The company completed the acquisition of Evirth (Shanghai) Industrial Co., Ltd., a leading manufacturer of cakes and pastries in China, to expand its growth in the cakes and pastries categories.

The Board of Directors approved funding of $1.2 billion for a multi-year systems transformation program to upgrade the global ERP and supply chain systems, with expected completion by year-end 2028.

The company is focused on driving revenue growth in emerging markets through pricing actions and consumer promotions, talent, and digital capabilities.

The company continues to reconfigure its supply chain to drive efficiencies and fuel growth, though capability or technology deficiencies related to this reconfiguration could impact strategic objectives.

The company is focused on scaling sustainable snacking through significant efforts to drive progress against core initiatives for more sustainable and mindful snacking, with ESG goals and initiatives that include significant involvement and oversight by leadership and the Board of Directors.

To support the acceleration of growth, the company is becoming more agile, digital and local-consumer focused, investing in a diverse and talented workforce.

The company is exposed to volatile commodity and other input prices, including cocoa, dairy, and energy, which may increase or decrease significantly, impacting profitability.

The company's global operations are subject to risks including geopolitical, trade, tariff and regulatory uncertainties, which could result in increased costs or decreased revenues.

The company's use of information technology and third-party service providers exposes it to cybersecurity breaches and other business disruptions, which could materially and adversely affect operations.

The food and snacking industry is highly competitive, requiring the company to respond effectively to actions, innovations, and other challenges from competitors, including retailer-owned brands.

The company must timely and effectively respond to changes in distribution channels and technological developments, as well as evolving consumer preferences, to maintain its competitive position.

The company's success depends on its ability to maintain and enhance its brands, and failure to effectively address the continuing global focus on well-being could adversely affect its brands.

Operating costs are managed through cost saving and productivity initiatives, sourcing and hedging programs, pricing actions, refinancing and tax planning.

The company is in the process of reconfiguring its supply chain to drive efficiencies and fuel growth, though capability or technology deficiencies related to this reconfiguration could impact strategic objectives.

A multi-year systems transformation program is underway to upgrade the global ERP and supply chain systems, which should improve operational efficiency upon completion.

The company's objectives include continuous improvement in food safety and quality, growth through new products, superior consumer satisfaction and reduced production costs.

A dedicated innovation and venture hub, SnackFutures, is specifically tailored to leverage emerging consumer trends and growth opportunities in mindful snacking.

The company continues to invest and augment its cybersecurity program with enhanced identity and access management solutions, multi-factor authentication, and other advanced threat protection measures.

The Board of Directors authorized a new program for the repurchase of up to $9.0 billion of Common Stock through December 31, 2027, replacing a prior authorization.

The company continues to make capital expenditures primarily to modernize manufacturing facilities and support new product and productivity initiatives, with 2025 capital expenditures expected to be up to $1.4 billion.

The Audit Committee declared a quarterly cash dividend of $0.470 per share of Class A Common Stock, an increase of 11 percent.

The Governance, Membership and Sustainability Committee of the Board of Directors oversees ESG policies and programs related to corporate citizenship, social responsibility, and public policy issues.

In 2024, the company made progress against its sustainability goals, such as receiving validation for its 2030 near-term and 2050 long-term Net Zero goal.

The company focuses in key areas where it believes it can deliver greater long-term positive impact, including sustainable sourcing, reducing environmental footprint, and promoting the rights of people across the value chain.

The company continues to observe significant market and geopolitical uncertainty, fluctuating consumer demand, inflationary pressures, supply constraints, trade and regulatory uncertainty and exchange rate volatility.

The company expects continued volatility with respect to commodity and other input prices, and its hedging activities might not sufficiently offset this volatility.

The company's business is subject to an increasing focus on sustainability matters, with evolving regulatory requirements and stakeholder expectations.