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We have established disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 (the “Exchange Act”)) designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
−Removed: Management, with the participation of the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company’s disclosure controls and procedures as of July 2, 2023 .
−Removed: Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of July 2, 2023 .
−Removed: We rely extensively on information systems and technology to manage our business and summarize operating results.
−Removed: We are in the process of a multi-year implementation of a new global enterprise resource planning (“ERP”) system, which will replace our existing operating and financial systems.
+Added: Management, with the participation of the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company’s disclosure controls and procedures as of October 1, 2023 .
+Added: Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of October 1, 2023 .
+Added: Changes in Internal Controls Over Financial Reporting
+Added: We are in the process of a multi-year implementation of a new global enterprise resource planning (“ERP”) system, which replaces our existing operating and financial systems.
The ERP system is designed to accurately maintain the Company’s financial records, enhance operational functionality, and provide timely information to the Company’s management team related to the operation of the business.
−Removed: The implementation is expected to occur in phases over the next several years.
−Removed: During the third quarter of 2022, we completed the implementation of our new ERP system for one operating segment which is included in our International segment.
−Removed: The portion of the transition to the new ERP system which we have completed to date did not result in significant changes in our internal control over financial reporting.
−Removed: However, as the next phases of the updated processes are rolled out in connection with the ERP implementation, we will give appropriate consideration to whether these process changes necessitate changes in the design of and testing for effectiveness of internal controls over financial reporting.
−Removed: There have been no changes in our internal control over financial reporting during the quarter ended July 2, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
+Added: During the third quarter of 2022, we completed the implementation of one operating segment that is included in our International segment.
+Added: In July 2023, we completed the transition to our new consolidated financial reporting book of record.
+Added: We updated our internal controls to reflect changes to the financial reporting business processes impacted by the implementation.
+Added: Other than the implementation of the new consolidated book of record, there have been no changes to the Company’s internal control over financial reporting during the quarter ended October 1, 2023 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
+Added: Further, in October 2023, we completed the implementation of our new ERP system in the North America Salty Snacks segment.
+Added: The final implementation phase will occur in 2024 for the remainder of the business.
+Added: Both implementations result in changes to our internal controls over financial reporting.
+Added: As changes occur, we will evaluate quarterly whether such changes materially affect our internal control over financial reporting.
The Hershey Company | Q3 2023 Form 10-Q | Page 48
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.