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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
(Mark One)
| | | | | |
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2023
OR
| | | | | |
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 1-4171
Kellanova
| | | | | | | | | | | | | | |
| State of Incorporation— | Delaware | | IRS Employer Identification No. | 38-0710690 |
412 N. Wells Street, Chicago , IL 60654
Registrant’s telephone number: 269-961-2000
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | |
| Title of each class | Trading symbol(s) | Name of each exchange on which registered |
| Common Stock, $.25 par value per share | K | New York Stock Exchange |
| 1.000% Senior Notes due 2024 | K 24 | New York Stock Exchange |
| 1.250% Senior Notes due 2025 | K 25 | New York Stock Exchange |
| 0.500% Senior Notes due 2029 | K 29 | New York Stock Exchange |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☒
Common Stock outstanding as of October 28, 2023 — 342,519,743 shares
KELLANOVA
INDEX
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| Financial Statements | |
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| Management’s Discussion and Analysis of Financial Condition and Results of Operations | |
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| Quantitative and Qualitative Disclosures about Market Risk | |
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| Controls and Procedures | |
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| Risk Factors | |
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| Unregistered Sales of Equity Securities and Use of Proceeds | |
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| Exhibits | |
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Part I – FINANCIAL INFORMATION
Item 1. Financial Statements.
Kellanova and Subsidiaries (formerly known as Kellogg Company)
CONSOLIDATED BALANCE SHEET
(in millions of U.S. dollars, except per share data)
(Unaudited)
| | | | | | | | |
| September 30,
2023 | December 31,
2022 |
| Current assets | | |
| Cash and cash equivalents | $ | 1,099 | | $ | 299 | |
| Accounts receivable, net | 1,876 | | 1,736 | |
| Inventories | 1,632 | | 1,768 | |
| Other current assets | 379 | | 383 | |
| Total current assets | 4,986 | | 4,186 | |
| Property, net | 3,762 | | 3,789 | |
| Operating lease right-of-use assets | 605 | | 617 | |
| Goodwill | 5,496 | | 5,686 | |
| Other intangibles, net | 2,065 | | 2,296 | |
| Investments in unconsolidated entities | 194 | | 432 | |
| Other assets | 1,587 | | 1,490 | |
| Total assets | $ | 18,695 | | $ | 18,496 | |
| Current liabilities | | |
| Current maturities of long-term debt | $ | 1,193 | | $ | 780 | |
| Notes payable | 353 | | 467 | |
| Accounts payable | 2,789 | | 2,973 | |
| Current operating lease liabilities | 127 | | 121 | |
| Accrued advertising and promotion | 886 | | 766 | |
| Accrued salaries and wages | 305 | | 370 | |
| Other current liabilities | 871 | | 872 | |
| Total current liabilities | 6,524 | | 6,349 | |
| Long-term debt | 5,530 | | 5,317 | |
| Operating lease liabilities | 471 | | 486 | |
| Deferred income taxes | 702 | | 760 | |
| Pension liability | 722 | | 709 | |
| Other liabilities | 469 | | 500 | |
| Commitments and contingencies | | |
| Equity | | |
Common stock, $.25 par value | 105 | | 105 | |
| Capital in excess of par value | 1,070 | | 1,068 | |
| Retained earnings | 9,509 | | 9,197 | |
| Treasury stock, at cost | (4,692) | | (4,721) | |
| Accumulated other comprehensive income (loss) | (1,954) | | (1,708) | |
| Total Kellanova equity | 4,038 | | 3,941 | |
| Noncontrolling interests | 239 | | 434 | |
| Total equity | 4,277 | | 4,375 | |
| Total liabilities and equity | $ | 18,695 | | $ | 18,496 | |
See accompanying Notes to Consolidated Financial Statements.
Kellanova and Subsidiaries (formerly known as Kellogg Company)
CONSOLIDATED STATEMENT OF INCOME
(in millions of U.S. dollars, except per share data)
(Unaudited)
| | | | | | | | | | | | | | | | | |
| | Quarter ended | | Year-to-date period ended |
| September 30,
2023 | October 1,
2022 | | September 30,
2023 | October 1,
2022 |
| Net sales | $ | 3,939 | | $ | 3,946 | | | $ | 12,033 | | $ | 11,482 | |
| Cost of goods sold | 2,596 | | 2,793 | | | 8,147 | | 8,027 | |
| Selling, general and administrative expense | 861 | | 785 | | | 2,455 | | 2,155 | |
| Operating profit | 482 | | 368 | | | 1,431 | | 1,300 | |
| Interest expense | 83 | | 39 | | | 245 | | 149 | |
| Other income (expense), net | (24) | | 54 | | | 38 | | 188 | |
| Income before income taxes | 375 | | 383 | | | 1,224 | | 1,339 | |
| Income taxes | 104 | | 74 | | | 294 | | 283 | |
| Earnings (loss) from unconsolidated entities | (1) | | 3 | | | 4 | | 6 | |
| Net income | 270 | | 312 | | | 934 | | 1,062 | |
| Net income (loss) attributable to noncontrolling interests | 1 | | 2 | | | 10 | | 4 | |
| Net income attributable to Kellanova | $ | 269 | | $ | 310 | | | $ | 924 | | $ | 1,058 | |
| Per share amounts: | | | | | |
| Basic earnings | $ | 0.79 | | $ | 0.91 | | | $ | 2.70 | | $ | 3.11 | |
| Diluted earnings | $ | 0.78 | | $ | 0.90 | | | $ | 2.68 | | $ | 3.09 | |
| | | | | |
| Average shares outstanding: | | | | | |
| Basic | 342 | | 341 | | | 342 | | 340 | |
| Diluted | 345 | | 344 | | | 345 | | 343 | |
| Actual shares outstanding at period end | | | | 343 | | 341 | |
See accompanying Notes to Consolidated Financial Statements.
Kellanova and Subsidiaries (formerly known as Kellogg Company)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(in millions of U.S. dollars) (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Quarter ended | | Year-to-date period ended |
| September 30, 2023 | | September 30, 2023 |
| Pre-tax
amount | Tax (expense)
benefit | After-tax
amount | | Pre-tax
amount | Tax (expense)
benefit | After-tax
amount |
| Net income | | | $ | 270 | | | | | $ | 934 | |
| Other comprehensive income (loss): | | | | | | | |
| Foreign currency translation adjustments: | | | | | | | |
| Foreign currency translation adjustments during period | $ | (134) | | $ | 1 | | (133) | | | $ | (475) | | $ | 3 | | (472) | |
| Net investment hedges: | | | | | | | |
| Net investment hedges gain (loss) | 111 | | (26) | | 85 | | | 17 | | (4) | | 13 | |
| Cash flow hedges: | | | | | | | |
| Net deferred gain (loss) on cash flow hedges | 40 | | (10) | | 30 | | | 37 | | (9) | | 28 | |
| Reclassification to net income | 2 | | (1) | | 1 | | | 7 | | (2) | | 5 | |
| Postretirement and postemployment benefits: | | | | | | | |
| | | | | | | |
| | | | | | | |
| Reclassification to net income: | | | | | | | |
| Net experience (gain) loss | (1) | | — | | (1) | | | (2) | | — | | (2) | |
| | | | | | | |
| Available-for-sale securities: | | | | | | | |
| Unrealized gain (loss) | (1) | | — | | (1) | | | — | | — | | — | |
| Reclassification to net income | 1 | | — | | 1 | | | 1 | | — | | 1 | |
| Other comprehensive income (loss) | $ | 18 | | $ | (36) | | $ | (18) | | | $ | (415) | | $ | (12) | | $ | (427) | |
| Comprehensive income | | | $ | 252 | | | | | $ | 507 | |
| Net Income attributable to noncontrolling interests | | | 1 | | | | | 10 | |
| Other comprehensive income (loss) attributable to noncontrolling interests | | | (7) | | | | | (181) | |
| Comprehensive income attributable to Kellanova | | | $ | 258 | | | | | $ | 678 | |
| | | | | | | |
| Quarter ended | | Year-to-date period ended |
| | October 1, 2022 | | October 1, 2022 |
| Pre-tax
amount | Tax (expense)
benefit | After-tax
amount | | Pre-tax
amount | Tax (expense)
benefit | After-tax
amount |
| Net income | | | $ | 312 | | | | | $ | 1,062 | |
| Other comprehensive income (loss): | | | | | | | |
| Foreign currency translation adjustments: | | | | | | | |
| Foreign currency translation adjustments during period | $ | (249) | | $ | 4 | | (245) | | | $ | (509) | | $ | 6 | | (503) | |
| Net investment hedges: | | | | | | | |
| Net investment hedges gain (loss) | 260 | | (68) | | 192 | | | 616 | | (162) | | 454 | |
| Cash flow hedges: | | | | | | | |
| Net deferred gain (loss) on cash flow hedges | 62 | | (16) | | 46 | | | 213 | | (56) | | 157 | |
| Reclassification to net income | (14) | | 3 | | (11) | | | (6) | | 1 | | (5) | |
| Postretirement and postemployment benefits: | | | | | | | |
| | | | | | | |
| | | | | | | |
| Reclassification to net income: | | | | | | | |
| Net experience (gain) loss | — | | — | | — | | | (2) | | 1 | | (1) | |
| | | | | | | |
| Available-for-sale securities: | | | | | | | |
| Unrealized gain (loss) | (2) | | — | | (2) | | | (6) | | — | | (6) | |
| Reclassification to net income | 1 | | — | | 1 | | | 1 | | — | | 1 | |
| Other comprehensive income (loss) | $ | 58 | | $ | (77) | | $ | (19) | | | $ | 307 | | $ | (210) | | $ | 97 | |
| Comprehensive income | | | $ | 293 | | | | | $ | 1,159 | |
| Net Income attributable to noncontrolling interests | | | 2 | | | | | 4 | |
| Other comprehensive income (loss) attributable to noncontrolling interests | | | (22) | | | | | (26) | |
| Comprehensive income attributable to Kellanova | | | $ | 313 | | | | | $ | 1,181 | |
See accompanying Notes to Consolidated Financial Statements.
Kellanova and Subsidiaries (formerly known as Kellogg Company)
CONSOLIDATED STATEMENT OF EQUITY
(in millions of U.S. dollars, except per share data)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Quarter ended September 30, 2023 |
| | Common stock | Capital in
excess of
par value | Retained
earnings | Treasury stock | Accumulated
other
comprehensive
income (loss) | Total Kellanova
equity | Non-controlling
interests | Total
equity |
| shares | amount | shares | amount |
| Balance, July 1, 2023 | 421 | | $ | 105 | | $ | 1,056 | | $ | 9,447 | | 79 | | $ | (4,700) | | $ | (1,943) | | $ | 3,965 | | $ | 256 | | $ | 4,221 | |
| Common stock repurchases | | | | | — | | — | | | — | | | — | |
| Net income | | | | 269 | | | | | 269 | | 1 | | 270 | |
| | | | | | | | | | |
| | | | | | | | | | |
Dividends declared ($0.60 per share) | | | | (205) | | | | | (205) | | | (205) | |
| Distributions to noncontrolling interest | | | | | | | | — | | (11) | | (11) | |
| Other comprehensive income (loss) | | | | | | | (11) | | (11) | | (7) | | (18) | |
| | | | | | | | | | |
| Stock compensation | | | 19 | | | | | | 19 | | | 19 | |
| Stock options exercised, issuance of other stock awards and other | | | (5) | | (2) | | — | | 8 | | | 1 | | | 1 | |
| Balance, September 30, 2023 | 421 | | $ | 105 | | $ | 1,070 | | $ | 9,509 | | 79 | | $ | (4,692) | | $ | (1,954) | | $ | 4,038 | | $ | 239 | | $ | 4,277 | |
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Year-to-date period ended September 30, 2023 |
| | Common stock | Capital in
excess of
par value | Retained
earnings | Treasury stock | Accumulated
other
comprehensive
income (loss) | Total Kellanova
equity | Non-controlling
interests | Total
equity |
| shares | amount | shares | amount |
| Balance, December 31, 2022 | 421 | | $ | 105 | | $ | 1,068 | | $ | 9,197 | | 79 | | $ | (4,721) | | $ | (1,708) | | $ | 3,941 | | $ | 434 | | $ | 4,375 | |
| Common stock repurchases | | | | | 1 | | (60) | | | (60) | | | (60) | |
| Net income | | | | 924 | | | | | 924 | | 10 | | 934 | |
| | | | | | | | | | |
| | | | | | | | | | |
Dividends declared ($1.78 per share) | | | | (610) | | | | | (610) | | | (610) | |
| Distributions to noncontrolling interest | | | | | | | | — | | (24) | | (24) | |
| Other comprehensive income (loss) | | | | | | | (246) | | (246) | | (181) | | (427) | |
| Stock compensation | | | 62 | | | | | | 62 | | | 62 | |
| Stock options exercised, issuance of other stock awards and other | | | (60) | | (2) | | (1) | | 89 | | | 27 | | | 27 | |
| Balance, September 30, 2023 | 421 | | $ | 105 | | $ | 1,070 | | $ | 9,509 | | 79 | | $ | (4,692) | | $ | (1,954) | | $ | 4,038 | | $ | 239 | | $ | 4,277 | |
| | | | | | | | | | |
See accompanying Notes to Consolidated Financial Statements.
Kellanova and Subsidiaries (formerly known as Kellogg Company)
CONSOLIDATED STATEMENT OF EQUITY (cont.)
(in millions of U.S. dollars, except per share data)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Quarter ended October 1, 2022 |
| | Common stock | Capital in
excess of
par value | Retained
earnings | Treasury stock | Accumulated
other
comprehensive
income (loss) | Total
Kellanova
equity | Non-controlling
interests | Total
equity |
| shares | amount | shares | amount |
| Balance, July 2, 2022 | 421 | | $ | 105 | | $ | 1,008 | | $ | 9,387 | | 81 | | $ | (4,817) | | $ | (1,601) | | $ | 4,082 | | $ | 476 | | $ | 4,558 | |
| | | | | | | | | | |
| Net income | | | | 310 | | | | | 310 | | 2 | | 312 | |
| | | | | | | | | | |
Dividends declared ($0.59 per share) | | | | (202) | | | | | (202) | | | (202) | |
| Distributions to noncontrolling interest | | | | | | | | — | | (1) | | (1) | |
| Other comprehensive income | | | | | | | 3 | | 3 | | (22) | | (19) | |
| | | | | | | | | | |
| Stock compensation | | | 21 | | | | | | 21 | | | 21 | |
| Stock options exercised and other | | | (2) | | 4 | | (1) | | 67 | | | 69 | | | 69 | |
| Balance, October 1, 2022 | 421 | | $ | 105 | | $ | 1,027 | | $ | 9,499 | | 80 | | $ | (4,750) | | $ | (1,598) | | $ | 4,283 | | $ | 455 | | $ | 4,738 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Year-to-date period ended October 1, 2022 |
| | Common stock | Capital in
excess of
par value | Retained
earnings | Treasury stock | Accumulated
other
comprehensive
income (loss) | Total
Kellanova
equity | Non-controlling
interests | Total
equity |
| shares | amount | shares | amount |
| Balance, January 1, 2022 | 421 | | $ | 105 | | $ | 1,023 | | $ | 9,028 | | 80 | | $ | (4,715) | | $ | (1,721) | | $ | 3,720 | | $ | 495 | | $ | 4,215 | |
| Common stock repurchases | | | | | 5 | | (300) | | | (300) | | | (300) | |
| Net income | | | | 1,058 | | | | | 1,058 | | 4 | | 1,062 | |
| | | | | | | | | | |
Dividends declared ($1.75 per share) | | | | (596) | | | | | (596) | | | (596) | |
| Distributions to noncontrolling interest | | | | | | | | — | | (18) | | (18) | |
| Other comprehensive income | | | | | | | 123 | | 123 | | (26) | | 97 | |
| | | | | | | | | | |
| Stock compensation | | | 56 | | | | | | 56 | | | 56 | |
| Stock options exercised and other | | | (52) | | 9 | | (5) | | 265 | | | 222 | | | 222 | |
| Balance, October 1, 2022 | 421 | | $ | 105 | | $ | 1,027 | | $ | 9,499 | | 80 | | $ | (4,750) | | $ | (1,598) | | $ | 4,283 | | $ | 455 | | $ | 4,738 | |
| | | | | | | | | | |
See accompanying Notes to Consolidated Financial Statements.
