And also, how big is China today as a percentage of overall sales? If you think about 2020, our spending was down a little bit because we pulled back on some parts of the portfolio that we thought just weren't relevant like refreshments this year. Okay. Nik Modi -- RBC Capital Markets -- Analyst. Our levels for the year were pretty consistent with the prior year. Yes. So, the LID is fully in play this year, so the hedges don't really impact that at all. Please proceed with your questions. If you go back and look at, we went through a lay down to stand up bags, not only was it easier to shop on shelf, but it was also once we got into the home in the pantry much easier to use, much easier to see, less messy, those types of things. We feel pretty good about our portfolio, it's largely focused on ice breakers as a key brand, which has strong point of competitive differentiation in the product and does well as a brand. So, as we look to the next year, we see that could be a bit of a tailwind in the first half and a headwind perhaps in the back half of the year. Joining me today are Hershey's Chairman and CEO, Michele Buck; and Hershey's Senior Vice President and CFO, Steve Voskuil. Or is this kind of more of a -- yes, it's going to probably come back, let's kind of wait to see how everything develops? These days the title Branding Agency has such a broad meaning. At this time, I'll turn the floor back to Melissa Poole for closing remarks. Obviously, this year 160 basis points of share and 130 on our chocolate business where we already have a 45% market share. So, I would say it's less that we have a definitive timeline and we are focused on, one, on how we make sure that we've got the right support behind the brand and the right innovation relative to Mini's, which we think is a big idea. I'm just curious, Ken asked earlier about the incremental shipments that occurred in the fourth quarter. Yes. Yes, I mean it is difficult in a year like this past year to precisely pinpoint exact amount to any one factor, just because there was so much going on. Thank you. Jason English -- Goldman Sachs -- Analyst. Thanks so much. Yes, I'm happy to take that one. You mentioned in the prepared remarks interest in better-for-you. So, I think there's a little bit of a disconnect in the Nielsen data. In the investment side, we do have some capabilities that we want to continue to fortify: S/4, the ERP program, drives some opex through the SG&A areas, more expansion of our digital capabilities, which came into play quite a bit over the course of last year. Non-measured channel, which we believe was driven by inventory replenishments, there was also the minor area of -- there were more shipping days in Q4 versus the prior year, and so that contributed as well. Thank you. The last trade on Tuesday came in at $52.18. And then that would be our goal. Next question is from the line of Robert Moskow with Credit Suisse. And some of the ways that we look at that is clearly, we do have a pretty sizable business in sweet indulgent type products. I think you're talking about using local distribution to get the product out. And so, as such, what we try and do from a strategic perspective is make sure that we are at least margin neutral. I hope everyone has had the chance to read our press release and listen to our prerecorded management presentation, both of which are available on our website. The IRI data will support that. This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. Melissa A. Poole -- Vice President, Investor Relations. And so, we're poised for the environment that we're in. With interest rates being so low, it sort of changes the deal dynamics a little bit, right? So, we don't really expect any material changes as we go into next year as well. And so, we generate a lot of cash. Yes, that's exactly right. And then just last one tied into capital allocation, maybe a bit of a follow-on to the question that was asked earlier about M&A. In addition, we have posted a transcript of the prerecorded remarks. The consensus target is $127.58, and the final Tuesday print was at $140.33. And if you look at our past history of acquisition, you would see that many of our acquisitions have been focused in that space, Skinny Pop is a great example of that. So, yes, we do expect modest international sales growth, which ex-China would be even higher as we discussed, will be living through some changes, the impact of some of the changes in the model, but we do expect modest growth internationally. And so, as you think about '22, those will be the two variables to kind of keep an eye on of what could cause those costs to change more so than the LID. On the SG&A side, we can think about it in two buckets, and I'll say things like normal corporate expense, travel will be very tight year-over-year. Yes. And then with that as the foundation, we really look across all the capabilities that we have as a company relative to consumer insights to taste science, to get quick with this distribution, all of that, and say how can we leverage that to capture more and more incremental consumer occasions. On the media side, clearly, we want to defend and extend our share gains. And maybe this is for Steve, just how do we think about your all-in COGS inflation this year versus 2020? And I think if I take freight as an example, we look at things like demand planning and how important that is. That's helpful. Hi, good morning. And then just for my follow-up, your commentary on cocoa butter costs was I think more constructive than some observers maybe expected, which is great. Thanks. And then