33 unchanged sentences
Malaysian ringgit
+Added: British pound
Foreign currency forward exchange contracts to sell foreign currencies $ 140.2 Canadian dollars
2 unchanged sentences
Brazilian reals
−Removed: Mexican pesos
The fair value of foreign currency forward exchange contracts represents the difference between the contracted and current market foreign currency exchange rates at the end of the period.
We estimate the fair value of foreign currency forward exchange contracts on a quarterly basis by obtaining market quotes of spot and forward rates for contracts with similar terms, adjusted where necessary for maturity differences.
−Removed: At December 31, 2023 and 2022, the net fair value of these instruments was an asset of $0.7 million and an asset of $3.9 million, respectively.
+Added: At December 31, 2024 and 2023, the net fair value of these instruments was an asset of $0.7 million.
In addition, assuming an unfavorable 10% change in year-end foreign currency exchange rates, the fair value of these instruments would have declined by $32.3 million and $20.2 million, respectively, generally offset by a reduction in foreign exchange associated with our transactional activities.
25 unchanged sentences
Cocoa Products
−Removed: During 2023, average cocoa futures contract prices increased 31.9% compared with 2022 and traded higher every month from January to December from $1.19 and $1.90 per pound, based on the Intercontinental Exchange futures contract.
−Removed: The production forecast for the 2023 – 2024 season is down significantly in Ghana and Ivory Coast by over 20% combined, due to a combination of inclement weather, lower inputs and marginally increased farmer prices versus inflation.
−Removed: Despite higher cocoa prices to consumers, consumption remained consistent, leading to predictions of a large deficit, the third consecutive one by some accounts.
+Added: During 2024, average cocoa futures contract prices increased 131.5% compared with 2023 based on the Intercontinental Exchange futures contract.
+Added: The production forecast for the 2024 - 2025 season is up over 30% combined in Ghana and Ivory Coast, due to better weather and significantly improved farmer prices.
+Added: Higher cocoa prices to the consumer has lowered consumption and a return to a surplus production environment is expected in the 2024 - 2025 growing season.
The table below shows annual average cocoa futures prices and the highest and lowest monthly averages for each of the calendar years indicated.
−Removed: The prices reflect the monthly averages of the quotations at noon of the three active futures trading contracts closest to maturity on the Intercontinental Exchange.
+Added: The prices reflect the monthly averages of the close prices of the nearest active futures trading contracts (second position) on the Intercontinental Exchange.
Cocoa Futures Contract Prices
4 unchanged sentences
Low 1.99 1.19 1.06 1.04 1.00
−Removed: International Cocoa Organization Quarterly Bulletin of Cocoa Statistics
+Added: The Cocoa Merchants Association of America Inc.
Our costs for cocoa products will not necessarily reflect market price fluctuations because of our forward purchasing and hedging practices, premiums and discounts reflective of varying delivery times, and supply and demand for our specific varieties and grades of cocoa liquor, cocoa butter and cocoa powder.
4 unchanged sentences
are currently higher than prices on the world sugar market.
−Removed: delivered east coast refined sugar prices traded in a range from $0.62 to $0.68 per pound during 2023.
−Removed: Prices were historically high throughout 2023 due to lack of imports by the U.S.
−Removed: government resulting in an extremely tight domestic raw sugar market and continued strong demand which resulted in a scarcity market for much of the year.
+Added: delivered east coast refined sugar prices traded in a range of $0.56 to $0.62 per pound during 2024.
+Added: Prices softened in 2024, driven by large domestic beet and cane crops, as well as overall healthy supply.
Corn Products
We use corn futures to price our corn sweetener product requirements.
−Removed: A record crop from both Brazil and the U.S.
−Removed: in 2023 drove prices down throughout the year.
+Added: A projected record yield for the 2024 U.S.
+Added: crop kept U.S.
+Added: supplies healthy and drove prices down compared to 2023.
Corn prices traded in the range from $3.90 to $4.85 per bushel during 2024.
−Removed: Corn sweetener prices remained elevated due to tight capacity utilization throughout the industry.
+Added: Corn sweetener prices remained consistent due to tight capacity utilization throughout the industry.
The Hershey Company | 2024 Form 10-K | Page 45
1 unchanged sentence
During 2024, prices for fluid dairy milk ranged from a low of $0.194 per pound to a high of $0.223 per pound, on a Class IV milk basis.
−Removed: Fluid dairy milk prices were lower than 2022, driven by increases in global milk production linked to improved farmer margins, and exacerbated by a decline in U.S.
−Removed: dairy ingredient exports.
+Added: Fluid dairy milk prices were higher than 2023 due to decreases in global milk production linked to HPAI avian flu virus and blue tongue virus which impacted herd in the U.S.
+Added: and Europe, respectively.
Wheat Products
In 2024 we continued utilizing soft and hard wheat futures as a risk management tool for our flour purchasing.
−Removed: For the second year in a row, the conflict between Russia and Ukraine, in addition to poor U.S.
−Removed: weather, continued to result in volatility in the wheat market and impacted global availability of supplies.
−Removed: Despite annual volatility, U.S.
−Removed: wheat remains uncompetitive in the world market, anchoring prices to their historical 5-year averages.
+Added: Improved U.S.
+Added: wheat production across the aggregate classes combined with weak global demand has resulted in lower prices across the calendar year.
Hard wheat prices traded in the range of $5.35 to $7.45 per bushel during 2024, while soft wheat prices traded in the range of $5.25 to $7.21 per bushel during 2024.
2 unchanged sentences
ranged from a low of $0.57 per pound to a high of $0.71 per pound during 2024.
−Removed: Prices increased in 2023 due to higher export demand in the latter half of the year and a smaller peanut crop.
+Added: Prices in 2024 averaged slightly higher than 2023, primarily driven by increased export demand in the first half of the year.
Almond prices traded in the range of $2.15 per pound to $2.90 per pound during 2024.
−Removed: Prices increased towards the end of 2023, driven by smaller than expected crop and lower availability of small sized almonds.
+Added: Prices in 2024 averaged higher than 2023, driven by a smaller crop size and lower availability of small sized almonds.
Changes in the Value of Futures Contracts
7 unchanged sentences
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.