Kellanova and Subsidiaries (formerly known as Kellogg Company)
CONSOLIDATED STATEMENT OF CASH FLOWS
(in millions of U.S. dollars)
(Unaudited)
| | | | | | | | |
| | Year-to-date period ended |
| September 30,
2023 | October 1,
2022 |
| Operating activities | | |
| Net income | $ | 934 | | $ | 1,062 | |
| Adjustments to reconcile net income to operating cash flows: | | |
| Depreciation and amortization | 338 | | 351 | |
| Postretirement benefit plan expense (benefit) | (105) | | (189) | |
| Deferred income taxes | — | | 26 | |
| Stock compensation | 62 | | 56 | |
| Loss on Russia divestiture | 113 | | — | |
| | |
| Other | 9 | | (16) | |
| Postretirement benefit plan contributions | (13) | | (17) | |
| Changes in operating assets and liabilities, net of acquisitions: | | |
| Trade receivables | (229) | | (526) | |
| Inventories | 69 | | (343) | |
| Accounts payable | (32) | | 501 | |
| All other current assets and liabilities | 254 | | 275 | |
| Net cash provided by (used in) operating activities | 1,400 | | 1,180 | |
| Investing activities | | |
| Additions to properties | (506) | | (350) | |
| Issuance of notes receivable | (4) | | — | |
| Repayments from notes receivable | — | | 10 | |
| | |
| | |
| | |
| | |
| | |
| Purchases of available for sale securities | (15) | | (15) | |
| Sales of available for sale securities | 15 | | 14 | |
| Settlement of net investment hedges | 29 | | 37 | |
| | |
| Other | 9 | | (8) | |
| Net cash provided by (used in) investing activities | (472) | | (312) | |
| Financing activities | | |
| Net issuances (reductions) of notes payable | (115) | | 37 | |
| Issuances of long-term debt | 896 | | — | |
| Reductions of long-term debt | (227) | | (33) | |
| | |
| Net issuances of common stock | 51 | | 244 | |
| Common stock repurchases | (60) | | (300) | |
| Cash dividends | (610) | | (596) | |
| | |
| Other | (55) | | (17) | |
| Net cash provided by (used in) financing activities | (120) | | (665) | |
| Effect of exchange rate changes on cash and cash equivalents | (8) | | (116) | |
| Increase (decrease) in cash and cash equivalents | 800 | | 87 | |
| Cash and cash equivalents at beginning of period | 299 | | 286 | |
| Cash and cash equivalents at end of period | $ | 1,099 | | $ | 373 | |
| | |
| Supplemental cash flow disclosures of non-cash investing activities: | | |
| Additions to properties included in accounts payable | $ | 107 | | $ | 75 | |
See accompanying Notes to Consolidated Financial Statements.
Notes to Consolidated Financial Statements
for the quarter ended September 30, 2023 (unaudited)
Note 1 Accounting policies
Basis of presentation
The unaudited interim financial information of Kellanova (the Company), formerly Kellogg Company, included in this report reflects all adjustments, all of which are of a normal and recurring nature, that management believes are necessary for a fair statement of the results of operations, comprehensive income, financial position, equity and cash flows for the periods presented. The accompanying unaudited financial statements also include the historical results of WK Kellogg Co, as the separation was completed on October 2, 2023. This interim information should be read in conjunction with the financial statements and accompanying footnotes within the Company’s 2022 Annual Report on Form 10-K.
The balance sheet information at December 31, 2022 was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States. The results of operations for the quarter ended September 30, 2023 are not necessarily indicative of the results to be expected for other interim periods or the full year.
Certain prior period amounts have been reclassified to conform with current period presentation.
Accounts payable - Supplier Finance Programs
The Company establishes competitive market-based terms with our suppliers, regardless of whether they participate in supplier finance programs, which generally range from 0 to 150 days dependent on their respective industry and geography.
The Company has agreements with third parties to provide accounts payable tracking systems which facilitate participating suppliers’ ability to monitor and, if elected, sell payment obligations from the Company to designated third-party financial institutions. Participating suppliers may, at their sole discretion, make offers to sell one or more payment obligations of the Company prior to their scheduled due dates at a discounted price to participating financial institutions. The Company has no economic interest in the sale of these suppliers’ receivables and no direct financial relationship with the financial institutions concerning these services. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers’ decisions to sell amounts under the arrangements. However, the Company’s right to offset balances due from suppliers against payment obligations is restricted by the agreements for those payment obligations that have been sold by suppliers. The payment of these obligations by the Company is included in cash used in operating activities in the Consolidated Statement of Cash Flows. As of September 30, 2023, $1.0 billion of the Company’s outstanding payment obligations had been placed in the accounts payable tracking system. As of December 31, 2022, $1.1 billion of the Company’s outstanding payment obligations had been placed in the accounts payable tracking system.
Accounting standards adopted in the period
Supplier Finance Programs: Disclosure of Supplier Finance Program Obligations. In September 2022, the FASB issued an ASU to improve the disclosures of supplier finance programs. Specifically, the ASU requires disclosure of key terms of the supplier finance programs and a rollforward of the related obligations. The amendments in this ASU do not affect the recognition, measurement, or financial statement presentation of obligations covered by supplier finance programs. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2022, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. The Company has historically presented information regarding the nature and amount of outstanding Accounts Payable obligations confirmed into supplier finance programs within the Accounting Policies note of the financial statements. The Company adopted the ASU in the first quarter of 2023 and plans to include the rollforward information in the first quarter of 2024.
Note 2 Separation transaction
During 2022, Kellogg Company announced its intent to separate its North American cereal business, via tax-free spin-off, resulting in two independent public companies, Kellanova (formerly Kellogg Company) and WK Kellogg Co.
In preparation of the separation, the Company incurred pre-tax charges related to the separation of $56 million and $184 million for the quarter and year-to-date period ended September 30, 2023, respectively, including $3 million and $21 million recorded in COGS, respectively, and $53 million and $163 million recorded in SG&A, respectively. The Company incurred pre-tax charges of $18 million and $22 million for the quarter and year-to-date period ended October 1, 2022, respectively, all of which were recorded in SG&A. These charges were primarily related to legal and consulting costs.
In connection with the separation, WK Kellogg Co entered into several agreements with Kellanova that govern the relationship of the parties following the Spin-Off including a Separation and Distribution Agreement, a Manufacturing and Supply Agreement, a Tax Matters Agreement, Employee Matters Agreement, Transition Services Agreement, and various lease agreements
On October 2, 2023, the Company completed the separation of its North America cereal business resulting in two independent companies, Kellanova and WK Kellogg Co. As a result of the distribution, Kellanova shareholders of record on September 21, 2023, received one share of WK Kellogg Co common stock for every four shares of Kellanova common stock. On October 2, 2023, WK Kellogg Co began trading as an independent publicly traded company under the stock symbol “KLG” on the New York Stock Exchange and Kellanova continued trading under the stock symbol "K".
Note 3 Sale of accounts receivable
The Company has a program in which a discrete group of customers are allowed to extend their payment terms in exchange for the elimination of early payment discounts (Extended Terms Program).
The Company has two Receivable Sales Agreements (Monetization Programs) described below, which are intended to directly offset the impact the Extended Terms Program would have on the days-sales-outstanding (DSO) metric that is critical to the effective management of the Company's accounts receivable balance and overall working capital. The Monetization Programs sell, on a revolving basis, certain trade accounts receivable invoices to third party financial institutions. Transfers under these agreements are accounted for as sales of receivables resulting in the receivables being de-recognized from the Consolidated Balance Sheet. The Monetization Programs provide for the continuing sale of certain receivables on a revolving basis until terminated by either party; however the maximum receivables that may be sold at any time is approximately $1.1 billion. During 2023 the Company amended the agreements to increase the previous maximum receivables sold limit from approximately $920 million as of December 31, 2022.
The Company has no retained interest in the receivables sold, however the Company does have collection and administrative responsibilities for the sold receivables. The Company has not recorded any servicing assets or liabilities as of September 30, 2023 and December 31, 2022 for these agreements as the fair value of these servicing arrangements as well as the fees earned were not material to the financial statements.
Accounts receivable sold of $957 million and $865 million remained outstanding under these arrangements as of September 30, 2023 and December 31, 2022, respectively. The proceeds from these sales of receivables are included in cash from operating activities in the Consolidated Statement of Cash Flows in the period of sale. The recorded net loss on sale of receivables was $14 million and $40 million for the quarter and year-to-date period ended September 30, 2023, respectively and was $6 million and $11 million for the quarter and year-to-date period ended October 1, 2022. The recorded loss is included in Other income and expense (OIE).
Other programs
Additionally, from time to time certain of the Company's foreign subsidiaries will transfer, without recourse, accounts receivable invoices of certain customers to financial institutions. These transactions are accounted for as sales of the receivables resulting in the receivables being de-recognized from the Consolidated Balance Sheet. Accounts receivable sold of $40 million and $31 million remained outstanding under these programs as of September 30, 2023 and December 31, 2022, respectively. The proceeds from these sales of receivables are included in cash from operating activities in the Consolidated Statement of Cash Flows in the period of sale. The recorded net loss on the sale of these receivables is included in OIE and is not material.
Note 4 Divestiture
Russia
In July 2023 the Company completed the sale of its Russian business. As a result of completing the transaction, the Company derecognized net assets of approximately $65 million and recorded a non-cash loss on the transaction of approximately $113 million in OIE, primarily related to the release of historical currency translation adjustments. The business was part of the Europe reportable segment and the sale resulted in a complete exit from the Russian market. The business in Russia represented approximately 1% of consolidated Kellanova net sales.
Note 5 Investments in unconsolidated entities
The Company holds a 50% ownership interest in Tolaram Africa Foods, PTE LTD (TAF), a holding company with a 49% interest in Dufil Prima Foods, Plc, a food manufacturer in West Africa. The investment in TAF is accounted for under the equity method of accounting and is evaluated for indicators of other than temporary impairment. The company records the activity of TAF on a one-month lag due to the timing required to obtain the financial statements from TAF management.
During the second quarter of 2023, the Company recorded an out-of-period adjustment to correct an error in the foreign currency translation of its investment in TAF. The adjustment decreased investments in unconsolidated entities and increased other comprehensive loss by $113 million, respectively. We determined the adjustment to be immaterial to our Consolidated Financial Statements for the quarter and year to date periods ended July 1, 2023 and related prior annual and quarterly periods.
During the third quarter of 2023, the devaluation of the Nigerian Naira required an additional foreign currency translation adjustment. Based on the foreign currency exchange rates at the end of August 2023 and the accounting method used by the Company to record the results of operations of TAF on a one-month lag, the adjustment resulted in additional translation losses of approximately $129 million recognized in other comprehensive income.
Note 6 Equity
Earnings per share
Basic earnings per share is determined by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is similarly determined, except that the denominator is increased to include the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued. Dilutive potential common shares consist principally of employee stock options issued by the Company, restricted stock units, and certain contingently issuable performance shares. There were approximately 6 million and 4 million anti-dilutive potential common shares excluded from the calculation for the quarter and year-to-date periods ended September 30, 2023, respectively. There were approximately 2 million and 4 million anti-dilutive potential common shares excluded from the calculation for the quarter and year-to-date periods ended October 1, 2022, respectively. Please refer to the Consolidated Statement of Income for basic and diluted earnings per share for the quarter and year-to-date periods ended September 30, 2023 and October 1, 2022.
Share repurchases
In December 2022, the Board of Directors approved an authorization to repurchase up to $1.5 billion of our common stock through December 2025. During the year-to-date period ended September 30, 2023, the Company repurchased approximately 1 million shares of common stock for a total of $60 million. During the year-to-date period ended October 1, 2022, the Company repurchased approximately 5 million shares of common stock for a total of $300 million.
Comprehensive income
Comprehensive income includes net income and all other changes in equity during a period except those resulting from investments by or distributions to shareholders. Other comprehensive income consists of foreign currency translation adjustments, fair value adjustments associated with cash flow hedges, which are recorded in interest expense within the statement of income, upon reclassification from Accumulated Other Comprehensive Income (AOCI), adjustments for net experience gains (losses), prior service credit (costs) related to employee benefit plans and adjustments for unrealized (gains) losses on available-for-sale securities, which are recorded in other income (expense) within the statement of income, upon reclassification from AOCI. The related tax effects of these items are recorded in income tax expense within the statement of income, upon reclassification from AOCI.
Accumulated other comprehensive income (loss), net of tax, as of September 30, 2023 and December 31, 2022 consisted of the following:
| | | | | | | | |
| (millions) | September 30,
2023 | December 31,
2022 |
| Foreign currency translation adjustments | $ | (2,401) | | $ | (2,111) | |
| Net investment hedges gain (loss) | 295 | | 282 | |
| Cash flow hedges — net deferred gain (loss) | 183 | | 150 | |
| Postretirement and postemployment benefits: | | |
| Net experience gain (loss) | — | | 2 | |
| Prior service credit (cost) | (27) | | (27) | |
| Available-for-sale securities unrealized net gain (loss) | (4) | | (4) | |
| Total accumulated other comprehensive income (loss) | $ | (1,954) | | $ | (1,708) | |
Note 7 Notes payable and long-term debt
The following table presents the components of Notes payable at September 30, 2023 and December 31, 2022:
| | | | | | | | | | | | | | | | | |
| | September 30, 2023 | | December 31, 2022 |
| (millions) | Principal
amount | Effective
interest rate | | Principal
amount | Effective
interest rate |
| U.S. commercial paper | $ | — | | 5.44 | % | | $ | 330 | | 4.46 | % |
| Bank borrowings | 353 | | | | 137 | | |
| Total | $ | 353 | | | | $ | 467 | | |
On September 29, 2023, in connection with the planned separation, WK Kellogg Co entered into a Credit Agreement (the “Credit Agreement”), consisting of a $500 million (the "Term Loan"), $250 million delayed draw term loan, and $350 million equivalent multicurrency revolving credit facility (collectively, the “Credit Facility”).
The Credit Facility has an initial term of five years and matures on September 29, 2028. Interest on the loans under the Credit Agreement are to be calculated by reference to Secured Overnight Financing Rate (“SOFR”) or an alternative base rate, plus an interest rate margin equal to (x) in the case of SOFR loans, 1.75% and (y) in the case of alternate base rate loans, 0.75%, each with related step-ups and step-downs based on WK Kellogg Co’s consolidated net leverage ratio as defined by the Credit Agreement. Interest expense for the quarter and year-to-date period ended September 30, 2023 was immaterial.
