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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 3, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______to_______
Commission file number 1-183
hsy-20211003_g1.jpg
THE HERSHEY COMPANY
(Exact name of registrant as specified in its charter)
Delaware23-0691590
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
19 East Chocolate Avenue, Hershey, PA 17033
(Address of principal executive offices and Zip Code)
(717) 534-4200
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, one dollar par valueHSYNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filerxAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No x

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.
Common Stock, one dollar par value—145,389,951 shares, as of October 22, 2021.
Class B Common Stock, one dollar par value—60,613,777 shares, as of October 22, 2021.



THE HERSHEY COMPANY
Quarterly Report on Form 10-Q
For the Period Ended October 3, 2021

TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Notes to Unaudited Consolidated Financial Statements

The Hershey Company | Q3 2021 Form 10-Q | Page 1
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PART I — FINANCIAL INFORMATION
Item 1. Financial Statements.
THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(unaudited)
 
Three Months EndedNine Months Ended
October 3, 2021September 27, 2020October 3, 2021September 27, 2020
Net sales$2,359,839 $2,219,829 $6,645,209 $5,964,475 
Cost of sales
1,298,504 1,139,805 3,609,478 3,225,277 
Gross profit
1,061,335 1,080,024 3,035,731 2,739,198 
Selling, marketing and administrative expense
486,139 468,614 1,448,433 1,352,947 
Long-lived asset impairment charges
   9,143 
Business realignment costs (benefits) 365  2,748 (475)
Operating profit
574,831 611,410 1,584,550 1,377,583 
Interest expense, net
30,154 37,258 97,655 111,592 
Other (income) expense, net
23,004 11,644 32,612 34,394 
Income before income taxes521,673 562,508 1,454,283 1,231,597 
Provision for income taxes
76,746 115,250 311,255 247,514 
Net income including noncontrolling interest444,927 447,258 1,143,028 984,083 
Less: Net (loss) gain attributable to noncontrolling interest (25)1,072 (3,238)
Net income attributable to The Hershey Company
$444,927 $447,283 $1,141,956 $987,321 
Net income per share—basic:
Common stock
$2.22 $2.21 $5.67 $4.87 
Class B common stock
$2.01 $2.00 $5.16 $4.42 
Net income per share—diluted:
Common stock
$2.14 $2.14 $5.49 $4.71 
Class B common stock
$2.01 $2.00 $5.14 $4.40 
Dividends paid per share:
Common stock
$0.901 $0.804 $2.509 $2.350 
Class B common stock
$0.819 $0.731 $2.281 $2.135 

See Notes to Unaudited Consolidated Financial Statements.
The Hershey Company | Q3 2021 Form 10-Q | Page 2
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THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)

For the Three Months Ended
For the Nine Months Ended
October 3, 2021September 27, 2020October 3, 2021September 27, 2020
Pre-Tax AmountTax (Expense) BenefitAfter-Tax AmountPre-Tax AmountTax (Expense) BenefitAfter-Tax AmountPre-Tax AmountTax (Expense) BenefitAfter-Tax AmountPre-Tax AmountTax (Expense) BenefitAfter-Tax Amount
Net income including noncontrolling interest$444,927 $447,258 $1,143,028 $984,083 
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments:
Foreign currency translation (losses) gains during period$(11,571)$ (11,571)$7,050 $ 7,050 $2,623 $ 2,623 $(41,242)$ (41,242)
Reclassification to earnings due to the sale of businesses      5,210  5,210    
Pension and post-retirement benefit plans:
Net actuarial (loss) gain and service cost(8,793)2,093 (6,700)3,204 (758)2,446 11,912 (2,835)9,077 (13,481)3,195 (10,286)
Reclassification to earnings8,457 (671)7,786 4,945 (452)4,493 24,246 (4,739)19,507 18,242 (3,183)15,059 
Cash flow hedges:
Gains (losses) on cash flow hedging derivatives5,779 (2,153)3,626 (807)441 (366)(2,200)(2,312)(4,512)5,249 174 5,423 
Reclassification to earnings4,709 (119)4,590 2,341 (578)1,763 13,527 (501)13,026 5,638 (2,508)3,130 
Total other comprehensive (loss) income, net of tax$(1,419)$(850)(2,269)$16,733 $(1,347)15,386 $55,318 $(10,387)44,931 $(25,594)$(2,322)(27,916)
Total comprehensive income including noncontrolling interest$442,658 $462,644 $1,187,959 $956,167 
Comprehensive (loss) income attributable to noncontrolling interest(5)475 6,321 (2,813)
Comprehensive income attributable to The Hershey Company$442,663 $462,169 $1,181,638 $958,980 

See Notes to Unaudited Consolidated Financial Statements.

