v3.26.1
PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS
 6 Months Ended
Jun. 28, 2026
Retirement Benefits [Abstract]  
PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS
Net Periodic Benefit Cost
The components of net periodic benefit cost for the three months ended June 28, 2026 and June 29, 2025 were as follows:
Pension BenefitsOther Benefits
Three Months EndedThree Months Ended
June 28, 2026June 29, 2025June 28, 2026June 29, 2025
Service cost$2,965$3,537$30$29
Interest cost7,997 9,249 1,257 1,232 
Expected return on plan assets(12,369)(12,046)— — 
Amortization of prior service credit(755)(890)(97)(96)
Amortization of net loss1,854 3,554 991 314 
Settlement loss5,883 — — — 
Total net periodic benefit cost$5,575 $3,404 $2,181 $1,479 
We made contributions of $209 and $2,624 to our pension plans and other benefits plans, respectively, during the second quarter of 2026. In the second quarter of 2025, we made contributions of $423 and $2,994 to our pension plans and other benefit plans, respectively. The contributions in 2026 and 2025 also included benefit payments from our non-qualified pension plans and post-retirement benefit plans.
The components of net periodic benefit cost for the six months ended June 28, 2026 and June 29, 2025 were as follows:  
Pension BenefitsOther Benefits
Six Months EndedSix Months Ended
June 28, 2026June 29, 2025June 28, 2026June 29, 2025
Service cost$5,942$7,039$60$56
Interest cost16,002 18,469 2,511 2,460 
Expected return on plan assets(24,731)(24,057)— — 
Amortization of prior service credit(1,510)(1,779)(194)(192)
Amortization of net loss3,710 7,107 1,981 629 
Settlement loss5,883 — — — 
Total net periodic benefit cost$5,296 $6,779 $4,358 $2,953 
We made contributions of $674 and $5,496 to our pension plans and other benefits plans, respectively, during the first six months of 2026. In the first six months of 2025, we made contributions of $1,112 and $5,431 to our pension plans and other benefit plans, respectively. The contributions in 2026 and 2025 also included benefit payments from our non-qualified pension plans and post-retirement benefit plans.
The non-service cost components of net periodic benefit cost relating to pension and other post-retirement benefit plans are reflected within other (income) expense, net in the Consolidated Statements of Income (see Note 17).
During the first six months of 2026, we recognized pension settlement charges in The Hershey Retirement Plan for Salaried and Hourly Employees due to lump sum withdrawals by employees retiring or leaving the Company. The non-cash settlement charges, which represent the acceleration of a portion of the respective plan’s accumulated unrecognized actuarial loss, were triggered when the cumulative lump sum distributions exceeded the plan’s anticipated annual service and interest costs. In connection with the second quarter 2026 settlements, the related plan assets and liabilities were remeasured using a discount rate as of the remeasurement date that was 25 basis points higher than the rate as of December 31, 2025 and an expected rate of return on plan assets of 7.0%, which was consistent with the rate as of December 31, 2025.