we talk about the investment side. We made some reductions kind of mid-year. And we will do that on a brand-by-brand basis. Yes, I mean, our approach on media spend is this is a category and we have brands that are incredibly responsive to media. The other, just capital spending, I think we're going to be at $550 million for this year and maybe can you remind us, I know it's been elevated because you've been investing in some capabilities and some manufacturing capacity. And just a follow-up on some of the comments you made about the advertising spending as a percentage of sales going up to '21. I guess just two quick ones on capital allocation. Returns as of 02/23/2021. The next question is from the line of Rob Dickerson with Jefferies. Please note that during today's Q&A session, we may make forward-looking statements that are subject to various risks and uncertainties. The next question is from the line of John Baumgartner with Wells Fargo. Frankly though, we also believe how we pivoted our portfolio and really shifted spending and shifted focus to -- on our portfolio to the exact right items that consumers were looking for, the role that we were able to focus on the seasons and how much that resonated with consumers during that time. Yes, well done. Our next question is from the line of Andrew Lazar with Barclays. And I guess I'm curious also on that question excluding China, so to understand kind of how the other markets are faring given the uniqueness of China? I'm just wondering what was favorable versus where you were three months ago in terms of how the results came through in the fourth quarter? The next question is from the line of Alexia Howard with Bernstein. Category mix alone could pressure our share a little bit as gum will likely rebound versus '20 and we are under developing gum, so that mix shift alone puts a little bit of pressure. So, I don't want to get too far ahead and get into 2022. We've got this unusual opportunity, there's plenty of liquidity. So certainly, this past year, there were a lot of those at-home occasions, things like S'mores, where people were staying home, being with their family at home in a smaller environment, doing movie nights, products like Twizzlers and seasons were -- turned out to be incredibly important for consumers during this very difficult time where they wanted to cling to as much normalcy as possible and the seasons are really about traditions and rituals and connections with family and close friends. John Baumgartner -- Wells Fargo -- Analyst. And so, I think in the past, if we go back to the early '20, we priced that it was about 1% of sales. Please proceed with your questions. As we look to '21 and plan this year, we're expecting share repurchase to revert to a more normal level. Continue reading … So, this is for me, I would encompass as part of kind of price pack architecture which is as we look to capture incremental consumer occasions, how do we have certain packs that enable that, so that there is a value to the consumer that our products now better meet an occasion or a need. You provided some helpful color on your cocoa buying and cocoa liqueur and butter. Obviously, it's hard to predict what will happen, what will be going on in the marketplace competitively etc. Thank you so much for joining us this morning. Again, more going back to historic level, recent history, last year wasn't usual on capital allocation by a number of fronts, just being cautious on share repurchase, among other areas. Michael Lavery -- Piper Sandler -- Analyst. UPDATED: February 7, 2021. And then the analytics and insights that again we talked a lot about that last year as well, but continuing to extend our capabilities in those spaces. And I think Michele did a great job earlier kind of point to where those hunting grounds are, and we're aware of the external environment and where interest rates are and what may or may not be hitting the market. We're getting good response from consumers. First, share repurchases, I think in the prepared remarks you talked about '21 kind of being a more normal year. Yes. The futures were decidedly mixed Wednesday morning, as investors were treated to a solid snap-back rally Tuesday. Yes, I guess, first off, Michele, I wanted to go back to the Zero-Sugar product. Part of what's offsetting that is the hedges we had even possibly prior to the LID going in or taking advantage of dislocations in supply and demand throughout the course of 2020. Alteryx Inc. (NYSE: AYX) was named as the Zacks Bear of the Day stock. Other calls cover stocks to sell or avoid. Some of these daily analyst calls cover stocks to buy. Sure. And so, it's shifted more into '21 and therefore, you can imagine some shifted into '22 as well. Anything to add to that Michele? And maybe a little more color on, I think in the prepared remarks, you say you might ship above consumption in the first half and below consumption in the second half. That's it. The next question is from the line of Ken Goldman with JPMorgan. Steve Voskuil -- Senior Vice President and Chief Financial Officer. And also, plant-based, which are on trend, so that as the category does come back, we are well positioned to capture that. All Cities; US states; Nebraska Very Small Towns and Villages (fewer than 1000 residents) Nebraska Very Small Towns and Villages (fewer than 1000 residents) Thanks. Okay, great. We've obviously already covered a lot of ground. Obviously, I think over the 4Q, 1Q '21 period, it's overall a big benefit to you. Happy New Year. The posted consensus price target is $106.04, and the shares ended Tuesday