Under the Credit Facility, WK Kellogg Co has the right at any time, subject to customary conditions, to request incremental term loans or an increase to the revolving credit facility in an aggregate principal amount of (i) up to the greater of (x) $250 million and (y) 100% of Consolidated EBITDA, as defined in the Credit Agreement, for the preceding four fiscal quarters of WK Kellogg Co. Any such addition of or increase in loans will be subject to certain customary conditions precedent and other provisions.
The Credit Facility also contains customary mandatory prepayments, including with respect to asset sale proceeds and proceeds from certain occurrences of indebtedness. WK Kellogg Co may voluntarily repay outstanding loans under the Credit Facility at any time without premium or penalty.
The Term Loan amortizes in equal quarterly installments in an aggregate annual amount equal to 2.50% in year one, 5.00% in year two and three, 7.50% in year four and 10.00% in year five, of the original principal amount thereon, with the balance being payable on the date that is five years after the closing of the Credit Facility.
The obligations under the Credit Facility (collectively, “Credit Facility Obligations”) are guaranteed (the “Credit Facility Guarantees”) exclusively by the existing and future direct and indirect subsidiaries of WK Kellogg Co (in such capacity, the “Credit Facility Guarantors”). The Credit Facility Obligations are expected to be secured by first priority liens on substantially all assets, subject to customary exceptions, of WK Kellogg Co and the Credit Facility Guarantors. The Credit Facility Guarantee and security interest of a Credit Facility Guarantor may be released where such Credit Facility Guarantor ceases to be a consolidated subsidiary of WK Kellogg Co pursuant to a transaction permitted under the Credit Facility. The Credit Facility contains various covenants, including, for example, those that restrict WK Kellogg Co's ability and the ability of their consolidated subsidiaries to incur certain types of indebtedness or to grant certain liens on their respective property or assets.
WK Kellogg Co incurred $7 million of debt issuance costs, of which $5 million is related to the term loan and is reflected as a reduction in long-term debt, and $2 million is related to the revolving credit facility and is reflected in other assets.
As of September 30, 2023, WK Kellogg Co borrowings under the Credit Facility included a $500 million term loan, of which $9 million represents the current portion, and $164 million of borrowings under the revolving credit facility was recognized as notes payable.
During the first quarter of 2023, Kellanova issued $400 million of ten-year 5.25% Notes due 2033, resulting in net proceeds after discount and underwriting commissions of $396 million. The proceeds from these notes were used for general corporate purposes, including the payment of offering related fees and expenses, repayment of the $210 million 2.75% Notes when they matured on March 1, 2023, and repayment of a portion of commercial paper borrowings. The Notes contain customary covenants that limit the ability of the Company and its restricted subsidiaries (as defined) to incur certain liens or enter into certain sale and lease-back transactions, as well as a change of control provision.
In connection with the debt issuance, Kellanova terminated forward starting interest rate swaps with notional amounts totaling $400 million, resulting in a gain of $47 million in the first quarter of 2023. These derivatives were accounted for as cash flow hedges. The total net gain of $91 million, including those realized in prior periods, were recorded in accumulated other comprehensive income and will be amortized to interest expense over the term of the Notes. The effective interest rate on the Notes, reflecting issuance discount and hedge settlement is 3.06% at April 1, 2023.
Note 8 Employee benefits
The Company sponsors a number of U.S. and foreign pension plans as well as other nonpension postretirement and postemployment plans to provide various benefits for its employees. These plans are described within the footnotes to the Consolidated Financial Statements included in the Company’s 2022 Annual Report on Form 10-K. Components of Company benefit plan (income) expense for the periods presented are included in the tables below. Excluding the service cost component, these amounts are included within Other income (expense) in the Consolidated Statement of Income.
In connection with the planned separation transaction, the company amended and legally split certain pension and postretirement benefit plans, several remeasurements occurred during the third quarter of 2023.
Pension
| | | | | | | | | | | | | | | | | |
| | Quarter ended | | Year-to-date period ended |
| (millions) | September 30, 2023 | October 1, 2022 | | September 30, 2023 | October 1, 2022 |
| Service cost | $ | 6 | | $ | 6 | | | $ | 18 | | $ | 23 | |
| Interest cost | 44 | | 34 | | | 132 | | 91 | |
| Expected return on plan assets | (54) | | (57) | | | (161) | | (200) | |
| Amortization of unrecognized prior service cost | 2 | | 2 | | | 7 | | 7 | |
| Recognized net loss (gain) | 10 | | (15) | | | 10 | | (46) | |
| Total pension income | $ | 8 | | $ | (30) | | | $ | 6 | | $ | (125) | |
| | | | | |
| | | | | |
For the quarter and year-to-date periods ended September 30, 2023, the Company recognized a loss of $10 million related to the remeasurement of a U.S. pension plan. The remeasurement was due to the amendment of the plan to split the pension plan in anticipation of the separation transaction. The remeasurement recognized was due primarily to a lower than expected return on plan assets.
For the quarter and year-to-date periods ended October 1, 2022, the Company recognized a gain of $15 million and $46 million, respectively, related to the remeasurement of two U.S. pension plans. These remeasurements were the result of distributions that exceeded service and interest costs resulting in settlement accounting for those specific plans. The remeasurements recognized were due primarily to an increase in the discount rate relative to the previous remeasurement date partially offset by lower than expected return on plan assets.
Other nonpension postretirement
| | | | | | | | | | | | | | | | | |
| | Quarter ended | | Year-to-date period ended |
| (millions) | September 30, 2023 | October 1, 2022 | | September 30, 2023 | October 1, 2022 |
| Service cost | $ | 2 | | $ | 2 | | | $ | 5 | | $ | 8 | |
| Interest cost | 11 | | 6 | | | 31 | | 18 | |
| Expected return on plan assets | (25) | | (28) | | | (73) | | (83) | |
| Amortization of unrecognized prior service cost | (2) | | (2) | | | (7) | | (7) | |
| Recognized net (gain) loss | (67) | | — | | | (67) | | — | |
| | | | | |
| | | | | |
| Total postretirement benefit income | $ | (81) | | $ | (22) | | | $ | (111) | | $ | (64) | |
For the quarter and year-to-date periods ended September 30, 2023, the Company recognized a gain of $67 million related to the remeasurement of other postretirement benefit plans. These remeasurements were the result of separating the other postretirement benefit plans impacted by the separation transaction. The remeasurements recognized were due primarily to a higher than expected return on plan assets.
Postemployment
| | | | | | | | | | | | | | | | | |
| | Quarter ended | | Year-to-date period ended |
| (millions) | September 30, 2023 | October 1, 2022 | | September 30, 2023 | October 1, 2022 |
| Service cost | $ | 1 | | $ | — | | | $ | 2 | | $ | 2 | |
| Interest cost | 1 | | 1 | | | 2 | | 1 | |
| | | | | |
| Recognized net experience gain | (1) | | — | | | (2) | | (2) | |
| Total postemployment expense | $ | 1 | | $ | 1 | | | $ | 2 | | $ | 1 | |
For the quarter and year-to-date periods ended September 30, 2023, the Company recognized a gain of $1 million and $2 million, respectively, related to the remeasurement of a U.S. postemployment benefit plan. The remeasurement was the result of separating the postemployment plan impacted by the separation transaction. The remeasurement recognized was due primarily to a higher than expected return on plan assets.
In May 2023, the Company purchased a group annuity to cover pension benefit obligations of certain participants of the United Kingdom defined benefit pension plan for approximately $590 million. This transaction represents an annuity buy-in, under which the Company retains both the fair value of the annuity contract (within plan assets) and the pension benefit obligation related to these participants.
Company contributions to employee benefit plans are summarized as follows:
| | | | | | | | | | | |
| (millions) | Pension | Nonpension postretirement | Total |
| Quarter ended: | | | |
| September 30, 2023 | $ | — | | $ | 3 | | $ | 3 | |
| October 1, 2022 | $ | 1 | | $ | 4 | | $ | 5 | |
| Year-to-date period ended: | | | |
| September 30, 2023 | $ | — | | $ | 13 | | $ | 13 | |
| October 1, 2022 | $ | 2 | | $ | 15 | | $ | 17 | |
| Full year: | | | |
| Fiscal year 2023 (projected) | $ | 5 | | $ | 21 | | $ | 26 | |
| Fiscal year 2022 (actual) | $ | 3 | | $ | 20 | | $ | 23 | |
Plan funding strategies may be modified in response to management's evaluation of tax deductibility, market conditions, and competing investment alternatives.
Note 9 Income taxes
The consolidated effective tax rate for the quarters ended September 30, 2023 and October 1, 2022 was 28% and 19%, respectively. The consolidated effective tax rates for the year-to-date periods ended September 30, 2023 and October 1, 2022 was 24% and 21%, respectively.
The increase in effective tax rate for the quarter ended September 30, 2023 versus the prior year quarter is due to zero tax benefit recognized on the $113 million loss incurred on the divestiture of the Russia business.
As of September 30, 2023, the Company classified $11 million of unrecognized tax benefits as a current tax liability. Management's estimate of reasonably possible changes in unrecognized tax benefits during the next twelve months consists of the current liability expected to be settled within one year, offset by approximately $3 million of projected additions related primarily to ongoing intercompany transfer pricing activity. Management is currently unaware of any issues under review that could result in significant additional payments, accruals or other material deviation in this estimate.
The Company’s total gross unrecognized tax benefits as of September 30, 2023 was $34 million. Of this balance, $28 million represents the amount that, if recognized, would affect the Company’s effective income tax rate in future periods.
Note 10 Derivative instruments and fair value measurements
The Company is exposed to certain market risks such as changes in interest rates, foreign currency exchange rates, and commodity prices, which exist as a part of its ongoing business operations. Management uses derivative and nonderivative financial instruments and commodity instruments, including futures, options, and swaps, where appropriate, to manage these risks. Instruments used as hedges must be effective at reducing the risk associated with the exposure being hedged.
The Company designates derivatives and nonderivative hedging instruments as cash flow hedges, fair value hedges, net investment hedges, and uses other contracts to reduce volatility in interest rates, foreign currency and commodities. As a matter of policy, the Company does not engage in trading or speculative hedging transactions.
Derivative instruments are classified on the Consolidated Balance Sheet based on the contractual maturity of the instrument or the timing of the underlying cash flows of the instrument for derivatives with contractual maturities beyond one year. Any collateral associated with derivative instruments is classified as other assets or other current liabilities on the Consolidated Balance Sheet depending on whether the counterparty collateral is in an asset or liability position. Margin deposits related to exchange-traded commodities are recorded in accounts receivable, net on the Consolidated Balance Sheet. On the Consolidated Statement of Cash Flows, cash flows associated with derivative instruments are classified according to the nature of the underlying hedged item. Cash flows associated with collateral and margin deposits on exchange-traded commodities are classified as investing cash flows when the collateral account is in an asset position and as financing cash flows when the collateral account is in a liability position.
Total notional amounts of the Company’s derivative instruments as of September 30, 2023 and December 31, 2022 were as follows:
| | | | | | | | |
| (millions) | September 30,
2023 | December 31,
2022 |
| Foreign currency exchange contracts | $ | 2,826 | | $ | 2,502 | |
| Cross-currency contracts | 1,925 | | 1,983 | |
| Interest rate contracts | 2,251 | | 2,657 | |
| Commodity contracts | 376 | | 230 | |
| Total | $ | 7,378 | | $ | 7,372 | |
Following is a description of each category in the fair value hierarchy and the financial assets and liabilities of the Company that were included in each category at September 30, 2023 and December 31, 2022, measured on a recurring basis.
Level 1 – Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market. For the Company, level 1 financial assets and liabilities consist primarily of commodity derivative contracts.
Level 2 – Financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. For the Company, level 2 financial assets and liabilities consist of interest rate swaps, cross-currency swaps and over-the-counter commodity and currency contracts.
The Company’s calculation of the fair value of interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve. Over-the-counter commodity derivatives are valued using an income approach based on the commodity index prices less the contract rate multiplied by the notional amount. Foreign currency contracts are valued using an income approach based on forward rates less the contract rate multiplied by the notional amount. Cross-currency contracts are valued based on changes in the spot rate at the time of valuation compared to the spot rate at the time of execution, as well as the change in the interest differential between the two currencies. The Company’s calculation of the fair value of level 2 financial assets and liabilities takes into consideration the risk of nonperformance, including counterparty credit risk.
Level 3 – Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability. The Company did not have any level 3 financial assets or liabilities as of September 30, 2023 or December 31, 2022.
The following table presents assets and liabilities that were measured at fair value in the Consolidated Balance Sheet on a recurring basis as of September 30, 2023 and December 31, 2022:
Derivatives designated as hedging instruments
| | | | | | | | | | | | | | | | | | | | | | | |
| | September 30, 2023 | | December 31, 2022 |
| (millions) | Level 1 | Level 2 | Total | | Level 1 | Level 2 | Total |
| Assets: | | | | | | | |
| Cross-currency contracts: | | | | | | | |
| Other current assets | $ | — | | $ | 77 | | $ | 77 | | | $ | — | | $ | 88 | | $ | 88 | |
| Other assets | — | | 25 | | 25 | | | — | | 36 | | 36 | |
| Interest rate contracts: | | | | | | | |
| Other current assets | — | | 23 | | 23 | | | — | | 45 | | 45 | |
| Other assets | — | | — | | — | | | — | | 25 | | 25 | |
| Total assets | $ | — | | $ | 125 | | $ | 125 | | | $ | — | | $ | 194 | | $ | 194 | |
| Liabilities: | | | | | | | |
| | | | | | | |
| | | | | | | |
| Cross-currency contracts: | | | | | | | |
| Other current liabilities | $ | — | | $ | — | | $ | — | | | $ | — | | $ | — | | $ | — | |
| Other liabilities | — | | — | | — | | | — | | — | | — | |
| Interest rate contracts(a): | | | | | | | |
| Other current liabilities | — | | (16) | | (16) | | | — | | — | | — | |
| Other liabilities | — | | (62) | | (62) | | | — | | (86) | | (86) | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Total liabilities | $ | — | | $ | (78) | | $ | (78) | | | $ | — | | $ | (86) | | $ | (86) | |
(a) The fair value of the related hedged portion of the Company's long-term debt, a level 2 liability, was $1.0 billion as of September 30, 2023 and $1.1 billion as of December 31, 2022.
