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PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS | 9 Months Ended
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Sep. 28, 2025
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 September 28, 2025 and September 29, 2024 were as follows:
|  | Pension Benefits |  | Other Benefits
|  | Three Months Ended |  | Three Months Ended
|  | September 28, 2025 |  | September 29, 2024 |  | September 28, 2025 |  | September 29, 2024
Service cost |  | $ | 3,544 |  | $ | 3,827 |  | $ | 29 |  | $ | 33
Interest cost |  | 9,253 |  |  | 9,662 |  |  | 1,235 |  |  | 1,215 |
Expected return on plan assets |  | (12,029) |  |  | (12,800) |  |  | — |  |  | — |
Amortization of prior service credit |  | (888) |  |  | (1,374) |  |  | (96) |  |  | (38) |
Amortization of net loss |  | 3,554 |  |  | 3,814 |  |  | 312 |  |  | 138 |
Settlement loss |  | 10,597 |  |  | — |  |  | — |  |  | — |
Total net periodic benefit cost |  | $ | 14,031 |  |  | $ | 3,129 |  |  | $ | 1,480 |  |  | $ | 1,348 |
We made contributions of $254 and $3,181 to our pension plans and other benefits plans, respectively, during the third quarter of 2025. In the third quarter of 2024, we made contributions of $1,134 and $3,498 to our pension plans and other benefit plans, respectively. The contributions in 2025 and 2024 also included benefit payments from our non-qualified pension plans and post-retirement benefit plans. The components of net periodic benefit cost for the nine months ended September 28, 2025 and September 29, 2024 were as follows:
|  | Pension Benefits |  | Other Benefits
|  | Nine Months Ended |  | Nine Months Ended
|  | September 28, 2025 |  | September 29, 2024 |  | September 28, 2025 |  | September 29, 2024
Service cost |  | $ | 10,583 |  | $ | 11,512 |  | $ | 85 |  | $ | 100
Interest cost |  | 27,722 |  |  | 28,995 |  |  | 3,695 |  |  | 3,646 |
Expected return on plan assets |  | (36,086) |  |  | (38,407) |  |  | — |  |  | — |
Amortization of prior service credit |  | (2,667) |  |  | (4,120) |  |  | (288) |  |  | (113) |
Amortization of net loss |  | 10,661 |  |  | 11,435 |  |  | 941 |  |  | 416 |
Settlement loss |  | 10,597 |  |  | — |  |  | — |  |  | — |
Total net periodic benefit cost |  | $ | 20,810 |  |  | $ | 9,415 |  |  | $ | 4,433 |  |  | $ | 4,049 |
We made contributions of $1,366 and $8,612 to our pension plans and other benefits plans, respectively, during the first nine months of 2025. In the first nine months of 2024, we made contributions of $2,120 and $7,980 to our pension plans and other benefit plans, respectively. The contributions in 2025 and 2024 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 nine months of 2025, 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 third quarter 2025 settlements, the related plan assets and liabilities were remeasured using a discount rate as of the remeasurement date that was 43 basis points lower than the rate as of December 31, 2024 and an expected rate of return on plan assets of 6.8%, which was consistent with the rate as of December 31, 2024.

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