The Hershey Company | Q3 2021 Form 10-Q | Page 3
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THE HERSHEY COMPANY
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
October 3, 2021December 31, 2020
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents$675,516 $1,143,987 
Accounts receivable—trade, net841,227 615,233 
Inventories1,026,541 964,207 
Prepaid expenses and other198,660 254,478 
Total current assets2,741,944 2,977,905 
Property, plant and equipment, net2,370,193 2,285,255 
Goodwill2,164,580 1,988,215 
Other intangibles1,494,106 1,295,214 
Other non-current assets628,686 555,887 
Deferred income taxes39,674 29,369 
Total assets$9,439,183 $9,131,845 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$671,855 $580,058 
Accrued liabilities751,972 781,766 
Accrued income taxes69,482 17,051 
Short-term debt410,374 74,041 
Current portion of long-term debt2,812 438,829 
Total current liabilities1,906,495 1,891,745 
Long-term debt4,095,159 4,089,755 
Other long-term liabilities639,896 683,434 
Deferred income taxes260,500 229,028 
Total liabilities6,902,050 6,893,962 
Stockholders’ equity:
The Hershey Company stockholders’ equity
Preferred stock, shares issued: none in 2021 and 2020
  
Common stock, shares issued: 160,939,248 at October 3, 2021 and December 31, 2020
160,939 160,939 
Class B common stock, shares issued: 60,613,777 at October 3, 2021 and December 31, 2020
60,614 60,614 
Additional paid-in capital1,240,012 1,191,200 
Retained earnings2,565,538 1,928,673 
Treasury—common stock shares, at cost: 15,564,962 at October 3, 2021 and 13,325,898 at December 31, 2020
(1,200,409)(768,992)
Accumulated other comprehensive loss(298,400)(338,082)
Total—The Hershey Company stockholders’ equity2,528,294 2,234,352 
Noncontrolling interest in subsidiary8,839 3,531 
Total stockholders’ equity2,537,133 2,237,883 
Total liabilities and stockholders’ equity$9,439,183 $9,131,845 

See Notes to Unaudited Consolidated Financial Statements.

The Hershey Company | Q3 2021 Form 10-Q | Page 4
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THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Nine Months Ended
October 3, 2021September 27, 2020
Operating Activities
Net income including noncontrolling interest$1,143,028 $984,083 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization231,953 217,689 
Stock-based compensation expense51,009 37,897 
Deferred income taxes762 7,237 
Impairment of long-lived assets 9,143 
Write-down of equity investments28,734 29,257 
Other77,548 42,623 
Changes in assets and liabilities, net of business acquisitions and divestitures:
Accounts receivable—trade, net(222,864)(275,649)
Inventories(38,864)(151,919)
Prepaid expenses and other current assets11,908 7,629 
Accounts payable and accrued liabilities76,446 132,265 
Accrued income taxes92,236 77,970 
Contributions to pension and other benefit plans(38,576)(12,238)
Other assets and liabilities(9,603)(10,721)
Net cash provided by operating activities1,403,717 1,095,266 
Investing Activities
Capital additions (including software)(347,450)(292,051)
Equity investments in tax credit qualifying partnerships(75,917)(46,438)
Business acquisitions, net of cash and cash equivalents acquired(419,501) 
Other investing activities3,129 (2,765)
Net cash used in investing activities(839,739)(341,254)
Financing Activities
Net increase in short-term debt339,981 13,398 
Long-term borrowings, net of debt issuance costs 989,876 
Repayment of long-term debt and finance leases(438,029)(353,136)
Cash dividends paid(505,194)(478,018)
Repurchase of common stock(457,946)(211,196)
Exercise of stock options23,362 19,111 
Net cash used in financing activities(1,037,826)(19,965)
Effect of exchange rate changes on cash and cash equivalents(6,057)(10,737)
(Decrease) increase in cash and cash equivalents, including cash classified as held for sale(479,905)723,310 
Less: Decrease (increase) in cash and cash equivalents classified as held for sale11,434 (10,683)
Net (decrease) increase in cash and cash equivalents(468,471)712,627 
Cash and cash equivalents, beginning of period1,143,987 493,262 
Cash and cash equivalents, end of period$675,516 $1,205,889 
Supplemental Disclosure
Interest paid$92,397 $103,009 
Income taxes paid199,735 165,214 

See Notes to Unaudited Consolidated Financial Statements.

