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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 October 1, 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 October 1, 2023 .
+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 March 31, 2024 .
+Added: Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of March 31, 2024 .
Changes in Internal Controls Over Financial Reporting
−Removed: 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.
+Added: As of March 31, 2024 , we were in the process of our 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.
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In July 2023, we completed the transition to our new consolidated financial reporting book of record.
+Added: During, October 2023, we completed the implementation of our new ERP system in the North America Salty Snacks segment.
We updated our internal controls to reflect changes to the financial reporting business processes impacted by the implementation.
−Removed: 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.
−Removed: Further, in October 2023, we completed the implementation of our new ERP system in the North America Salty Snacks segment.
−Removed: The final implementation phase will occur in 2024 for the remainder of the business.
−Removed: Both implementations result in changes to our internal controls over financial reporting.
−Removed: As changes occur, we will evaluate quarterly whether such changes materially affect our internal control over financial reporting.
+Added: There have been no changes to the Company’s internal control over financial reporting during the quarter ended March 31, 2024, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
+Added: We completed the implementation of our new ERP system in the North America Confectionery segment and select operating segments included in our International segment in April 2024.
+Added: The implementation of the new ERP system results in material changes to our internal controls over financial reporting.
+Added: The Company has updated the internal controls as appropriate and will continue to monitor the impact of the implementation on our financial reporting business processes.
The Hershey Company | Q1 2024 Form 10-Q | Page 42
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Information on legal proceedings is included in Note 15 to the Unaudited Consolidated Financial Statements.
−Removed: Risk Factors.
−Removed: When evaluating an investment in our Common Stock, investors should consider carefully, among other things, the risk factors previously disclosed in Part I, Item 1A, “Risk Factors,” of our 2022 Annual Report on Form 10-K and the information contained in this Quarterly Report on Form 10-Q and our other reports and registration statements filed with the SEC.
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.