Derivatives not designated as hedging instruments
| | | | | | | | | | | | | | | | | | | | | | | |
| | September 30, 2023 | | December 31, 2022 |
| (millions) | Level 1 | Level 2 | Total | | Level 1 | Level 2 | Total |
| Assets: | | | | | | | |
| Foreign currency exchange contracts: | | | | | | | |
| Other current assets | $ | — | | $ | 56 | | $ | 56 | | | $ | — | | $ | 74 | | $ | 74 | |
| Other assets | — | | 7 | | 7 | | | — | | 14 | | 14 | |
| Interest rate contracts: | | | | | | | |
| Other current assets | — | | 9 | | 9 | | | — | | 4 | | 4 | |
| Other assets | — | | 11 | | 11 | | | — | | 14 | | 14 | |
| Commodity contracts: | | | | | | | |
| Other current assets | 4 | | — | | 4 | | | 4 | | — | | 4 | |
| Total assets | $ | 4 | | $ | 83 | | $ | 87 | | | $ | 4 | | $ | 106 | | $ | 110 | |
| Liabilities: | | | | | | | |
| Foreign currency exchange contracts: | | | | | | | |
| Other current liabilities | $ | — | | $ | (49) | | $ | (49) | | | $ | — | | $ | (50) | | $ | (50) | |
| Other liabilities | — | | (3) | | (3) | | | — | | (9) | | (9) | |
| Interest rate contracts: | | | | | | | |
| Other current liabilities | — | | (11) | | (11) | | | — | | (7) | | (7) | |
| Other liabilities | — | | (14) | | (14) | | | — | | (18) | | (18) | |
| Commodity contracts: | | | | | | | |
| Other current liabilities | (12) | | — | | (12) | | | (2) | | — | | (2) | |
| | | | | | | |
| Total liabilities | $ | (12) | | $ | (77) | | $ | (89) | | | $ | (2) | | $ | (84) | | $ | (86) | |
The Company has designated its outstanding foreign currency denominated debt as a net investment hedge of a portion of the Company’s investment in its subsidiaries’ foreign currency denominated net assets. The carrying value of this debt, including current and long-term, was approximately $1.6 billion as of September 30, 2023 and December 31, 2022, respectively.
The following amounts were recorded on the Consolidated Balance Sheet related to cumulative basis adjustments for existing fair value hedges as of September 30, 2023 and December 31, 2022. | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (millions) | | Line Item in the Consolidated Balance Sheet in which the hedged item is included | | Carrying amount of the hedged liabilities | | Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities (a) |
| | | | September 30,
2023 | December 31,
2022 | | September 30,
2023 | December 31,
2022 |
| Interest rate contracts | | Current maturities of long-term debt | | $ | 897 | | $ | 483 | | | $ | 3 | | $ | (3) | |
| Interest rate contracts | | Long-term debt | | $ | 1,623 | | $ | 2,250 | | | $ | (59) | | $ | (74) | |
(a) The fair value adjustment related to current maturities of long-term debt includes $3 million and ($3) million from discontinued hedging relationships as of September 30, 2023 and December 31, 2022, respectively. The fair value adjustment related to long-term debt includes $3 million and $13 million from discontinued hedging relationships as of September 30, 2023 and December 31, 2022, respectively.
The Company has elected to not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable netting agreements. However, if the Company were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in the Consolidated Balance Sheet as of September 30, 2023 and December 31, 2022 would be adjusted as detailed in the following table:
| | | | | | | | | | | | | | |
| | | | |
| As of September 30, 2023: | | Gross Amounts Not Offset in the
Consolidated Balance Sheet | |
| Amounts
Presented in the
Consolidated
Balance Sheet | Financial
Instruments | Cash Collateral
Received/
Posted | Net
Amount |
| Total asset derivatives | $ | 212 | | $ | (138) | | $ | 25 | | $ | 99 | |
| Total liability derivatives | $ | (167) | | $ | 138 | | $ | 29 | | $ | — | |
| | | | | | | | | | | | | | |
| | | | | |
| As of December 31, 2022: | | Gross Amounts Not Offset in the
Consolidated Balance Sheet | |
| Amounts
Presented in the
Consolidated
Balance Sheet | Financial
Instruments | Cash Collateral
Received/
Posted | Net
Amount |
| Total asset derivatives | $ | 304 | | $ | (153) | | $ | (33) | | $ | 118 | |
| Total liability derivatives | $ | (172) | | $ | 153 | | $ | 19 | | $ | — | |
During the quarter and year-to-date periods ended September 30, 2023, the Company settled certain interest rate contracts resulting in a net realized gain of approximately $14 million and $85 million, respectively. During the quarter and year-to-date periods ended October 1, 2022, the Company settled certain interest rate contracts resulting in a net realized gain of approximately $83 million and $165 million, respectively. These derivatives were accounted for as cash flow hedges and the related net gains were recorded in accumulated other comprehensive income and will be amortized to interest expense over the term of the related forecasted fixed rate debt, once issued. During the quarter ended October 1, 2022, the Company recognized an $18 million gain related to a portion of certain forward-starting interest rate swaps no longer designated as cash flow hedges due to changes in forecasted debt issuance.
During the quarter and year-to-date periods ended September 30, 2023, the Company settled certain cross currency swaps resulting in a net realized gain of approximately $12 million and $29 million, respectively. During the year-to-date period ended October 1, 2022, the Company settled certain cross currency swaps resulting in a net realized gain of approximately $37 million. These cross currency swaps were accounted for as net investment hedges and the related net gain was recorded in accumulated other comprehensive income.
The effect of derivative instruments on the Consolidated Statements of Income and Comprehensive Income for the quarters ended September 30, 2023 and October 1, 2022 was as follows:
Derivatives and non-derivatives in net investment hedging relationships
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| (millions) | Gain (loss)
recognized in
AOCI | | Gain (loss) excluded from assessment of hedge effectiveness | Location of gain (loss) in income of excluded component |
| | September 30,
2023 | | October 1,
2022 | | September 30,
2023 | | October 1,
2022 | |
| Foreign currency denominated long-term debt | $ | 44 | | | $ | 137 | | | $ | — | | | $ | — | | |
| Cross-currency contracts | 67 | | | 123 | | | 14 | | | 11 | | Interest expense |
| Total | $ | 111 | | | $ | 260 | | | $ | 14 | | | $ | 11 | | |
Derivatives not designated as hedging instruments
| | | | | | | | | | | | | | |
| (millions) | Location of gain
(loss) recognized
in income | Gain (loss)
recognized in
income |
| | | September 30,
2023 | | October 1,
2022 |
| Foreign currency exchange contracts | COGS | $ | 10 | | | $ | 14 | |
| Foreign currency exchange contracts | Other income (expense), net | (1) | | | (9) | |
| Foreign currency exchange contracts | SG&A | 1 | | | 3 | |
| Interest rate contracts | Interest expense | — | | | 1 | |
| Commodity contracts | COGS | (22) | | | (1) | |
| | | | |
| Total | | $ | (12) | | | $ | 8 | |
The effect of derivative instruments on the Consolidated Statements of Income and Comprehensive Income for the year-to-date periods ended September 30, 2023 and October 1, 2022 was as follows:
Derivatives and non-derivatives in net investment hedging relationships
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| (millions) | Gain (loss)
recognized in
AOCI | | Gain (loss) excluded from assessment of hedge effectiveness | Location of gain (loss) in income of excluded component |
| | September 30,
2023 | | October 1,
2022 | | September 30,
2023 | | October 1,
2022 | |
| Foreign currency denominated long-term debt | $ | 10 | | | $ | 339 | | | $ | — | | | $ | — | | |
| Cross-currency contracts | 7 | | | 277 | | | 42 | | | 28 | | Interest expense |
| Total | $ | 17 | | | $ | 616 | | | $ | 42 | | | $ | 28 | | |
Derivatives not designated as hedging instruments
| | | | | | | | | | | | | | |
| | | | |
| (millions) | Location of gain
(loss) recognized
in income | Gain (loss)
recognized in
income |
| | | September 30,
2023 | | October 1,
2022 |
| Foreign currency exchange contracts | COGS | $ | (4) | | | $ | 34 | |
| Foreign currency exchange contracts | Other income (expense), net | (11) | | | (18) | |
| Foreign currency exchange contracts | SGA | (4) | | | 8 | |
| Interest rate contracts | Interest expense | — | | | 3 | |
| Commodity contracts | COGS | (85) | | | 33 | |
| | | | |
| Total | | $ | (104) | | | $ | 60 | |
The effect of fair value and cash flow hedge accounting on the Consolidated Income Statement for the quarters ended September 30, 2023 and October 1, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | September 30, 2023 | | | | October 1, 2022 |
| (millions) | | | | Interest Expense | | | | Interest Expense |
| Total amounts of income and expense line items presented in the Consolidated Income Statement in which the effects of fair value or cash flow hedges are recorded | | | | $ | 83 | | | | | $ | 39 | |
| Gain (loss) on fair value hedging relationships: | | | | | | | | |
| Interest contracts: | | | | | | | | |
| Hedged items | | | | (1) | | | | | 35 | |
| Derivatives designated as hedging instruments | | | | 2 | | | | | (34) | |
| | | | | | | | | | |
| Gain (loss) on cash flow hedging relationships: | | | | | | | | |
| Interest contracts: | | | | | | | | |
| Amount of gain (loss) reclassified from AOCI into income | | | | (2) | | | | | 14 | |
The effect of fair value and cash flow hedge accounting on the Consolidated Income Statement for the year-to-date periods ended September 30, 2023 and October 1, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | September 30, 2023 | | | | October 1, 2022 |
| (millions) | | | | Interest Expense | | | | Interest Expense |
| Total amounts of income and expense line items presented in the Consolidated Income Statement in which the effects of fair value or cash flow hedges are recorded | | | | $ | 245 | | | | | $ | 149 | |
| Gain (loss) on fair value hedging relationships: | | | | | | | | |
| Interest contracts: | | | | | | | | |
| Hedged items | | | | (5) | | | | | 89 | |
| Derivatives designated as hedging instruments | | | | 8 | | | | | (85) | |
| | | | | | | | | | |
| Gain (loss) on cash flow hedging relationships: | | | | | | | | |
| Interest contracts: | | | | | | | | |
| Amount of gain (loss) reclassified from AOCI into income | | | | (7) | | | | | 6 | |
During the next 12 months, the Company expects $10 million of net deferred losses reported in AOCI at September 30, 2023 to be reclassified to income, assuming market rates remain constant through contract maturities.
Certain of the Company’s derivative instruments contain provisions requiring the Company to post collateral on those derivative instruments that are in a liability position when the value exceeds certain thresholds with each counterparty. In addition, certain derivative instruments contain provisions that would be triggered in the event the Company defaults on its debt agreements. The collateral posting requirements as of September 30, 2023, triggered by threshold contingent features was not material.
Other fair value measurements
Available for sale securities
| | | | | | | | | | | | | | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 |
| | Unrealized | | | | Unrealized | |
| (millions) | Cost | Gain (Loss) | Market Value | | Cost | Gain (Loss) | Market Value |
| Corporate bonds | $ | 50 | | $ | (4) | | $ | 46 | | | $ | 52 | | $ | (5) | | $ | 47 | |
During the year-to-date period ended September 30, 2023, the Company sold approximately $15 million of investments in level 2 corporate bonds. The resulting loss was approximately $1 million and recorded in Other income and (expense). Also during the year-to-date period ended September 30, 2023, the Company purchased approximately $15 million in level 2 corporate bonds. During the year-to-date period ended October 1, 2022, the Company sold level 2 corporate bonds for approximately $14 million. The resulting loss approximately $1 million and recorded in Other income and (expense). Also during the year-to-date period ended October 1, 2022, the Company purchased approximately $15 million in level 2 corporate bonds.
The market values of the Company's investments in level 2 corporate bonds are based on matrices or models from pricing vendors. Unrealized gains and losses are included in the Consolidated Statement of Comprehensive Income. Additionally, these investments are recorded within Other current assets and Other assets on the Consolidated Balance Sheet, based on the maturity of the individual security. The maturity dates of the securities range from 2024 to 2036.
The Company reviews its investment portfolio for any unrealized losses that would be deemed other-than-temporary and requires the recognition of an impairment loss in earnings. If the cost of an investment exceeds its fair value, the Company evaluates, among other factors, general market conditions, the duration and extent to which the fair value is less than its cost, the Company's intent to hold the investment, and whether it is more likely than not that the Company will be required to sell the investment before recovery of the cost basis. The Company also considers the type of security, related industry and sector performance, and published investment ratings. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded and a new cost basis in the
investment is established. If conditions within individual markets, industry segments, or macro-economic environments deteriorate, the Company could incur future impairments.
Equity investments
We hold equity investments in certain companies that we do not have the ability to exercise significant influence. Equity investments without a readily determinable fair value are recorded at original cost. Investments with a readily determinable fair value, which are level 2 investments, are measured at fair value based on observable market price changes, with gains and losses recorded through net earnings. Equity investments were approximately $40 million as of September 30, 2023 and December 31, 2022. Additionally, these investments were recorded within Other noncurrent assets on the Consolidated Balance Sheet.
Financial instruments
The carrying values of the Company’s short-term items, including cash, cash equivalents, accounts receivable, accounts payable, notes payable and current maturities of long-term debt approximate fair value. The fair value of the Company’s long-term debt, which are level 2 liabilities, is calculated based on broker quotes. The fair value and carrying value of the Company's long-term debt was $5.2 billion and $5.5 billion, respectively, as of September 30, 2023. The fair value and carrying value of the Company's long-term debt was $5.1 billion and $5.3 billion, respectively, as of December 31, 2022.
Counterparty credit risk concentration and collateral requirements
The Company is exposed to credit loss in the event of nonperformance by counterparties on derivative financial and commodity contracts. Management believes a concentration of credit risk with respect to derivative counterparties is limited due to the credit ratings and use of master netting and reciprocal collateralization agreements with the counterparties and the use of exchange-traded commodity contracts.
Master netting agreements apply in situations where the Company executes multiple contracts with the same counterparty. Certain counterparties represent a concentration of credit risk to the Company. If those counterparties fail to perform according to the terms of derivative contracts, this would result in a loss to the Company of approximately $43 million, net of collateral already received from those counterparties, as of September 30, 2023.
For certain derivative contracts, reciprocal collateralization agreements with counterparties call for the posting of collateral in the form of cash, treasury securities or letters of credit if a fair value loss position to the Company or its counterparties exceeds a certain amount. In addition, the Company is required to maintain cash margin accounts in connection with its open positions for exchange-traded commodity derivative instruments executed with the counterparty that are subject to enforceable netting agreements. As of September 30, 2023, the Company posted $22 million in margin deposits for exchange-traded commodity derivative instruments, which was reflected as an increase in accounts receivable, net on the Consolidated Balance Sheet.
Management believes concentrations of credit risk with respect to accounts receivable is limited due to the generally high credit quality of the Company’s major customers, as well as the large number and geographic dispersion of smaller customers.
Note 11 Reportable segments
Kellanova is a leading producer of snacks, cereal, and frozen foods. It is the second largest producer of crackers, and a leading producer of savory snacks and cereal. Additional product offerings include toaster pastries, cereal bars, veggie foods and noodles. Kellanova products are manufactured and marketed globally. Principal markets for these products include the United States, United Kingdom, Nigeria, Canada, Mexico, and Australia.
The Company manages its operations through four operating segments that are based on geographic location – North America which includes U.S. businesses and Canada; Europe which consists of European countries; Latin America which consists of Central and South America and includes Mexico; and AMEA (Asia Middle East Africa) which consists of Africa, Middle East, Australia and other Asian and Pacific markets. These operating segments also represent our reportable segments.
Corporate includes corporate administration and initiatives as well as share-based compensation.