The Hershey Company | Q3 2021 Form 10-Q | Page 5
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THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For the Three Months Ended October 3, 2021 and September 27, 2020
(in thousands)
(unaudited)


Preferred
Stock
Common
Stock
Class B
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Treasury
Common
Stock
Accumulated Other
Comprehensive
Loss
Noncontrolling
Interests in
Subsidiaries
Total
Stockholders’
Equity
Balance, July 4, 2021
$ $160,939 $60,614 $1,218,708 $2,301,805 $(1,180,881)$(296,136)$8,844 $2,273,893 
Net income444,927  444,927 
Other comprehensive loss(2,264)(5)(2,269)
Dividends (including dividend equivalents):
Common Stock, $0.901 per share
(131,551)(131,551)
Class B Common Stock, $0.819 per share
(49,643)(49,643)
Stock-based compensation18,903 18,903 
Exercise of stock options and incentive-based transactions2,401 4,072 6,473 
Repurchase of common stock(23,600)(23,600)
Balance, October 3, 2021
$ $160,939 $60,614 $1,240,012 $2,565,538 $(1,200,409)$(298,400)$8,839 $2,537,133 

Preferred
Stock
Common
Stock
Class B
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Treasury
Common
Stock
Accumulated Other
Comprehensive
(Loss) Income
Noncontrolling
Interests in
Subsidiaries
Total
Stockholders’
Equity
Balance, June 28, 2020
$ $160,939 $60,614 $1,161,878 $1,516,543 $(779,176)$(367,193)$2,484 $1,756,089 
Net income (loss)447,283 (25)447,258 
Other comprehensive income14,886 500 15,386 
Dividends (including dividend equivalents):
Common Stock, $0.804 per share
(119,332)(119,332)
Class B Common Stock, $0.731 per share
(44,308)(44,308)
Stock-based compensation12,153 12,153 
Exercise of stock options and incentive-based transactions(4,448)6,015 1,567 
Balance, September 27, 2020
$ $160,939 $60,614 $1,169,583 $1,800,186 $(773,161)$(352,307)$2,959 $2,068,813 


See Notes to Unaudited Consolidated Financial Statements.










The Hershey Company | Q3 2021 Form 10-Q | Page 6
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THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For the Nine Months Ended October 3, 2021 and September 27, 2020
(in thousands)
(unaudited)


Preferred
Stock
Common
Stock
Class B
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Treasury
Common
Stock
Accumulated Other
Comprehensive
(Loss) Income
Noncontrolling
Interests in
Subsidiaries
Total
Stockholders’
Equity
Balance, December 31, 2020
$ $160,939 $60,614 $1,191,200 $1,928,673 $(768,992)$(338,082)$3,531 $2,237,883 
Net income1,141,956 1,072 1,143,028 
Other comprehensive income39,682 5,249 44,931 
Dividends (including dividend equivalents):
Common Stock, $2.509 per share
(366,831)(366,831)
Class B Common Stock, $2.281 per share
(138,260)(138,260)
Stock-based compensation51,979 51,979 
Exercise of stock options and incentive-based transactions(3,167)26,529 23,362 
Repurchase of common stock(457,946)(457,946)
Divestiture of noncontrolling interest(1,013)(1,013)
Balance, October 3, 2021
$ $160,939 $60,614 $1,240,012 $2,565,538 $(1,200,409)$(298,400)$8,839 $2,537,133 

