28,318 Excess tax benefits from stock-based compensation 13,997 1,385 4,455 Contributions from noncontrolling interests in subsidiaries — 10,199 7,322 Repurchase of Common Stock (384,515 ) (169,099 ) (9,314 ) Net Cash (Used by) Financing Activities (438,818 ) (71,100 ) (698,921 ) (Decrease) Increase in Cash and Cash Equivalents (190,956 ) 631,037 216,502 Cash and Cash Equivalents as of January 1 884,642 253,605 37,103 Cash and Cash Equivalents as of December 31 $693,686 $884,642 $253,605 Interest Paid $97,892 $97,932 $91,623 Income Taxes Paid 292,315 350,948 252,230
THE HERSHEY COMPANYCONSOLIDATED STATEMENTS OF CASH FLOWS For the years ended December 31, 2011 2010 2009 In thousands of dollars Cash Flows Provided from (Used by) Operating Activities Net income $628,962 $509,799 $435,994 Adjustments to reconcile net income to net cash provided from operations: Depreciation and amortization 215,763 197,116 182,411 Stock-based compensation expense, net of tax of $15,127, $17,413 and $19,223, respectively 28,341 32,055 34,927 Excess tax benefits from stock-based compensation (13,997 ) (1,385 ) (4,455 ) Deferred income taxes 33,611 (18,654 ) (40,578 ) Gain on sale of trademark licensing rights, net of tax of $5,962 (11,072 ) — — Business realignment and impairment charges, net of tax of $18,333, $20,635 and $38,308, respectively 30,838 77,935 60,823 Contributions to pension plans (8,861 ) (6,073 ) (54,457 ) Changes in assets and liabilities, net of effects from business acquisitions and divestitures: Accounts receivable—trade (9,438 ) 20,329 46,584 Inventories (115,331 ) (13,910 ) 74,000 Accounts payable 7,860 90,434 37,228 Other assets and liabilities (205,809 ) 13,777 293,272 Net Cash Provided from Operating Activities 580,867 901,423 1,065,749 Cash Flows Provided from (Used by) Investing Activities Capital additions (323,961 ) (179,538 ) (126,324 ) Capitalized software additions (23,606 ) (21,949 ) (19,146 ) Proceeds from sales of property, plant and equipment 312 2,201 10,364 Proceeds from sales of trademark licensing rights 20,000 — — Business acquisitions (5,750 ) — (15,220 ) Net Cash (Used by) Investing Activities (333,005 ) (199,286 ) (150,326 ) Cash Flows Provided from (Used by) Financing Activities Net change in short-term borrowings 10,834 1,156 (458,047 ) Long-term borrowings 249,126 348,208 — Repayment of long-term debt (256,189 ) (71,548 ) (8,252 ) Proceeds from lease financing agreement 47,601 — — Cash dividends paid (304,083 ) (283,434 ) (263,403 ) Exercise of stock options 184,411 92,033 28,318 Excess tax benefits from stock-based compensation 13,997 1,385 4,455 Contributions from noncontrolling interests in subsidiaries — 10,199 7,322 Repurchase of Common Stock (384,515 ) (169,099 ) (9,314 ) Net Cash (Used by) Financing Activities (438,818 ) (71,100 ) (698,921 ) (Decrease) Increase in Cash and Cash Equivalents (190,956 ) 631,037 216,502 Cash and Cash Equivalents as of January 1 884,642 253,605 37,103 Cash and Cash Equivalents as of December 31 $693,686 $884,642 $253,605 Interest Paid $97,892 $97,932 $91,623 Income Taxes Paid 292,315 350,948 252,230
THE HERSHEY COMPANYCONSOLIDATED STATEMENTS OF CASH FLOWS
THE HERSHEY COMPANYCONSOLIDATED STATEMENTS OF CASH FLOWS

For the years ended December 31, 2011 2010 2009
For the years ended December 31,
2011
2010
2009
In thousands of dollars
In thousands of dollars
Cash Flows Provided from (Used by) Operating Activities
Cash Flows Provided from (Used by) Operating Activities
Net income $628,962 $509,799 $435,994
Net income

