The company completed the acquisition of the Sour Strips brand in November 2024, an emerging sour candy brand. This acquisition is intended to expand the company's snacking portfolio.

The company has reset its international investment strategy, while holding fast to the belief that its targeted emerging market strategy will deliver long-term, profitable growth. This suggests a shift towards more selective and efficient resource allocation in international markets.

The Board of Directors approved the Advancing Agility & Automation Initiative in February 2024, a multi-year productivity program to improve supply chain and manufacturing-related spend, optimize selling, general and administrative expenses, leverage new technology and business models to further simplify and automate processes, and generate long-term savings.

The company periodically undertakes business realignment activities designed to increase efficiency and focus the business in support of key growth strategies. These activities are aimed at optimizing resources and improving operational effectiveness.

The company utilizes continuous listening surveys distributed throughout the year to all employees globally to hear their thoughts on the Company's direction and their place in it. These surveys are further supplemented with quarterly and informative enterprise summits and team “Ask Me Anything” meetings, which, in conjunction with the continuous listening surveys, generate stronger employee engagement with the Company's strategy, initiatives and leadership.

The company completed the implementation of a new global enterprise resource planning (ERP) system in April 2024, designed to accurately maintain financial records, enhance operational functionality, and provide timely information to management.

The company acknowledges that issues related to product quality and safety, human and workplace rights, and environmental, social, or governance (ESG) matters could negatively impact its reputation and operating results, potentially leading to litigation or government actions.

The company identifies potential disruptions to its manufacturing operations and supply chain stemming from natural disasters, pandemics, climate change, terrorism, labor strikes, and unavailability of raw materials, which could negatively impact its operating results.

The company acknowledges that climate-related changes can increase variability in weather patterns, potentially impacting the availability and cost of materials needed for manufacturing. Non-compliance with climate-related regulations could also negatively impact reputation and ability to do business.

The company's U.S. candy, mint, and gum (CMG) consumer takeaway increased 0.1%, but experienced a CMG market share decline of 59 basis points, indicating increased competition in the confectionery segment.

The global confectionery and snacks packaged goods industry is intensely competitive and consolidation in this industry continues. The company continues to experience increased levels of in-store activity for other snack items, which has pressured confectionery category growth.

The company relies on McLane Company, Inc., one of the largest wholesale distributors in the United States to convenience stores, drug stores, wholesale clubs and mass merchandisers, including Wal-Mart Stores, Inc., for approximately 27% of its consolidated net sales in 2024.

The Advancing Agility & Automation Initiative, approved in February 2024, is a multi-year productivity program to improve supply chain and manufacturing-related spend, optimize selling, general and administrative expenses, leverage new technology and business models to further simplify and automate processes, and generate long-term savings.

Capital expenditures decreased in 2024, largely driven by the wind down of key strategic initiatives, including completion of the upgrade of a new ERP system across the enterprise in 2024. This suggests a focus on realizing efficiencies from prior investments.

The company notes that higher supply chain costs continue to impact gross margin, indicating ongoing challenges in managing the efficiency and cost-effectiveness of its supply chain.

The company is working to leverage advanced data and analytical techniques to gain a deep understanding of consumers, customers, shoppers, and the end-to-end supply chain, including digital transformation and new media models.

The company is in the process of transforming its supply chain capabilities and enterprise resource planning system, which will enable employees to work more efficiently and effectively.

The decrease in cash spend for investing activities was driven by a decrease of investments in capabilities and technology, suggesting a possible shift in investment priorities or a period of consolidation after prior investments.

The company continues to repurchase shares of Common Stock to offset the dilutive impact of treasury shares issued under its equity compensation plans and to drive additional stockholder value. Approximately $470 million remains available for repurchases under the December 2023 share repurchase authorization.

Dividends per share of Common Stock increased 23.0% to $5.480 per share in 2024 compared to $4.456 per share in 2023, while dividends per share of Class B Common Stock increased 23.0% in 2024.

The company expects 2025 capital expenditures, including capitalized software, of approximately $425 million to $450 million, as capital spending as a percentage of sales is expected to return to historical levels.

The company continues to make progress on its ESG priorities and continues to elevate these ESG initiatives for a greater global impact. Through its focus on sustainability and social impact across its value chain, the company continues to improve and focus on the lives of cocoa farmers and cocoa communities, the environmental priorities of climate change and the role of packaging in the business, responsibly and sustainably sourcing the inputs to products and increasing investments in human rights and diversity initiatives and growing diverse representation across the organization.

The company continues to make progress on its ESG priorities and continue to elevate these ESG initiatives for a greater global impact. Through its focus on sustainability and social impact across its value chain, the company continues to improve and focus on the lives of cocoa farmers and cocoa communities, the environmental priorities of climate change and the role of packaging in the business, responsibly and sustainably sourcing the inputs to our products and increasing investments in human rights and diversity initiatives and growing diverse representation across the organization.

The European Union's Deforestation Regulation (“EUDR”) will require the Company to conduct extensive diligence on seven commodities, including cocoa, palm oil and soy, as well as products derived from these commodities, such as chocolate, and the value chain, to ensure the goods do not result from recent deforestation, forest degradation, or breaches of local laws in order to sell such products in the European Union market or exported from it. The EUDR is scheduled to be effective in December 2025, following a one-year postponement.

Throughout 2024, U.S. consumer behavior continued to shift and evolve, as cost fatigue and labor markets restrict income growth and constrain consumer spending and purchasing patterns. As a result, consumer behavior related to our products has shifted.

Certain geopolitical events, specifically the conflict between Russia and Ukraine, as well as the imposition of tariffs on U.S. imports and retaliatory tariffs in response, have increased global economic and political uncertainty.

The company utilizes many exchange traded commodities for its business that are subject to price volatility, specifically cocoa products, which experienced a market price increase of approximately 70% throughout 2024.