The measurement of reportable segment results is based on segment operating profit which is generally consistent with the presentation of operating profit in the Consolidated Statement of Income. Reportable segment results were as follows:
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| | Quarter ended | | Year-to-date period ended |
| (millions) | September 30,
2023 | October 1,
2022 | | September 30,
2023 | October 1,
2022 |
| Net sales | | | | | |
| North America | $ | 2,329 | | $ | 2,338 | | | $ | 7,042 | | $ | 6,696 | |
| Europe | 616 | | 562 | | | 1,888 | | 1,749 | |
| Latin America | 338 | | 282 | | | 966 | | 826 | |
| AMEA | 657 | | 767 | | | 2,139 | | 2,217 | |
| Total Reportable Segments | 3,940 | | 3,949 | | | 12,035 | | 11,488 | |
| Corporate | (1) | | (3) | | | (2) | | (6) | |
| Consolidated | $ | 3,939 | | $ | 3,946 | | | $ | 12,033 | | $ | 11,482 | |
| Operating profit | | | | | |
| North America | $ | 312 | | $ | 322 | | | $ | 1,048 | | $ | 1,043 | |
| Europe | 97 | | 75 | | | 293 | | 280 | |
| Latin America | 42 | | 29 | | | 105 | | 82 | |
| AMEA | 63 | | 64 | | | 204 | | 192 | |
| Total Reportable Segments | 514 | | 490 | | | 1,650 | | 1,597 | |
| Corporate | (32) | | (122) | | | (219) | | (297) | |
| Consolidated | $ | 482 | | $ | 368 | | | $ | 1,431 | | $ | 1,300 | |
Supplemental product information is provided below for net sales to external customers:
| | | | | | | | | | | | | | | | | | | | |
| | Quarter ended | | Year-to-date period ended |
| (millions) | | September 30,
2023 | October 1,
2022 | | September 30,
2023 | October 1,
2022 |
| Snacks | | $ | 2,040 | | $ | 1,943 | | | $ | 6,114 | | $ | 5,635 | |
| Cereal | | 1,368 | | 1,355 | | | 4,155 | | 3,978 | |
| Frozen | | 281 | | 281 | | | 838 | | 829 | |
| Noodles and other | | 250 | | 367 | | | 926 | | 1,040 | |
| Consolidated | | $ | 3,939 | | $ | 3,946 | | | $ | 12,033 | | $ | 11,482 | |
Note 12 Supplemental financial statement data
| | | | | | | | |
| Consolidated Balance Sheet | | |
| (millions) | September 30, 2023 (unaudited) | December 31, 2022 |
| Trade receivables | $ | 1,657 | | $ | 1,449 | |
| Allowance for credit losses | (16) | | (13) | |
| Refundable income taxes | 23 | | 82 | |
| Other receivables | 212 | | 218 | |
| Accounts receivable, net | $ | 1,876 | | $ | 1,736 | |
| Raw materials and supplies | $ | 399 | | $ | 426 | |
| Finished goods and materials in process | 1,233 | | 1,342 | |
| Inventories | $ | 1,632 | | $ | 1,768 | |
| Intangible assets not subject to amortization | $ | 1,854 | | $ | 1,969 | |
| Intangible assets subject to amortization, net | 211 | | 327 | |
| Other intangibles, net | $ | 2,065 | | $ | 2,296 | |
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KELLANOVA (formerly known as Kellogg Company)
PART I—FINANCIAL INFORMATION
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Business overview
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to help the reader understand Kellanova, our operations and our present business environment. MD&A is provided as a supplement to, and should be read in conjunction with, our Consolidated Financial Statements and the accompanying notes thereto contained in Item 1 of this report. Our MD&A references consumption and net sales in discussing our sales trends for certain categories and brands. We record net sales upon delivery of shipments to our customers. Consumption and share data noted within is based on Nielsen x-AOC or other comparable source, for the applicable period. Consumption refers to consumer purchases of our products from our customers. Unless otherwise noted, consumption and shipment trends are materially consistent.
Consumers count on Kellanova for great-tasting, high-quality and nutritious foods. Currently, these foods include snacks, such as crackers, savory snacks, toaster pastries, cereal bars and bites; and convenience foods, such as, ready-to-eat cereals, frozen waffles, veggie foods and noodles. Kellanova products are manufactured and marketed globally.
Separation transaction
During 2022, the Company announced its intent to separate its North American cereal business, via tax-free spin-off. The transaction was completed on October 2, 2023, resulting in two independent public companies, Kellanova and WK Kellogg Co.
Nigerian Naira
During the second quarter of 2023, the Nigerian government removed certain currency restrictions over the Nigerian Naira leading to a significant decline in the exchange rate of the Naira to the U.S. dollar on the official market in Nigeria. As a result of this decline in the exchange rate, the U.S. dollar value of the assets, liabilities, expenses and revenues of our Nigerian business in our consolidated financial statements has decreased significantly compared to prior periods. The consolidated assets of our Nigerian business represented approximately 5% of our consolidated assets as of September 30, 2023, compared to 8% as of December 31, 2022. Net sales of our Nigerian business were 7% of our consolidated net sales for the year-to-date period ended September 30, 2023 but could become a smaller percentage of our overall sales if exchange rates as of the end of the third quarter persist throughout the remainder of 2023.
In addition to our consolidated Nigerian business, the Company also has an investment in an unconsolidated entity, Tolaram Africa Foods PTE LTD, that holds an investment in a Nigerian food manufacturer. This investment is accounted for under the equity method of accounting and is evaluated for indicators of other than temporary impairment. Due to the devaluation of the Naira and the accounting method used by the Company to record the results of operations of TAF on a one-month-lag, the Company recorded a foreign currency translation adjustment on the value of the TAF investment during the third quarter of 2023. Based on the foreign currency exchange rates at the end of August 2023, the adjustment resulted in translation losses of approximately $129 million through other comprehensive income.
Russia
The war in Ukraine and the related sanctions imposed have increased global economic and geopolitical uncertainty. In March 2022, we suspended all new investments and shipments of all products to Russia. We have no employees or direct operations in Ukraine. Our business in Russia consisted of three manufacturing facilities.
In December 2022 the Company entered into an agreement to sell our Russian business to a third party, pending a number of local government regulatory approvals. In July 2023 the Company completed the sale of the Russian business. As a result of completing the transaction, the Company derecognized net assets of approximately $65 million and recorded a non-cash loss on the transaction of approximately $113 million, primarily related to the release of historical currency translation adjustments. The business was part of the Europe reportable segment and the sale resulted in a complete exit from the Russian market. The business in Russia represented approximately 1% of consolidated Kellanova net sales.
Impacts of the war to our net sales, earnings, and cash flows extends beyond our business in Russia. Regional or global economic recessions, inflation, and supply chain challenges as a result of the war or further escalation could have a material impact on our results.
Inflationary pressures
Events such as the COVID-19 pandemic and the war in Ukraine have resulted in certain impacts to the global economy, including market disruptions, supply chain challenges, and inflationary pressures. During the quarter ended September 30, 2023 we continued to experience elevated commodity and supply chain costs, including procurement and manufacturing costs, although certain supply chain challenges have eased. We continue to mitigate the dollar impact of this input cost inflation through the execution of productivity initiatives and revenue growth management actions. Additionally, from time to time we may enter into a combination of fixed price contracts with suppliers and commodity derivative instruments to manage the impact of volatility in the price of raw materials. We continue to expect input cost inflation to moderate during the fourth quarter 2023.
Segments
We manage our operations through four operating segments that are based primarily on geographic location – North America which includes the U.S. businesses and Canada; Europe which consists principally of European countries; Latin America which consists of Central and South America and includes Mexico; and AMEA (Asia Middle East Africa) which consists of Africa, Middle East, Australia and other Asian and Pacific markets. These operating segments also represent our reportable segments.
Non-GAAP financial measures
This filing includes non-GAAP financial measures that we provide to management and investors that exclude certain items that we do not consider part of on-going operations. Items excluded from our non-GAAP financial measures are discussed in the "Significant items impacting comparability" section of this filing. Our management team consistently utilizes a combination of GAAP and non-GAAP financial measures to evaluate business results, to make decisions regarding the future direction of our business, and for resource allocation decisions, including incentive compensation. As a result, we believe the presentation of both GAAP and non-GAAP financial measures provides investors with increased transparency into financial measures used by our management team and improves investors’ understanding of our underlying operating performance and in their analysis of ongoing operating trends. All historic non-GAAP financial measures have been reconciled with the most directly comparable GAAP financial measures.
Non-GAAP financial measures used for evaluation of performance include currency-neutral and organic net sales, adjusted and currency-neutral adjusted operating profit, adjusted and currency-neutral adjusted diluted earnings per share (EPS), currency-neutral adjusted gross profit, currency neutral adjusted gross margin, adjusted effective tax rate, net debt, and free cash flow. We determine currency-neutral results by dividing or multiplying, as appropriate, the current-period local currency operating results by the currency exchange rates used to translate our financial statements in the comparable prior-year period to determine what the current period U.S. dollar operating results would have been if the currency exchange rate had not changed from the comparable prior-year period. These non-GAAP financial measures may not be comparable to similar measures used by other companies.
•Currency-neutral net sales and organic net sales: We adjust the GAAP financial measure to exclude the impact of foreign currency, resulting in currency-neutral net sales. In addition, we exclude the impact of acquisitions, divestitures, and foreign currency, resulting in organic net sales. We excluded the items which we believe may obscure trends in our underlying net sales performance. By providing these non-GAAP net sales measures, management intends to provide investors with a meaningful, consistent comparison of net sales performance for the Company and each of our reportable segments for the periods presented. Management uses these non-GAAP measures to evaluate the effectiveness of initiatives behind net sales growth, pricing realization, and the impact of mix on our business results. These non-GAAP measures are also used to make decisions regarding the future direction of our business, and for resource allocation decisions.
•Adjusted: gross profit, gross margin, operating profit, operating margin, and diluted EPS: We adjust the GAAP financial measures to exclude the effect of restructuring programs, costs of the separation transaction, mark-to-market adjustments for pension plans (service cost, interest cost, expected return on plan assets, and other net periodic pension costs are not excluded), commodity contracts, certain equity investments and certain foreign currency contracts, a gain on interest rate swaps, and other costs impacting comparability resulting in adjusted. We excluded the items which we believe may obscure trends in our underlying profitability. By providing these non-GAAP profitability measures, management intends to provide investors with a meaningful, consistent comparison of the Company's profitability measures for the periods presented. Management uses these non-GAAP financial measures to evaluate the effectiveness of
initiatives intended to improve profitability, as well as to evaluate the impacts of inflationary pressures and decisions to invest in new initiatives within each of our segments.
•Currency-neutral adjusted: gross profit, gross margin, operating profit, operating margin, and diluted EPS: We adjust the GAAP financial measures to exclude the effect of restructuring programs, costs of the separation transaction, mark-to-market adjustments for pension plans (service cost, interest cost, expected return on plan assets, and other net periodic pension costs are not excluded), commodity contracts, certain equity investments and certain foreign currency contracts, other costs impacting comparability, and foreign currency, resulting in currency-neutral adjusted. We excluded the items which we believe may obscure trends in our underlying profitability. By providing these non-GAAP profitability measures, management intends to provide investors with a meaningful, consistent comparison of the Company's profitability measures for the periods presented. Management uses these non-GAAP financial measures to evaluate the effectiveness of initiatives intended to improve profitability, as well as to evaluate the impacts of inflationary pressures and decisions to invest in new initiatives within each of our segments.
•Adjusted effective income tax rate: We adjust the GAAP financial measures to exclude the effect of restructuring programs, costs of the separation transaction, mark-to-market adjustments for pension plans (service cost, interest cost, expected return on plan assets, and other net periodic pension costs are not excluded), commodity contracts, certain equity investments and certain foreign currency contracts, a gain on interest rate swaps, and other costs impacting comparability. We excluded the items which we believe may obscure trends in our pre-tax income and the related tax effect of those items on our adjusted effective income tax rate, and other impacts to tax expense. By providing this non-GAAP measure, management intends to provide investors with a meaningful, consistent comparison of the Company's effective tax rate, excluding the pre-tax income and tax effect of the items noted above, for the periods presented. Management uses this non-GAAP measure to monitor the effectiveness of initiatives in place to optimize our global tax rate.
•Net debt: Defined as the sum of long-term debt, current maturities of long-term debt and notes payable,
less cash and cash equivalents and marketable securities. With respect to net debt, cash and cash equivalents and marketable securities are subtracted from the GAAP measure, total debt liabilities, because they could be used to reduce the Company’s debt obligations. Company management and investors use this non-GAAP measure to evaluate changes to the Company's capital structure and credit quality assessment.
•Free cash flow: Defined as net cash provided by operating activities reduced by expenditures for property additions. Free cash flow does not represent the residual cash flow available for discretionary expenditures. We use this non-GAAP financial measure of cash flow to focus management and investors on the amount of cash available for debt repayment, dividend distributions, acquisition opportunities, and share repurchases once all of the Company’s business needs and obligations are met. Additionally, certain performance-based compensation includes a component of this non-GAAP measure.
These measures have not been calculated in accordance with GAAP and should not be viewed as a substitute for GAAP reporting measures.
Significant items impacting comparability
Mark-to-market
We recognize mark-to-market adjustments for pension and postretirement benefit plans, commodity contracts, and certain foreign currency contracts as incurred. Actuarial gains/losses for pension plans are recognized in the year they occur. Mark-to-market gains/losses for certain equity investments are recorded based on observable price changes. Changes between contract and market prices for commodity contracts and certain foreign currency contracts result in gains/losses that are recognized in the quarter they occur. We recorded a pre-tax mark-to-market loss of $98 million and $26 million for the quarter and year-to-date period ended September 30, 2023, respectively. Included within the aforementioned was a pre-tax mark-to-market gain for pension plans of $57 million for the quarter and year-to-date periods ended September 30, 2023. Additionally, we recorded a pre-tax mark-to-market loss of $43 million and $69 million for the quarter and year-to-date period ended October 1, 2022, respectively. Included within the aforementioned was a pre-tax mark-to-market gain for pension plans of $15 million and $45 million for the quarter and year-to-date period ended October 1, 2022, respectively.
Separation costs
In conjunction with the separation of our North America cereal business, the Company incurred pre-tax charges, primarily related to legal and consulting costs, of $56 million and $184 million for the quarter and year-to-date period ended September 30, 2023. We recorded pre-tax charges of $18 million and $22 million for the quarter and year-to-date periods ended October 1, 2022, respectively.
Business and portfolio realignment
Costs related to reorganizations in support of our Deploy for Growth priorities and a reshaped portfolio; investments in enhancing capabilities prioritized by our Deploy for Growth strategy; and prospective divestitures and acquisitions. As a result, we incurred pre-tax charges, primarily related to reorganizations, of $2 million and $4 million for the quarter and year-to-date periods ended September 30, 2023, respectively. We recorded pre-tax charges of $4 million and $18 million for the quarter and year-to-date period ended October 1, 2022, respectively.
Loss related to divestiture
In July 2023, the Company completed the sale of the Russian business. As a result of completing the transaction, the Company recorded a non-cash loss on the transaction of approximately $113 million, primarily related to the release of historical currency translation adjustments.
Gain related to interest rate swaps
During the third quarter or 2022, the Company recognized a pre-tax gain of $18 million in interest expense related to a portion of certain forward-starting interest rate swaps no longer designated as cash flow hedges due to changes in forecasted debt issuance.
Foreign currency translation
We evaluate the operating results of our business on a currency-neutral basis. We determine currency-neutral operating results by dividing or multiplying, as appropriate, the current-period local currency operating results by the currency exchange rates used to translate our financial statements in the comparable prior-year period to determine what the current period U.S. dollar operating results would have been if the currency exchange rate had not changed from the comparable prior-year period.
