QUARTERLY DATA (Unaudited)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

QUARTERLY DATA (Unaudited)

Summary quarterly results were as follows:



Year 2016	First		Second		Third		Fourth
Net sales	$	1,828,812	$	1,637,671	$	2,003,454	$	1,970,244
Gross profit	817,376		747,398		850,848		742,269
Net income	229,832		145,956		227,403		116,853
Common stock:
Net income per share—Basic^(a)	1.09		0.70		1.09		0.56
Net income per share—Diluted^(a)	1.06		0.68		1.06		0.55
Dividends paid per share	0.583		0.583		0.618		0.618
Class B common stock:
Net income per share—Basic^(a)	0.99		0.64		0.99		0.51
Net income per share—Diluted^(a)	0.99		0.64		0.99		0.51
Dividends paid per share	0.530		0.530		0.562		0.562
Market price—common stock:
High	93.71		113.49		113.89		104.44
Low	83.32		89.60		94.64		94.63



Year 2015	First		Second			Third^(b)		Fourth^(b)
Net sales	$	1,937,800	$	1,578,825		$	1,960,779	$	1,909,222
Gross profit	900,843		735,408			868,706		877,718
Net income (loss)	244,737		(99,941		)	140,266		227,889
Common stock:
Net income (loss) per share—Basic^(a)	1.14		(0.47		)	0.66		1.08
Net income (loss) per share—Diluted^(a)	1.10		(0.47		)	0.64		1.04
Dividends paid per share	0.535		0.535			0.583		0.583
Class B common stock:
Net income (loss) per share—Basic^(a)	1.04		(0.42		)	0.60		0.98
Net income (loss) per share—Diluted^(a)	1.03		(0.42		)	0.60		0.98
Dividends paid per share	0.486		0.486			0.530		0.530
Market price—common stock:
High	110.78		101.74			94.31		97.07
Low	98.52		87.86			85.13		83.58


(a)	Quarterly income per share amounts do not total to the annual amount due to changes in weighted-average shares outstanding during the year, as well as the impact of excluding dilutive securities in the period in which there was a net loss.

(b)

In 2015, the Company identified a material weakness in its internal control over financial reporting related to hedge accounting compliance for cocoa commodity derivatives. As a result, hedge accounting treatment for cocoa commodity derivatives was disallowed for the third and fourth quarters of 2015; therefore the impact of changes in fair value of the cocoa commodity futures outstanding during these periods should have been recorded within cost of sales as incurred, instead of deferred within AOCI. Such gains (losses) totaled $(23,358) for the third quarter of 2015 and an essentially offsetting amount for the fourth quarter of 2015. The amounts presented above for the third and fourth quarters of 2015 reflect the impact of reclassifying these gains (losses) deferred within AOCI to cost of sales for the respective periods.