trading at $100.14 apiece. And as we look at consumers' broad snacking needs, clearly, salty, savory and better-for-you are opportunities where our portfolio is under-developed. So, for example, if you do well in the seasons one year and your sell-through was quite strong, typically the buy that you get from retailers the next year tends to be pretty strong as well. The Hershey Co Q4 2020 ... we think about pack types which are designed to meet specific consumer occasions. As a reminder, this conference is being recorded. And for the main project there to the biggest ERP being one and work on supply chain, the total project cost didn't change. Happy to take that one as well. But part of what you might be seeing is how frequently something scans and versus high frequency, which could sometimes impact what distribution actually looks like. The next question comes from the line of Chris Growe with Stifel. We actually think that the products are pretty good tasting too. A couple of quick follow-up questions. The car brand with the best ranking in the latest J.D. So, I'm just trying to right-size kind of that increased distribution opportunity given all the different spaces that you're focused on. Sure. If you remember, last year we started targeting $450 million to $500 million for capex. Coca-Cola Co. (NYSE: KO) was downgraded to Hold from Buy at Deutsche Bank, which dropped the price target on the beverage colossus to $55. So pretty much across the board our share gains were pretty pervasive. But we really won share in every aspect of the business, velocity, promotion, shelf space, season. Next question is from the line of Jason English with Goldman Sachs. CHICAGO – Global market research company Euromonitor International reveals the trends that will define consumer behavior and influence business strategies this year in a new report, “Top 10 Global Consumer Trends 2021.”The COVID-19 pandemic created, influenced or … Thank you. So, I can't tell you a specific time when it will shift, and obviously it will shift in different times with different retailers too based on who their consumers are. I guess, first off, it seems as though Hershey's building in a fair amount of reinvestment spend for '21 in both media and other capabilities. Lunch prices for the 2020-2021 school year: ALL Elementary - $2.45; ALL Secondary - $2.85; What is a meal? Just trying to get a sense of what goes into that sort of decision making process? And so, part of our increase is restoring some spend levels in some of those areas. The consensus target is up at $35. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. And so, and that flexes across commodities and so, but I don't want to get too specific in '22. Mexico really is the market that's contended or has tended to have continued COVID pressure where the category sales have remained soft, even though that they are improving and a lot of that is driven by two factors, store declines, traditional trades, store closures and less of those family celebrations where chocolate has traditionally played such an important role. Financial customers are the source of revenue generation for fintech companies. Greetings and welcome to The Hershey Company Fourth Quarter 2020 Question-and-Answer session. Well, certainly earlier in the year, India suffered through a lot of COVID-related pressure. Thank you for joining us today for The Hershey Company's fourth quarter 2020 earnings Q&A session. Thank you very much. Thank you very much. Please proceed with your questions. The next question is coming from the line of Bryan Spillane with Bank of America. Thanks, and congratulations on the year. With that, I will turn it over to the operator for the first question. So, that's really there. Good morning. Hershey Co. was raised at BofA Securities from Neutral to Buy with a $168 price objective. Cumulative Growth of a $10,000 Investment in Stock Advisor, The Hershey Co (HSY) Q4 2020 Earnings Call Transcript @themotleyfool #stocks $HSY, 3 Highlights From Hershey's Q3 Conference Call, Hershey Earnings: Rebounding Demand and Higher Margins, The Hershey Co (HSY) Q3 2020 Earnings Call Transcript, Copyright, Trademark and Patent Information. And if it is sort of the reality of what happened last year, any indication that some of those folks who pulled back maybe lean back in? But that was the kind of the single biggest factor that was different than we had anticipated. Please proceed with your questions. Non-measured was the other piece. So, it is -- it's difficult to pinpoint. The consensus target is $275.64, and Tuesday’s close was $286.01 a share. Beyond Meat Inc. (NASDAQ: BYND) was downgraded to Neutral from Overweight at Piper Sandler, which dropped the price target to $125. And then I have a follow-up. Please proceed with your question. Is there an extensive step-up in 2022 and it is possible that more pricing will be needed when the full effect of the LID comes into play, not just for you but maybe for the overall industry? Yes, I mean I think retailers have moved. And then just lastly, I'm curious to what drove the decision to take a bit of pricing on sort of one portion of the seasonal business? The Pennsylvania State University (Penn State or PSU) is a public state-related land-grant research university with campuses and facilities throughout Pennsylvania.Founded in 1855 as the Farmers' High School of Pennsylvania, Penn State became the state's only land-grant university in 1863. Underperform to Neutral with a $ 160 price target somewhat one-time in nature, if you think levels... 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