Preferred
Stock
Common
Stock
Class B
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Treasury
Common
Stock
Accumulated Other
Comprehensive
Loss
Noncontrolling
Interests in
Subsidiaries
Total
Stockholders’
Equity
Balance, December 31, 2019
$ $160,939 $60,614 $1,142,210 $1,290,461 $(591,036)$(323,966)$5,772 $1,744,994 
Net income (loss)987,321 (3,238)984,083 
Other comprehensive (loss) income(28,341)425 (27,916)
Dividends (including dividend equivalents):
Common Stock, $2.350 per share
(348,186)(348,186)
Class B Common Stock, $2.135 per share
(129,410)(129,410)
Stock-based compensation37,333 37,333 
Exercise of stock options and incentive-based transactions(9,960)29,071 19,111 
Repurchase of common stock(211,196)(211,196)
Balance, September 27, 2020
$ $160,939 $60,614 $1,169,583 $1,800,186 $(773,161)$(352,307)$2,959 $2,068,813 


See Notes to Unaudited Consolidated Financial Statements.

The Hershey Company | Q3 2021 Form 10-Q | Page 7
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THE HERSHEY COMPANY
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except share data or if otherwise indicated)

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The unaudited consolidated financial statements provided in this report include the accounts of The Hershey Company (the “Company,” “Hershey,” “we” or “us”) and our majority-owned subsidiaries and entities in which we have a controlling financial interest after the elimination of intercompany accounts and transactions. We have a controlling financial interest if we own a majority of the outstanding voting common stock and minority shareholders do not have substantive participating rights, we have significant control through contractual or economic interests in which we are the primary beneficiary or we have the power to direct the activities that most significantly impact the entity’s economic performance. We use the equity method of accounting when we have a 20% to 50% interest in other companies and exercise significant influence. Other investments that are not controlled, and over which we do not have the ability to exercise significant influence, are accounted for under the cost method. Both equity and cost method investments are included as Other non-current assets in the Consolidated Balance Sheets.
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not contain certain information and disclosures required by GAAP for comprehensive financial statements. The financial statements reflect all adjustments (consisting of normal recurring adjustments) which are, in our opinion, necessary for a fair presentation of the results of operations, financial position, and cash flows for the indicated periods.
Operating results for the quarter ended October 3, 2021 may not be indicative of the results that may be expected for the year ending December 31, 2021 because of seasonal effects on our business. These financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2020 (our “2020 Annual Report on Form 10-K”), which provides a more complete understanding of our accounting policies, financial position, operating results and other matters.
COVID-19
On March 11, 2020, the World Health Organization designated coronavirus disease 2019 (“COVID-19”) as a global pandemic. We continue to actively monitor COVID-19 and its potential impact on our operations and financial results. Employee health and safety remains our first priority while we continue our efforts to support community food supplies. Since the onset of COVID-19, there has been minimal disruption to our supply chain network, and all our manufacturing plants are currently open. However, during the third quarter of 2021, continued strong demand for consumer goods and the effects of COVID-19 mitigation strategies have led to broad-based supply chain disruptions across the United States, including inflation on many consumer products, labor shortages and demand outpacing supply. We are working closely with our business units, contract manufacturers, distributors, contractors and other external business partners to minimize the potential impact on our business.
The ultimate impact that COVID-19 will have on our consolidated financial statements remains uncertain and ultimately will be dictated by the length and severity of the pandemic, including broad-based supply chain disruptions, COVID-19 variants or resurgences, as well as the economic recovery and actions taken in response by local, state and national governments around the world, including the distribution of vaccinations. We will continue to evaluate the nature and extent of these potential and evolving impacts to our business and consolidated financial statements.
Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU is intended to simplify various aspects related to accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and clarifying certain aspects of the current guidance to promote consistency among reporting entities. ASU 2019-12 is effective for annual periods beginning after December 15, 2020 and interim periods within those annual periods, with early adoption permitted. An entity that elects early adoption must adopt all the

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THE HERSHEY COMPANY
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(amounts in thousands, except share data or if otherwise indicated)