Financial results
For the quarter ended September 30, 2023, our reported net sales were flat versus the prior year as unfavorable currency and the divestiture of our Russia business offset positive price/mix. Organic net sales increased 4% from the prior year excluding foreign currency and divestitures.
Third quarter reported operating profit increased 31% versus the year-ago quarter primarily due to favorable mark-to-market impacts and continued gross margin recovery, partially offset by higher separation costs. Currency-neutral adjusted operating profit increased 10%, after excluding the impact of mark-to-market, separation costs, and foreign currency translation.
Reported diluted EPS of $0.78 for the quarter decreased 13% compared to the prior year quarter of $0.90 due to the loss on divestiture of our Russia business, higher interest expense, incremental separation costs, and lower pension income. Currency-neutral adjusted diluted EPS of $0.99 for the quarter decreased 2% from the prior year quarter after excluding mark-to-market, separation costs, loss of divestiture, and foreign currency translation.
Reconciliation of certain non-GAAP Financial Measures
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| | Quarter ended | Year-to-date period ended |
Consolidated results
(dollars in millions, except per share data) | September 30,
2023 | October 1,
2022 | September 30,
2023 | October 1,
2022 |
| Reported net income | $ | 269 | | $ | 310 | | $ | 924 | | $ | 1,058 | |
| Mark-to-market (pre-tax) | 98 | | (43) | | 25 | | (69) | |
| Project K (pre-tax) | — | | — | | — | | — | |
| Separation costs (pre-tax) | (56) | | (18) | | (184) | | (22) | |
| Business and portfolio realignment (pre-tax) | (2) | | (4) | | (4) | | (18) | |
| Gain related to interest rate swaps (pre-tax) | — | | 18 | | — | | 18 | |
| Loss on divestiture (pre-tax) | (113) | | — | | (113) | | — | |
| Income tax impact applicable to adjustments, net* | (12) | | 11 | | 35 | | 22 | |
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| Adjusted net income | $ | 354 | | $ | 346 | | $ | 1,164 | | $ | 1,127 | |
| Foreign currency impact | 14 | | — | | 7 | | — | |
| Currency-neutral adjusted net income | $ | 340 | | $ | 346 | | $ | 1,157 | | $ | 1,127 | |
| Reported diluted EPS | $ | 0.78 | | $ | 0.90 | | $ | 2.68 | | $ | 3.09 | |
| Mark-to-market (pre-tax) | 0.28 | | (0.13) | | 0.07 | | (0.20) | |
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| Separation costs (pre-tax) | (0.16) | | (0.05) | | (0.53) | | (0.06) | |
| Business and portfolio realignment (pre-tax) | (0.01) | | (0.01) | | (0.01) | | (0.05) | |
| Gain related to interest rate swaps (pre-tax) | — | | 0.05 | | — | | 0.05 | |
| Loss on divestiture (pre-tax) | (0.33) | | — | | (0.33) | | — | |
| Income tax impact applicable to adjustments, net* | (0.03) | | 0.03 | | 0.11 | | 0.06 | |
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| Adjusted diluted EPS | $ | 1.03 | | $ | 1.01 | | $ | 3.37 | | $ | 3.29 | |
| Foreign currency impact | 0.04 | | — | | 0.02 | | — | |
| Currency-neutral adjusted diluted EPS | $ | 0.99 | | $ | 1.01 | | $ | 3.35 | | $ | 3.29 | |
| Currency-neutral adjusted diluted EPS growth | (2.0) | % | | 1.8 | % | |
Note: Tables may not foot due to rounding.
For more information on the reconciling items in the table above, please refer to the Significant items impacting comparability section.
*Represents the estimated income tax effect on the reconciling items, using weighted-average statutory tax rates, depending upon the applicable jurisdiction.
Net sales and operating profit
The following tables provide an analysis of net sales and operating profit performance for the third quarter of 2023 versus 2022:
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| Quarter ended September 30, 2023 | | | | | | | | | | | | |
| (millions) | | North
America | | Europe | | Latin
America | | AMEA | | Corporate | | Kellanova
Consolidated |
| Reported net sales | | $ | 2,329 | | | $ | 616 | | | $ | 338 | | | $ | 657 | | | $ | (1) | | | $ | 3,939 | |
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| Foreign currency impact | | (2) | | | 49 | | | 32 | | | (202) | | | — | | | (123) | |
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| Organic net sales | | $ | 2,332 | | | $ | 567 | | | $ | 306 | | | $ | 859 | | | $ | (1) | | | $ | 4,062 | |
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| Quarter ended October 1, 2022 | | | | | | | | | | | | |
| (millions) | | | | | | | | | | | | |
| Reported net sales | | $ | 2,338 | | | $ | 562 | | | $ | 283 | | | $ | 767 | | | $ | (3) | | | $ | 3,946 | |
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| Divestiture | | 0 | | 38 | | | 0 | | 0 | | 0 | | 38 | |
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| Organic net sales | | $ | 2,338 | | | $ | 524 | | | $ | 283 | | | $ | 767 | | | $ | (3) | | | $ | 3,908 | |
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| % change - 2023 vs. 2022: | | | | | | | | | | | | |
| Reported growth | | (0.4) | % | | 9.5 | % | | 19.2 | % | | (14.3) | % | | n/m | | (0.2) | % |
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| Foreign currency impact | | (0.1) | % | | 8.7 | % | | 11.3 | % | | (26.4) | % | | n/m | | (3.1) | % |
| Currency-neutral growth | | (0.3) | % | | 0.8 | % | | 7.9 | % | | 12.1 | % | | n/m | | 2.9 | % |
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| Divestiture | | — | % | | (7.4) | % | | — | % | | — | % | | n/m | | (1.0) | % |
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| Organic growth | | (0.3) | % | | 8.2 | % | | 7.9 | % | | 12.1 | % | | n/m | | 3.9 | % |
| Volume (tonnage) | | (10.2) | % | | (7.7) | % | | (9.2) | % | | (1.9) | % | | n/m | | (7.4) | % |
| Pricing/mix | | 9.9 | % | | 15.9 | % | | 17.1 | % | | 14.0 | % | | n/m | | 11.3 | % |
Note: Tables may not foot due to rounding.
For more information on the reconciling items in the table above, please refer to the Significant items impacting comparability section.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Quarter ended September 30, 2023 | | | | | | | | | | | | |
| (millions) | | North
America | | Europe | | Latin
America | | AMEA | | Corporate | | Kellanova
Consolidated |
| Reported operating profit | | $ | 312 | | | $ | 97 | | | $ | 42 | | | $ | 63 | | | $ | (32) | | | $ | 482 | |
| Mark-to-market | | — | | | — | | | 3 | | | — | | | 39 | | | 41 | |
| | | | | | | | | | | | |
| Separation costs | | (55) | | | — | | | (1) | | | — | | | — | | | (56) | |
| Business and portfolio realignment | | (2) | | | — | | | — | | | — | | | — | | | (2) | |
| | | | | | | | | | | | |
| Adjusted operating profit | | $ | 369 | | | $ | 97 | | | $ | 40 | | | $ | 63 | | | $ | (71) | | | $ | 498 | |
| Foreign currency impact | | — | | | 8 | | | 4 | | | (10) | | | 1 | | | 3 | |
| Currency-neutral adjusted operating profit | | $ | 369 | | | $ | 89 | | | $ | 37 | | | $ | 73 | | | $ | (72) | | | $ | 495 | |
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| Quarter ended October 1, 2022 | | | | | | | | | | | | |
| (millions) | | | | | | | | | | | | |
| Reported operating profit | | $ | 322 | | | $ | 75 | | | $ | 28 | | | $ | 64 | | | $ | (120) | | | $ | 368 | |
| Mark-to-market | | — | | | — | | | (1) | | | — | | | (58) | | | (58) | |
| | | | | | | | | | | | |
| Separation costs | | (18) | | | — | | | — | | | — | | | — | | | (18) | |
| Business and portfolio realignment | | (3) | | | — | | | — | | | — | | | (1) | | | (4) | |
| | | | | | | | | | | | |
| Adjusted operating profit | | $ | 342 | | | $ | 76 | | | $ | 29 | | | $ | 64 | | | $ | (62) | | | $ | 449 | |
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| % change - 2023 vs. 2022: | | | | | | | | | | | | |
| Reported growth | | (3.0) | % | | 28.7 | % | | 47.5 | % | | (1.5) | % | | 73.2 | % | | 30.5 | % |
| Mark-to-market | | — | % | | — | % | | 12.9 | % | | — | % | | 86.0 | % | | 27.5 | % |
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| Separation costs | | (11.0) | % | | — | % | | (4.9) | % | | — | % | | — | % | | (8.6) | % |
| Business and portfolio realignment | | 0.4 | % | | 0.4 | % | | 0.7 | % | | — | % | | 0.8 | % | | 0.6 | % |
| | | | | | | | | | | | |
| Adjusted growth | | 7.6 | % | | 28.3 | % | | 38.8 | % | | (1.5) | % | | (13.6) | % | | 11.0 | % |
| Foreign currency impact | | (0.1) | % | | 11.2 | % | | 12.3 | % | | (15.7) | % | | 2.4 | % | | 0.7 | % |
| Currency-neutral adjusted growth | | 7.7 | % | | 17.1 | % | | 26.5 | % | | 14.2 | % | | (16.0) | % | | 10.3 | % |
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Note: Tables may not foot due to rounding.
For more information on the reconciling items in the table above, please refer to the Significant items impacting comparability section.
North America
Reported net sales for the third quarter was flat versus the prior year due to favorable price/mix offset by the impact of price elasticity and lapping last year's replenishment of trade inventory. | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| Net sales % change - third quarter 2023 vs. 2022: | | | | |
| North America | Reported net sales | Foreign currency | Currency-neutral net sales | Divestiture | Organic net sales | | |
| Snacks | 0.2 | % | — | % | 0.2 | % | — | % | 0.2 | % | | |
| Cereal | (1.5) | % | (0.2) | % | (1.3) | % | — | % | (1.3) | % | | |
| Frozen | (0.1) | % | (0.1) | % | — | % | — | % | — | % | | |
| | | | | | | |
North America snacks net sales were flat lapping strong growth in the prior year quarter.
North America cereal net sales decreased 1.5% lapping the prior year replenishment of retailer inventory levels following the 2021 fire and strike.
North America frozen net sales were flat versus the prior year quarter due to rising price elasticity.
North America operating profit decreased 3% as incremental separation costs more than offset the benefit from gross margin recovery during the quarter. Currency-neutral adjusted operating profit increased 8%, after excluding the impact of business and portfolio realignment and separation costs.
Europe
Reported net sales increased 10% as favorable price/mix more than offset the impact of price elasticity and the divestiture of our Russia business. Organic net sales increased 8% after excluding the impact of the divestiture and foreign currency.
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| Net sales % change - third quarter 2023 vs. 2022: | | | | |
| Europe | Reported net sales | Foreign currency | Currency-neutral net sales | Divestiture | Organic net sales | | |
| Snacks | 18.1 | % | 9.4 | % | 8.7 | % | (8.5) | % | 17.2 | % | | |
| Cereal | 0.6 | % | 8.0 | % | (7.4) | % | (6.3) | % | (1.1) | % | | |
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Snacks net sales growth was strong across the region, led by Pringles and portable wholesome snacks.
Cereal net sales grew slightly as growth in the U.K. and Ireland was largely offset by declines in continental Europe, as price elasticity continues to rise.
Reported operating profit increased 29% due primarily to gross margin recovery and favorable foreign currency versus prior year quarter. Currency-neutral adjusted operating profit increased 17% after excluding the impact of foreign currency.
Latin America
Reported net sales increased 19% driven by price/mix growth and favorable foreign currency led by our two largest markets in the region, Mexico and Brazil, partially offset by lower volume driven mostly by rising elasticity, price pack architecture changes and SKU rationalization. Organic net sales increased 8%, after excluding the impact of foreign currency.
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| Net sales % change - third quarter 2023 vs. 2022: | | | | |
| Latin America | Reported net sales | Foreign currency | Currency-neutral net sales | Divestiture | Organic net sales | | |
| Snacks | 27.2 | % | 9.8 | % | 17.4 | % | — | % | 17.4 | % | | |
| Cereal | 14.4 | % | 12.3 | % | 2.1 | % | — | % | 2.1 | % | | |
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Snacks net sales increased led by Pringles growth in Mexico and Brazil.
Cereal net sales increased across the region led by strong growth in Mexico and our Pacific sub-region.
Reported operating profit increased 48% as the impact of net sales growth, gross margin recovery, and favorable mark-to-market. Currency-neutral adjusted operating profit increased 27% after excluding the impact of mark-to-market, and foreign currency.
AMEA
Reported net sales decreased 14% due primarily to unfavorable foreign currency as a result of the devaluation of the Nigerian Naira. Organic net sales increased 12% on positive price/mix after excluding the impact of foreign currency.
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| Net sales % change - third quarter 2023 vs. 2022: | | | | |
| AMEA | Reported net sales | Foreign currency | Currency-neutral net sales | Divestiture | Organic net sales | | |
| Snacks | 7.7 | % | (5.5) | % | 13.2 | % | — | % | 13.2 | % | | |
| Cereal | (1.3) | % | (5.3) | % | 4.0 | % | — | % | 4.0 | % | | |
| Noodles and other | (32.3) | % | (48.7) | % | 16.4 | % | — | % | 16.4 | % | | |
| | | | | | | |
Net sales growth in snacks was led by Pringles, which grew net sales across key markets including Australia, Asia, Africa, and the Middle East.
Cereal net sales decreased due to unfavorable foreign currency but grew on an organic basis.
Noodles and other net sales decreased due to unfavorable foreign currency but increased on an organic basis on strong price/mix growth and flat volume.
Reported operating profit decreased 2% due primarily to unfavorable foreign currency translation. Currency-neutral adjusted operating profit increased 14%, after excluding the impact of foreign currency.
Corporate
Reported operating profit increased significantly versus the comparable prior year quarter due primarily to favorable mark-to-market impacts. Currency-neutral adjusted operating profit decreased $10 million from the prior year after excluding mark-to-market.