$628,962
$509,799
$435,994
Adjustments to reconcile net income to net cash provided from operations:
Adjustments to reconcile net income to net cash provided from operations:
Depreciation and amortization 215,763 197,116 182,411
Depreciation and amortization
215,763
197,116
182,411
Stock-based compensation expense, net of tax of $15,127, $17,413 and $19,223, respectively 28,341 32,055 34,927
Stock-based compensation expense, net of tax of $15,127, $17,413 and $19,223, respectively
28,341
32,055
34,927
Excess tax benefits from stock-based compensation (13,997 ) (1,385 ) (4,455 )
Excess tax benefits from stock-based compensation
(13,997
)
(1,385
)
(4,455
)
Deferred income taxes 33,611 (18,654 ) (40,578 )
Deferred income taxes
33,611
(18,654
)
(40,578
)
Gain on sale of trademark licensing rights, net of tax of $5,962 (11,072 ) — —
Gain on sale of trademark licensing rights, net of tax of $5,962
(11,072
)

Business realignment and impairment charges, net of tax of $18,333, $20,635 and $38,308, respectively 30,838 77,935 60,823
Business realignment and impairment charges, net of tax of $18,333, $20,635 and $38,308, respectively
30,838
77,935
60,823
Contributions to pension plans (8,861 ) (6,073 ) (54,457 )
Contributions to pension plans
(8,861
)
(6,073
)
(54,457
)
Changes in assets and liabilities, net of effects from business acquisitions and divestitures:
Changes in assets and liabilities, net of effects from business acquisitions and divestitures:
Accounts receivable—trade (9,438 ) 20,329 46,584
Accounts receivable—trade
(9,438
)
20,329
46,584
Inventories (115,331 ) (13,910 ) 74,000
Inventories
(115,331
)
(13,910
)
74,000
Accounts payable 7,860 90,434 37,228
Accounts payable
7,860
90,434
37,228
Other assets and liabilities (205,809 ) 13,777 293,272
Other assets and liabilities
(205,809
)
13,777
293,272
Net Cash Provided from Operating Activities 580,867 901,423 1,065,749
Net Cash Provided from Operating Activities
580,867

901,423

1,065,749

Cash Flows Provided from (Used by) Investing Activities
Cash Flows Provided from (Used by) Investing Activities
Capital additions (323,961 ) (179,538 ) (126,324 )
Capital additions
(323,961
)
(179,538
)
(126,324
)
Capitalized software additions (23,606 ) (21,949 ) (19,146 )
Capitalized software additions
(23,606
)
(21,949
)
(19,146
)
Proceeds from sales of property, plant and equipment 312 2,201 10,364
Proceeds from sales of property, plant and equipment
312
2,201
10,364
Proceeds from sales of trademark licensing rights 20,000 — —
Proceeds from sales of trademark licensing rights
20,000

Business acquisitions (5,750 ) — (15,220 )
Business acquisitions
(5,750
)

(15,220
)
Net Cash (Used by) Investing Activities (333,005 ) (199,286 ) (150,326 )
Net Cash (Used by) Investing Activities

(333,005
)
(199,286
)
(150,326
)
Cash Flows Provided from (Used by) Financing Activities
Cash Flows Provided from (Used by) Financing Activities
Net change in short-term borrowings 10,834 1,156 (458,047 )
Net change in short-term borrowings
10,834
1,156
(458,047
)
Long-term borrowings 249,126 348,208 —
Long-term borrowings
249,126
348,208

Repayment of long-term debt (256,189 ) (71,548 ) (8,252 )
Repayment of long-term debt
(256,189
)
(71,548
)
(8,252
)
Proceeds from lease financing agreement 47,601 — —
Proceeds from lease financing agreement
47,601


Cash dividends paid (304,083 ) (283,434 ) (263,403 )
Cash dividends paid
(304,083
)
(283,434
)
(263,403
)
Exercise of stock options 184,411 92,033 28,318
Exercise of stock options
184,411
92,033
28,318
Excess tax benefits from stock-based compensation 13,997 1,385 4,455
Excess tax benefits from stock-based compensation
13,997
1,385
4,455
Contributions from noncontrolling interests in subsidiaries — 10,199 7,322
Contributions from noncontrolling interests in subsidiaries