amendments in the same period. Most amendments within this ASU are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. We adopted the provisions of this ASU in the fourth quarter of 2020. Adoption of the new standard did not have a material impact on our consolidated financial statements.
Recently Issued Accounting Pronouncements Not Yet Adopted
In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The ASU is intended to provide temporary optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. Entities may apply this ASU upon issuance through December 31, 2022 on a prospective basis. We are currently evaluating the impact of the new standard on our consolidated financial statements and related disclosures.
No other new accounting pronouncement issued or effective during the fiscal year had or is expected to have a material impact on our consolidated financial statements or disclosures.
2. BUSINESS ACQUISITION AND DIVESTITURES
2021 Activity
Lily's Sweets, LLC
On June 25, 2021, we completed the acquisition of Lily’s Sweets, LLC (“Lily’s”), previously a privately held company that sells a line of sugar-free and low-sugar confectionery foods to retailers and distributors in the United States and Canada. Lily’s products include dark and milk chocolate style bars, baking chips, peanut butter cups and other confection products that complement Hershey’s confectionery and confectionery-based portfolio. The initial cash consideration paid for Lily’s totaled $422,210 and the Company may be required to pay additional cash consideration if certain defined targets related to net sales and gross margin are exceeded during the period from the closing date through December 31, 2021. As of the acquisition date, the estimated fair value of the contingent consideration obligation was classified as a liability of $5,000 and was determined using a scenario-based analysis on forecasted future results. Acquisition-related costs for the Lily’s acquisition were immaterial.

The acquisition has been accounted for as a business combination and, accordingly, Lily’s has been included within the North America segment from the date of acquisition. The purchase consideration, inclusive of the acquisition date fair value of the contingent consideration, was allocated to assets acquired and liabilities assumed based on their respective fair values as follows:

Initial Allocation (1)AdjustmentsUpdated Allocation
Goodwill$174,516 $1,310 $175,826 
Other intangible assets235,800  235,800 
Other assets acquired, primarily current assets30,383 2,709 33,092 
Other liabilities assumed, primarily current liabilities(9,620) (9,620)
Deferred income taxes(7,888) (7,888)
Net assets acquired$423,191 $4,019 $427,210 
(1)As reported in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended July 4, 2021.

The purchase price allocation presented above is preliminary. The measurement period adjustments to the initial allocation are based on more detailed information obtained about the specific assets acquired. We continue to refine our purchase price allocation, including goodwill, and expect to finalize by the end of 2021.

Goodwill was determined as the excess of the purchase price over the fair value of the net assets acquired (including the identifiable intangible assets). The majority of goodwill derived from this acquisition is expected to be deductible

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THE HERSHEY COMPANY
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(amounts in thousands, except share data or if otherwise indicated)

for tax purposes and reflects the value of leveraging our brand building expertise, supply chain capabilities and retail relationships to accelerate growth and access to the portfolio of Lily’s products.

Other intangible assets include trademarks valued at $151,600 and customer relationships valued at $84,200. Trademarks were assigned an estimated useful life of 33 years and customer relationships were assigned estimated useful lives ranging from 17 to 18 years.
Lotte Shanghai Foods Co., Ltd.
In January 2021, we completed the divestiture of Lotte Shanghai Foods Co., Ltd. (“LSFC”), which was previously included within the International and Other segment results in our consolidated financial statements. Total proceeds from the divestiture and the impact on our consolidated financial statements were immaterial and were recorded in the selling, marketing and administrative (“SM&A”) expense caption within the Consolidated Statements of Income.
2020 Activity
During the second quarter of 2020, we completed the divestitures of KRAVE Pure Foods, Inc. and the Scharffen Berger and Dagoba brands, all of which were previously included within the North America segment results in our consolidated financial statements. Total proceeds from the divestitures and the impact on our Consolidated Statements of Income, both individually and on an aggregate basis, were immaterial.
3. GOODWILL AND INTANGIBLE ASSETS
The changes in the carrying value of goodwill by reportable segment for the nine months ended October 3, 2021 are as follows:
North America
    International
   and Other
Total
Balance at December 31, 2020
$1,970,445 $17,770 $1,988,215 
Acquired during the period (see Note 2)
174,516  174,516 
Measurement period adjustments (see Note 2)
1,310  1,310 
Foreign currency translation937 (398)539 
Balance at October 3, 2021
$2,147,208 $17,372 $2,164,580 

The following table provides the gross carrying amount and accumulated amortization for each major class of intangible asset:
October 3, 2021December 31, 2020
Gross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated Amortization
Intangible assets subject to amortization:
Trademarks$1,363,112 $(131,674)$1,211,086 $(104,939)
Customer-related288,582 (60,325)204,101 (49,616)
Patents8,626 (8,626)8,556 (8,542)
Total
1,660,320 (200,625)1,423,743 (163,097)
Intangible assets not subject to amortization:
Trademarks34,411 34,568 
Total other intangible assets
$