The following tables provide an analysis of net sales and operating profit performance for the year-to-date periods ended September 30, 2023 versus October 1, 2022:
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| Year-to-date period ended September 30, 2023 | | | | | | | | | | | | |
| (millions) | | North
America | | Europe | | Latin
America | | AMEA | | Corporate | | Kellanova
Consolidated |
| Reported net sales | | $ | 7,042 | | | $ | 1,888 | | | $ | 966 | | | $ | 2,139 | | | $ | (2) | | | $ | 12,033 | |
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| Foreign currency impact | | (19) | | | 27 | | | 61 | | | (414) | | | — | | | (345) | |
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| Organic net sales | | $ | 7,061 | | | $ | 1,861 | | | $ | 904 | | | $ | 2,553 | | | $ | (2) | | | $ | 12,377 | |
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| Year-to-date period ended October 1, 2022 | | | | | | | | | | | | |
| (millions) | | | | | | | | | | | | |
| Reported net sales | | $ | 6,696 | | | $ | 1,749 | | | $ | 826 | | | $ | 2,217 | | | $ | (6) | | | $ | 11,482 | |
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| Divestiture | | — | | | 38 | | | — | | | — | | | — | | | 38 | |
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| Organic net sales | | $ | 6,696 | | | $ | 1,711 | | | $ | 826 | | | $ | 2,217 | | | $ | (6) | | | $ | 11,444 | |
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| % change - 2023 vs. 2022: | | | | | | | | | | | | |
| Reported growth | | 5.2 | % | | 8.0 | % | | 16.8 | % | | (3.5) | % | | n/m | | 4.8 | % |
| Foreign currency impact | | (0.3) | % | | 1.6 | % | | 7.4 | % | | (18.7) | % | | n/m | | (3.0) | % |
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| Currency-neutral growth | | 5.5 | % | | 6.4 | % | | 9.4 | % | | 15.2 | % | | n/m | | 7.8 | % |
| Divestitures | | — | % | | (2.4) | % | | — | % | | — | % | | n/m | | (0.4) | % |
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| Organic growth | | 5.5 | % | | 8.8 | % | | 9.4 | % | | 15.2 | % | | n/m | | 8.2 | % |
| Volume (tonnage) | | (7.2) | % | | (5.8) | % | | (9.0) | % | | (1.6) | % | | n/m | | (5.6) | % |
| Pricing/mix | | 12.7 | % | | 14.6 | % | | 18.4 | % | | 16.8 | % | | n/m | | 13.8 | % |
Note: Tables may not foot due to rounding.
For more information on the reconciling items in the table above, please refer to the Significant items impacting comparability section.
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| Year-to-date period ended September 30, 2023 | | | | | | | | | | | | |
| (millions) | | North
America | | Europe | | Latin
America | | AMEA | | Corporate | | Kellanova
Consolidated |
| Reported operating profit | | $ | 1,048 | | | $ | 293 | | | $ | 106 | | | $ | 204 | | | $ | (220) | | | $ | 1,431 | |
| Mark-to-market | | — | | | — | | | (2) | | | — | | | (29) | | | (31) | |
| | | | | | | | | | | | |
| Separation costs | | (182) | | | — | | | (2) | | | — | | | — | | | (184) | |
| Business and portfolio realignment | | (4) | | | — | | | — | | | — | | | (1) | | | (4) | |
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| Adjusted operating profit | | $ | 1,233 | | | $ | 293 | | | $ | 110 | | | $ | 204 | | | $ | (190) | | | $ | 1,649 | |
| Foreign currency impact | | (3) | | | 5 | | | 7 | | | (23) | | | 4 | | | (9) | |
| Currency-neutral adjusted operating profit | | $ | 1,236 | | | $ | 288 | | | $ | 102 | | | $ | 227 | | | $ | (194) | | | $ | 1,659 | |
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| Year-to-date period ended October 1, 2022 | | | | | | | | | | | | |
| (millions) | | | | | | | | | | | | |
| Reported operating profit | | $ | 1,043 | | | $ | 280 | | | $ | 82 | | | $ | 192 | | | $ | (296) | | | $ | 1,300 | |
| Mark-to-market | | — | | | — | | | (2) | | | — | | | (113) | | | (114) | |
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| Separation costs | | (22) | | | — | | | — | | | — | | | — | | | (22) | |
| Business and portfolio realignment | | (15) | | | — | | | — | | | — | | | (2) | | | (18) | |
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| Adjusted operating profit | | $ | 1,080 | | | $ | 280 | | | $ | 84 | | | $ | 192 | | | $ | (182) | | | $ | 1,454 | |
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| % change - 2023 vs. 2022: | | | | | | | | | | | | |
| Reported growth | | 0.5 | % | | 4.9 | % | | 28.9 | % | | 6.2 | % | | 25.8 | % | | 10.0 | % |
| Mark-to-market | | — | % | | — | % | | (0.4) | % | | — | % | | 30.0 | % | | 6.7 | % |
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| Separation costs | | (15.0) | % | | — | % | | (2.3) | % | | — | % | | — | % | | (11.3) | % |
| Business and portfolio realignment | | 1.3 | % | | 0.3 | % | | 0.6 | % | | — | % | | 0.5 | % | | 1.1 | % |
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| Adjusted growth | | 14.2 | % | | 4.6 | % | | 31.0 | % | | 6.2 | % | | (4.7) | % | | 13.5 | % |
| Foreign currency impact | | (0.3) | % | | 1.8 | % | | 8.9 | % | | (12.0) | % | | 1.9 | % | | (0.6) | % |
| Currency-neutral adjusted growth | | 14.5 | % | | 2.8 | % | | 22.1 | % | | 18.2 | % | | (6.6) | % | | 14.1 | % |
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Note: Tables may not foot due to rounding.
For more information on the reconciling items in the table above, please refer to the Significant items impacting comparability section.
North America
Reported net sales for the year-to-date period increased 5% versus the prior year as price/mix and momentum in snacks more than offset the impact of lapping the replenishment of inventory in our North America cereal business following the 2021 fire and strike. Organic net sales increased 6% after excluding the impact of foreign currency. | | | | | | | | | | | | | | | | | | | |
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| Net sales % change - third quarter year-to-date 2023 vs. 2022: | | | | |
| North America | Reported net sales | Foreign currency | Currency-neutral net sales | Divestiture | Organic net sales | | |
| Snacks | 6.2 | % | (0.2) | % | 6.4 | % | — | % | 6.4 | % | | |
| Cereal | 4.9 | % | (0.5) | % | 5.4 | % | — | % | 5.4 | % | | |
| Frozen | 0.9 | % | (0.3) | % | 1.2 | % | — | % | 1.2 | % | | |
| | | | | | | |
North America snacks net sales increased led by the performance of its largest brands, Cheez-it, Pringles, Rice, Krispies Treats, Club and Townhouse.
North America cereal net sales increased despite lapping the prior year replenishment of retailer inventory levels following the 2021 fire and strike.
North America operating profit increased 1% compared to the prior year due to higher net sales and lapping of residual fire and strike costs, which more than offset incremental separation costs. Currency-neutral adjusted operating profit increased 15%, after excluding the impact of separation costs and business and portfolio realignment.
Europe
Reported net sales increased 8% as growth in snacks and positive price/mix, and favorable foreign currency translation more than offset the impact of the divestiture. Organic net sales increased 9% after excluding the impact of foreign currency and the divestiture.
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| Net sales % change - third quarter year-to-date 2023 vs. 2022: | | | | |
| Europe | Reported net sales | Foreign currency | Currency-neutral net sales | Divestiture | Organic net sales | | |
| Snacks | 16.2 | % | 1.9 | % | 14.3 | % | (2.7) | % | 17.0 | % | | |
| Cereal | (0.7) | % | 1.2 | % | (1.9) | % | (2.0) | % | 0.1 | % | | |
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Cereal net sales declined for the year-to-date period on an as reported basis due to unfavorable foreign currency.
Snacks net sales growth was led by Pringles, despite the divestiture of our business in Russia.
Reported operating profit increased 5% due to higher input costs and unfavorable foreign currency. Currency-neutral adjusted operating profit increased 3% after excluding the impact of foreign currency translation.
Latin America
Reported net sales increased 17% due primarily to growth in snacks across the region, favorable price/mix and favorable foreign currency, partially offset by lower volume driven mostly by price pack architecture changes and SKU rationalization. Organic net sales increased 9%, after excluding the impact of foreign currency.
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| Net sales % change - third quarter year-to-date 2023 vs. 2022: | | | | |
| Latin America | Reported net sales | Foreign currency | Currency-neutral net sales | Divestiture | Organic net sales | | |
| Snacks | 14.4 | % | 4.7 | % | 9.7 | % | — | % | 9.7 | % | | |
| Cereal | 18.3 | % | 9.2 | % | 9.1 | % | — | % | 9.1 | % | | |
| | | | | | | |
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Reported operating profit increased 29% as the impact of higher net sales more than offset input cost inflation. Currency-neutral adjusted operating profit increased 22% after excluding the impact of mark-to-market and foreign currency.
AMEA
Reported net sales decreased 4% caused by unfavorable foreign currency primarily due to the devaluation of the Nigerian Naira. Organic net sales increased 15%.
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| Net sales % change - third quarter year-to-date 2023 vs. 2022: | | | | |
| AMEA | Reported net sales | Foreign currency | Currency-neutral net sales | Divestiture | Organic net sales | | |
| Snacks | 8.8 | % | (7.8) | % | 16.6 | % | — | % | 16.6 | % | | |
| Cereal | (0.6) | % | (7.4) | % | 6.8 | % | — | % | 6.8 | % | | |
| Noodles and other | (11.2) | % | (31.1) | % | 19.9 | % | — | % | 19.9 | % | | |
| | | | | | | |
Snacks net sales increased due primarily to strong growth in Pringles across the region.
Noodles and other net sales declined during the year-to-date period due to unfavorable foreign currency.
Reported operating profit increased 6% due primarily to the recovery of gross margins partially offset by unfavorable foreign currency. Currency-neutral adjusted operating profit increased 18%, after excluding the impact of foreign currency.
Corporate
Reported operating profit decreased versus the comparable prior year period due primarily to unfavorable mark-to-market impacts. Currency-neutral adjusted operating profit decreased $12 million from the prior year after excluding the impact of mark-to-market.
Margin performance
Our currency-neutral adjusted gross profit and gross profit margin performance for the quarter ended September 30, 2023 and October 1, 2022 are reconciled to the directly comparable GAAP measures as follows:
| | | | | | | | | | | | | | | | | | | | |
| Quarter ended | September 30, 2023 | | October 1, 2022 | GM change vs. prior
year (pts.) |
| (dollars in millions) | Gross Profit (a) | Gross Margin (b) | | Gross Profit (a) | Gross Margin (b) |
| Reported | $ | 1,343 | | 34.1 | % | | $ | 1,153 | | 29.2 | % | 4.9 | |
| Mark-to-market | 40 | | 1.0 | % | | (60) | | (1.5) | % | 2.5 | |
| Separation costs | (3) | | — | % | | — | | — | % | — | |
| | | | | | |
| Business and portfolio realignment | (2) | | (0.1) | % | | (2) | | (0.1) | % | — | |
| | | | | | |
| Adjusted | 1,307 | | 33.2 | % | | 1,215 | | 30.8 | % | 2.4 | |
| Foreign currency impact | (3) | | 0.9 | % | | — | | — | % | 0.9 | |
| Currency-neutral adjusted | $ | 1,311 | | 32.3 | % | | $ | 1,215 | | 30.8 | % | 1.5 | |
Note: Tables may not foot due to rounding.
For more information on the reconciling items in the table above, please refer to the Significant items impacting comparability section.
(a) Gross profit is equal to net sales less cost of goods sold.
(b) Gross profit as a percentage of net sales.
Reported gross margin for the quarter increased 490 basis points versus the prior year due primarily to favorable mark-to-market, improved efficiencies as a result of receding bottlenecks and shortages, as well as the impact of productivity and revenue growth management initiatives. Currency-neutral adjusted gross margin increased 150 basis points compared to the third quarter of 2022 after eliminating the impact of mark-to-market, separation costs and foreign currency.
Our currency-neutral adjusted gross profit and gross profit margin performance for the year-to-date periods ended September 30, 2023 and October 1, 2022 are reconciled to the directly comparable GAAP measures as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Year-to-date period ended | September 30, 2023 | | October 1, 2022 | GM change vs. prior
year (pts.) |
| (dollars in millions) | Gross Profit (a) | Gross Margin (b) | | Gross Profit (a) | Gross Margin (b) |
| Reported | $ | 3,885 | | 32.3 | % | | $ | 3,455 | | 30.1 | % | 2.2 | |
| Mark-to-market | (27) | | (0.2) | % | | (120) | | (1.0) | % | 0.8 | |
| Separation costs | (21) | | (0.2) | % | | — | | — | % | (0.2) | |
| | | | | | |
| Business and portfolio realignment | (3) | | — | % | | (9) | | (0.1) | % | 0.1 | |
| | | | | | |
| Adjusted | 3,936 | | 32.7 | % | | 3,584 | | 31.2 | % | 1.5 | |
| Foreign currency impact | (42) | | 0.6 | % | | — | | — | % | 0.6 | |
| Currency-neutral adjusted | $ | 3,979 | | 32.1 | % | | $ | 3,584 | | 31.2 | % | 0.9 | |
Note: Tables may not foot due to rounding.
For more information on the reconciling items in the table above, please refer to the Significant items impacting comparability section.
(a) Gross profit is equal to net sales less cost of goods sold.
(b) Gross profit as a percentage of net sales.
Reported gross margin for the year-to-date period increased 220 basis points versus the prior year due primarily to favorable mark-to-market, the impact of improved efficiencies resulting from receding bottlenecks and shortages,as well as the impact of productivity and revenue growth management initiatives. Currency-neutral adjusted gross margin increased 90 basis points compared to 2022 after eliminating the impact of mark-to-market, separation costs and foreign currency.
Foreign currency translation
The reporting currency for our financial statements is the U.S. dollar. Certain of our assets, liabilities, expenses and revenues are denominated in currencies other than the U.S. dollar, primarily in the euro, British pound, Australian dollar, Canadian dollar, Mexican peso, Brazilian Real, Nigerian Naira, Russian ruble, Polish zloty, and Egyptian pound. To prepare our consolidated financial statements, we must translate those assets, liabilities, expenses and revenues into U.S. dollars at the applicable exchange rates. As a result, increases and decreases in the value of the U.S. dollar against these other currencies will affect the amount of these items in our consolidated financial statements, even if their value has not changed in their original currency. This could have significant impact on our results if such increase or decrease in the value of the U.S. dollar is substantial.
Interest expense
For the quarters ended September 30, 2023 and October 1, 2022, interest expense was $83 million and $39 million, respectively. For the year-to-date periods ended September 30, 2023 and October 1, 2022, interest expense was $245 million and $149 million. The increase from the prior year is due primarily to higher interest rates on commercial paper and floating rate debt versus the prior year as well as an $18 million gain in the prior year quarter related to a portion of certain forward-starting interest rate swaps no longer designated as cash flow hedges due to changes in forecasted debt issuance.
Income Taxes
Our reported effective tax rate for the quarters ended September 30, 2023 and October 1, 2022 was 28% and 19%, respectively.
Our adjusted effective tax rate for the quarters ended September 30, 2023 and October 1, 2022 was 21% and 20%.
The increase in effective tax rate for the quarter ended September 30, 2023 versus the prior year quarter is due to zero tax benefit recognized on the $113 million loss incurred on the divestiture of the Russia business.