10,199
7,322
Repurchase of Common Stock (384,515 ) (169,099 ) (9,314 )
Repurchase of Common Stock
(384,515
)
(169,099
)
(9,314
)
Net Cash (Used by) Financing Activities (438,818 ) (71,100 ) (698,921 )
Net Cash (Used by) Financing Activities
(438,818
)
(71,100
)
(698,921
)
(Decrease) Increase in Cash and Cash Equivalents (190,956 ) 631,037 216,502
(Decrease) Increase in Cash and Cash Equivalents
(190,956
)
631,037
216,502
Cash and Cash Equivalents as of January 1 884,642 253,605 37,103
Cash and Cash Equivalents as of January 1
884,642
253,605
37,103
Cash and Cash Equivalents as of December 31 $693,686 $884,642 $253,605
Cash and Cash Equivalents as of December 31
$693,686

$884,642

$253,605

Interest Paid $97,892 $97,932 $91,623
Interest Paid
$97,892
$97,932
$91,623
Income Taxes Paid 292,315 350,948 252,230
Income Taxes Paid
292,315
350,948
252,230

TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OFEarnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data) For the year ended December 31, 2011 2010 2009 Net product sales $528,369 $517,149 $495,592 Rental and royalty revenue 4,136 4,299 3,739 Total revenue 532,505 521,448 499,331 Product cost of goods sold 365,225 349,334 319,775 Rental and royalty cost 1,038 1,088 852 Total costs 366,263 350,422 320,627 Product gross margin 163,144 167,815 175,817 Rental and royalty gross margin 3,098 3,211 2,887 Total gross margin 166,242 171,026 178,704 Selling, marketing and administrative expenses 108,276 106,316 103,755 Impairment charges — — 14,000 Earnings from operations 57,966 64,710 60,949 Other income (expense), net 2,946 8,358 2,100 Earnings before income taxes 60,912 73,068 63,049 Provision for income taxes 16,974 20,005 9,892 Net earnings $43,938 $53,063 $53,157 Net earnings $43,938 $53,063 $53,157 Other comprehensive earnings (loss) (8,740 ) 1,183 2,845 Comprehensive earnings $35,198 $54,246 $56,002 Retained earnings at beginning of year. $135,866 $147,687 $144,949 Net earnings 43,938 53,063 53,157 Cash dividends (18,360 ) (18,078 ) (17,790 ) Stock dividends (47,175 ) (46,806 ) (32,629 ) Retained earnings at end of year $114,269 $135,866 $147,687 Earnings per share $0.76 $0.90 $0.89 Average Common and Class B Common shares outstanding 57,892 58,685 59,425 (The accompanying notes are an integral part of these statements.)
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OFEarnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data) For the year ended December 31, 2011 2010 2009 Net product sales $528,369 $517,149 $495,592 Rental and royalty revenue 4,136 4,299 3,739 Total revenue 532,505 521,448 499,331 Product cost of goods sold 365,225 349,334 319,775 Rental and royalty cost 1,038 1,088 852 Total costs 366,263 350,422 320,627 Product gross margin 163,144 167,815 175,817 Rental and royalty gross margin 3,098 3,211 2,887 Total gross margin 166,242 171,026 178,704 Selling, marketing and administrative expenses 108,276 106,316 103,755 Impairment charges — — 14,000 Earnings from operations 57,966 64,710 60,949 Other income (expense), net 2,946 8,358 2,100 Earnings before income taxes 60,912 73,068 63,049 Provision for income taxes 16,974 20,005 9,892 Net earnings $43,938 $53,063 $53,157 Net earnings $43,938 $53,063 $53,157 Other comprehensive earnings (loss) (8,740 ) 1,183 2,845 Comprehensive earnings $35,198 $54,246 $56,002 Retained earnings at beginning of year. $135,866 $147,687 $144,949 Net earnings 43,938 53,063 53,157 Cash dividends (18,360 ) (18,078 ) (17,790 ) Stock dividends (47,175 ) (46,806 ) (32,629 ) Retained earnings at end of year $114,269 $135,866 $147,687 Earnings per share $0.76 $0.90 $0.89 Average Common and Class B Common shares outstanding 57,892 58,685 59,425 (The accompanying notes are an integral part of these statements.)
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OFEarnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OFEarnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)

For the year ended December 31,
For the year ended December 31,
2011 2010 2009
2011
2010
2009
Net product sales $528,369 $517,149 $495,592
Net product sales

$528,369
$517,149
$495,592
Rental and royalty revenue 4,136 4,299 3,739
Rental and royalty revenue
4,136
4,299
3,739
Total revenue 532,505 521,448 499,331
Total revenue
532,505

521,448

499,331

Product cost of goods sold 365,225 349,334 319,775
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost 1,038 1,088 852
Rental and royalty cost
1,038
1,088
852
Total costs 366,263 350,422 320,627
Total costs
366,263

350,422

320,627

Product gross margin 163,144 167,815 175,817
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin 3,098 3,211 2,887
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin 166,242 171,026 178,704
Total gross margin
166,242

171,026

178,704

Selling, marketing and administrative expenses 108,276 106,316 103,755
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges — — 14,000
Impairment charges


14,000
Earnings from operations 57,966 64,710 60,949
Earnings from operations
57,966

64,710

60,949

Other income (expense), net 2,946 8,358 2,100
Other income (expense), net
2,946

8,358

2,100

Earnings before income taxes 60,912 73,068 63,049
Earnings before income taxes
60,912

73,068

63,049

Provision for income taxes 16,974 20,005 9,892
Provision for income taxes
16,974

20,005

9,892

Net earnings $43,938 $53,063 $53,157
Net earnings
$43,938

$53,063

$53,157

Net earnings $43,938 $53,063 $53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss) (8,740 ) 1,183 2,845
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings $35,198 $54,246 $56,002
Comprehensive earnings
$35,198

$54,246

$56,002

Retained earnings at beginning of year. $135,866 $147,687 $144,949
Retained earnings at beginning of year.
$135,866
$147,687
$144,949
Net earnings 43,938 53,063 53,157
Net earnings
43,938
53,063
53,157
Cash dividends (18,360 ) (18,078 ) (17,790 )
Cash dividends
(18,360
)
(18,078
)
(17,790
)
Stock dividends (47,175 ) (46,806 ) (32,629 )
Stock dividends
(47,175
)
(46,806
)
(32,629
)
Retained earnings at end of year $114,269 $135,866 $147,687
Retained earnings at end of year
$114,269

$135,866

$147,687

Earnings per share $0.76 $0.90 $0.89
Earnings per share
$0.76
$0.90
$0.89

Average Common and Class B Common shares outstanding 57,892 58,685 59,425
Average Common and Class B Common shares outstanding

57,892
58,685
59,425
(The accompanying notes are an integral part of these statements.)
(The accompanying notes are an integral part of these statements.)

CONSOLIDATED STATEMENTS OFFinancial PositionTOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data) Assets December 31, 2011 2010 CURRENT ASSETS: Cash and cash equivalents $78,612 $115,976 Investments 10,895 7,996 Accounts receivable trade, less allowances of $1,731 and $1,531 41,895 37,394 Other receivables 3,391 9,961 Inventories:

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CONSOLIDATED STATEMENTS OFFinancial PositionTOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data) Assets December 31, 2011 2010 CURRENT ASSETS: Cash and cash equivalents $78,612 $115,976 Investments 10,895 7,996 Accounts receivable trade, less allowances of $1,731 and $1,531 41,895 37,394 Other receivables 3,391 9,961 Inventories:

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CONSOLIDATED STATEMENTS OFFinancial PositionTOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)
CONSOLIDATED STATEMENTS OFFinancial PositionTOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)

Assets December 31,
Assets
December 31,
2011 2010
2011
2010
CURRENT ASSETS:
CURRENT ASSETS:
Cash and cash equivalents $78,612 $115,976
Cash and cash equivalents
$78,612
$115,976
Investments 10,895 7,996
Investments
10,895
7,996
Accounts receivable trade, less allowances of $1,731 and $1,531 41,895 37,394
Accounts receivable trade, less allowances of $1,731 and $1,531
41,895
37,394
Other receivables 3,391 9,961
Other receivables
3,391
9,961
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