Fluctuations in foreign currency exchange rates could impact the expected effective income tax rate as it is dependent upon U.S. dollar earnings of foreign subsidiaries doing business in various countries with differing statutory rates. Additionally, the rate could be impacted by tax legislation and if pending uncertain tax matters, including tax positions that could be affected by planning initiatives, are resolved more or less favorably than we currently expect.
| | | | | | | | | | | | | | |
| | | | |
| | Quarter ended | Year-to-date period ended |
| Consolidated results (dollars in millions) | September 30,
2023 | October 1,
2022 | September 30,
2023 | October 1,
2022 |
| Reported income taxes | $ | 104 | | $ | 74 | | $ | 294 | | $ | 283 | |
| Mark-to-market | 25 | | (11) | | 6 | | (16) | |
| | | | |
| Separation costs | (12) | | (4) | | (45) | | (5) | |
| Business and portfolio realignment | — | | — | | 3 | | (6) | |
| Gain related to interest rate swaps | — | | 5 | | — | | 5 | |
| Loss on divestiture | — | | — | | — | | — | |
| | | | |
| | | | |
| | | | |
| | | | |
| Adjusted income taxes | $ | 92 | | $ | 85 | | $ | 330 | | $ | 305 | |
| | | | |
| | | | |
| | | | |
| | | | |
| Reported effective income tax rate | 27.9 | % | 19.2 | % | 24.1 | % | 21.1 | % |
| Mark-to-market | (0.9) | % | (0.7) | % | — | % | (0.1) | % |
| | | | |
| Separation costs | 1.1 | % | (0.2) | % | — | % | (0.1) | % |
| Business and portfolio realignment | — | % | — | % | 0.3 | % | (0.1) | % |
| Gain related to interest rate swaps | — | % | 0.3 | % | — | % | 0.1 | % |
| Loss on divestiture | 7.0 | % | — | % | 1.8 | % | — | % |
| | | | |
| | | | |
| | | | |
| | | | |
| Adjusted effective income tax rate | 20.7 | % | 19.7 | % | 22.0 | % | 21.3 | % |
Note: Tables may not foot due to rounding.
For more information on the reconciling items in the table above, please refer to the Significant items impacting comparability section.
Liquidity and capital resources
We anticipate current cash and marketable security balances, operating cash flows, together with our credit facilities and other financing sources including commercial paper, credit and bond markets, will be adequate to meet our operating, investing and financing needs. We have generated $1.4 billion of operating cash flow through September 30, 3023. We currently have $2.5 billion of ongoing unused revolving credit agreements, including $1.5 billion effective through 2026 and $1.0 billion effective through December 2023, as well as continued access to the commercial paper markets. We are currently in compliance with all debt covenants and do not have material uncertainty about our ability to maintain compliance in future periods. We continue to utilize available capacity within the Monetization Programs to maintain financial flexibility without negatively impacting working capital.
Our principal source of liquidity is operating cash flows supplemented by borrowings for major acquisitions and other significant transactions. Our cash-generating capability is one of our fundamental strengths and provides us with substantial financial flexibility in meeting operating and investing needs.
We have historically reported negative working capital primarily as the result of our focus to improve core working capital by reducing our levels of trade receivables and inventory while extending the timing of payment of our trade payables. The impacts of the extended customer terms program and the monetization programs on core working capital are largely offsetting. These programs are all part of our ongoing working capital management.
We periodically monitor our supplier payment terms to assess whether our terms are competitive and in line with local market terms. To the extent that such assessment indicates that our supplier payment terms are not aligned with local market terms, we may seek to adjust our terms, including extending or shortening our payment due dates
as appropriate. Supplier payment term modifications did not have a material impact on our cash flows during 2022, and are not expected to have a material impact in 2023.
We have a substantial amount of indebtedness which results in current maturities of long-term debt and notes payable which can have a significant impact on working capital as a result of the timing of these required payments. These factors, coupled with the use of our ongoing cash flows from operations to service our debt obligations, pay dividends, fund acquisition opportunities, and repurchase our common stock, reduce our working capital amounts. We had negative working capital of $1.5 billion and $2.2 billion as of September 30, 2023 and December 31, 2022, respectively.
The following table reflects net debt amounts:
| | | | | | | | | | | | | | |
| | |
| (millions, unaudited) | | September 30, 2023 | | December 31, 2022 |
| Notes payable | | $ | 353 | | | $ | 467 | |
| Current maturities of long-term debt | | 1,193 | | | 780 | |
| Long-term debt | | 5,530 | | | 5,317 | |
| Total debt liabilities | | $ | 7,076 | | | $ | 6,564 | |
| Less: | | | | |
| Cash and cash equivalents | | (1,099) | | | (299) | |
| | | | |
| Net debt | | $ | 5,977 | | | $ | 6,265 | |
The following table sets forth a summary of our cash flows:
| | | | | | | | |
| | Year-to-date period ended |
| (millions) | September 30, 2023 | October 1, 2022 |
| Net cash provided by (used in): | | |
| Operating activities | 1,400 | | $ | 1,180 | |
| Investing activities | (472) | | (312) | |
| Financing activities | (120) | | (665) | |
| Effect of exchange rates on cash and cash equivalents | (8) | | (116) | |
| Net increase (decrease) in cash and cash equivalents | $ | 800 | | $ | 87 | |
Operating activities
The principal source of our operating cash flow is net earnings, meaning cash receipts from the sale of our products, net of costs to manufacture, distribute, and market our products.
Net cash provided by our operating activities for the quarter ended September 30, 2023, totaled $1,400 million compared to $1,180 million in the prior year period. The increase is due primarily to lower tax payments and working capital improvements.
Our cash conversion cycle (defined as days of inventory and trade receivables outstanding less days of trade payables outstanding, based on a trailing 12 month average), was approximately 2 days and negative 8 days for the 12 month periods ended September 30, 2023 and October 1, 2022, respectively. The increase is due primarily to days sales in inventory, which are lapping the impact of the 2021 fire and strike in our North America cereal business.
We measure free cash flow as net cash provided by operating activities reduced by expenditures for property additions. We use this non-GAAP financial measure of cash flow to focus management and investors on the amount of cash available for debt repayment, dividend distributions, acquisition opportunities, and share repurchases. Our free cash flow metric is reconciled to the most comparable GAAP measure, as follows:
| | | | | | | | | |
| | Quarter ended | |
| (millions) | September 30, 2023 | October 1, 2022 | |
| Net cash provided by operating activities | $ | 1,400 | | $ | 1,180 | | |
| Additions to properties | (506) | | (350) | | |
| Free cash flow | $ | 894 | | $ | 830 | | |
Our non-GAAP measure for free cash flow increased to $894 million in the year-to-date period ended September 30, 2023, from $830 million in the prior year due primarily to lower tax payments and working capital improvements partially offset by higher capital expenditures and incremental separation costs.
Investing activities
Our net cash used in investing activities totaled $472 million for the year-to-date period ended September 30, 2023 compared to $312 million in the comparable prior year period due primarily to higher capital expenditures driven by the separation transaction.
Financing activities
Our net cash used in financing activities for the year-to-date period ended September 30, 2023 totaled $120 million compared to cash used of $665 million during the comparable prior year period. The year-over-year variance was driven by the $500 million term loan borrowing and $164 million draw on the revolving credit facility by WK Kellogg Co in anticipation of the separation transaction on October 2, 2023.
Additionally, during the first quarter of 2023, the Company issued $400 million of ten-year 5.25% Notes due 2033, resulting in net proceeds after discount and underwriting commissions of $396 million. The proceeds from these notes were used for general corporate purposes, including the payment of offering related fees and expenses, repayment of the $210 million 2.75% Notes when they matured on March 1, 2023, and repayment of a portion of commercial paper borrowings. The Notes contain customary covenants that limit the ability of the Company and its restricted subsidiaries (as defined) to incur certain liens or enter into certain sale and lease-back transactions, as well as a change of control provision.
In December 2022, the Board of Directors approved an authorization to repurchase up to $1.5 billion of the Company's common stock through December 2025. This authorization is intended to allow the Company to repurchase shares for general corporate purposes and to offset issuances for employee benefit programs.
Total purchases for the quarter ended April 2, 2022, were 5 million shares for $300 million. During the quarter and year-to-date periods ended July 1, 2023, the Company repurchased approximately 1 million shares of common stock for a total of $60 million.
We paid cash dividends of $610 million in the year-to-date period ended September 30, 2023, compared to $596 million during the comparable prior year period. In October 2023, the Board of Directors declared a dividend of $.56 per common share, payable on December 15, 2023 to shareholders of record at the close of business on December 1, 2023.
We continue to maintain both a Five-Year and a 364-Day Credit Agreement, which had no outstanding borrowings as of September 30, 2023, and contain customary covenants and warranties, including specified restrictions on indebtedness, liens and a specified interest expense coverage ratio. If an event of default occurs, then, to the extent permitted, the administrative agents may terminate the commitments under the credit facilities, accelerate any outstanding loans under the agreements, and demand the deposit of cash collateral equal to the lender's letter of credit exposure plus interest.
Our Notes contain customary covenants that limit the ability of the Company and its restricted subsidiaries (as defined) to incur certain liens or enter into certain sale and lease-back transactions and also contain a change of control provision. There are no significant restrictions on the payment of dividends. We were in compliance with all covenants as of September 30, 2023.
The Notes do not contain acceleration of maturity clauses that are dependent on credit ratings. A change in our credit ratings could limit our access to the U.S. short-term debt market and/or increase the cost of refinancing long-term debt in the future. However, even under these circumstances, we would continue to have access to our 364-Day Credit Facility, which expires in December 2023, as well as our Five-Year Credit Agreement, which expires in December 2026. This source of liquidity is unused and available on an unsecured basis, although we do not currently plan to use it.
Monetization and Supplier Finance Programs
We have a program in which customers could extend their payment terms in exchange for the elimination of early payment discounts (Extended Terms Program). In order to mitigate the net working capital impact of the Extended Terms Program for discrete customers, we entered into agreements to sell, on a revolving basis, certain trade accounts receivable balances to third party financial institutions (Monetization Programs). Transfers under the Monetization Programs are accounted for as sales of receivables resulting in the receivables being de-recognized from our Consolidated Balance Sheet. The Monetization Programs provide for the continuing sale of certain receivables on a revolving basis until terminated by either party; however the maximum funding from receivables that may be sold at any time is currently approximately $1.1 billion, but may be increased or decreased as customers move in or out of the Extended Terms Program and as additional financial institutions move in or out of the Monetization Programs. During 2023 the Company amended the agreements to increase the previous maximum receivables sold limit from approximately $920 million as of December 31, 2022. Accounts receivable sold of $957 million and $865 million remained outstanding under this arrangement as of September 30, 2023 and December 31, 2022, respectively.
The Monetization Programs are designed to directly offset the impact the Extended Terms Program would have on the days-sales-outstanding (DSO) metric that is critical to the effective management of the Company's accounts receivable balance and overall working capital. Current DSO levels within North America are consistent with DSO levels prior to the execution of the Extended Term Program and Monetization Programs.
Refer to Note 3 within Notes to Consolidated Financial Statements for further information related to the sale of accounts receivable.
We periodically monitor our supplier payment terms to assess whether our terms are competitive and in line with local market terms. To the extent that such assessment indicates that our supplier payment terms are not aligned with local market terms, we may seek to adjust our terms, including extending or shortening our payment due dates as appropriate, however, we do not expect supplier payment term modifications to have a material impact on our cash flows during 2023.
The Company establishes competitive market-based terms with our suppliers, regardless of whether they participate in supplier finance programs, which generally range from 0 to 150 days dependent on their respective industry and geography. We have agreements with third parties (Supplier Finance Programs) to provide accounts payable tracking systems which facilitate participating suppliers’ ability to monitor and, if elected, sell our payment obligations to designated third-party financial institutions. Participating suppliers may, at their sole discretion, make offers to sell one or more of our payment obligations prior to their scheduled due dates at a discounted price to participating financial institutions. We have no economic interest in the sale of these suppliers’ receivables and no direct financial relationship with the financial institutions concerning these services. Our obligations to our suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers’ decisions to sell amounts under the arrangements. However, our right to offset balances due from suppliers against payment obligations is restricted by the agreements for those payment obligations that have been sold by suppliers.
Refer to Note 1 within Notes to Consolidated Financial Statements for further information related to accounts payable.
If financial institutions were to terminate their participation in the Monetization Programs and we are not able to modify related customer payment terms, working capital could be negatively impacted. Additionally, working capital could be negatively impacted if we shorten our supplier payment terms as a result of supplier negotiations. For suppliers participating in the Supplier Finance Programs, financial institutions may terminate their participation or we could experience a downgrade in our credit rating that could result in higher costs to suppliers. If working capital is negatively impacted as a result of these events and we were unable to secure alternative programs, we may have to utilize our various financing arrangements for short-term liquidity or increase our long-term borrowings.
Critical accounting estimates
Goodwill and other intangible assets
We review our operating segment and reporting unit structure annually or as significant changes in the organization occur and assess goodwill impairment risk throughout the year by performing a qualitative review of entity-specific, industry, market and general economic factors affecting our reporting units with goodwill. Similarly, we assess indefinite-life intangible assets impairment risk throughout the year by performing a qualitative review and assessing events and circumstances that could affect the fair value or carrying value of these intangible assets. No interim triggering events requiring further impairment assessments of goodwill or indefinite-life intangibles have been noted during 2023. Annually during the fourth quarter, in conjunction with our annual budgeting process, we perform qualitative or quantitative testing, depending on factors such as prior-year test results, current year developments, current risk evaluations and other practical considerations. Refer to our Critical Accounting Estimates in our 2022 Form 10-K for further details on the methodologies used for evaluating goodwill and intangible assets.
The annual testing for goodwill and intangible asset impairment is currently underway and will be reported on in the 2023 Form 10-K. Fair value determinations used in the annual testing require considerable judgment and are sensitive to changes in underlying assumptions, estimates, and market factors. Estimating the fair value of individual reporting units or indefinite-lived intangible assets requires making assumptions and estimates regarding the Company’s future plans, as well as industry, economic, and regulatory conditions. If current expectations of future growth rates and margins are not met, if market factors outside of the Company’s control, such as market comparables, rising discount rates, income tax rates, foreign currency exchange rate volatility, or inflation, change, or if management’s expectations or plans otherwise change, then one or more of our reporting units or indefinite-lived assets might become impaired in the future.
Forward-looking statements
This Report contains “forward-looking statements” with projections concerning, among other things, the separation of WK Kellogg Co, the Company’s restructuring programs, the integration of acquired businesses, our strategy, financial principles, and plans, initiatives, improvements and growth; sales, margins, advertising, promotion, merchandising, brand building, operating profit, and earnings per share; innovation; investments; capital expenditures, asset write-offs and expenditures and costs related to productivity or efficiency initiatives; the impact of accounting changes and significant accounting estimates; our ability to meet interest and debt principal repayment obligations; minimum contractual obligations; future common stock repurchases or debt reduction, effective income tax rate; cash flow and core working capital improvements; interest expense; commodity and energy prices; ESG performance; and employee benefit plan costs and funding. Forward-looking statements include predictions of future results or activities and may contain the words “expect,” “believe,” “will,” “can,” “anticipate,” “estimate,” “project,” “should,” or words or phrases of similar meaning. For example, forward-looking statements are found in this Item 1 and in several sections of Management’s Discussion and Analysis. Our actual results or activities may differ materially from these predictions.
Our future results could be affected by a variety of other factors, including the ability to realize the intended benefits of the separation of WK Kellogg Co (the "separation"); the possibility of disruption from the separation, including changes to existing business relationships, disputes, litigation or unanticipated costs; uncertainty of the expected financial performance of the Company following completion of the separation; negative effects on the market price of the Company’s securities and/or on the financial performance of the Company as a result of the separation; uncertainty of the magnitude, duration, geographic reach, impact on the global economy and current and potential travel restrictions of the COVID-19 outbreak, the current, and uncertain future, impact of the COVID-19 outbreak on our business, growth, reputation, prospects, financial condition, operating results (including components of our financial results), and cash flows and liquidity, the residual impact of the 12-week labor strike at the Company's U.S. cereal plants and a fire at one of the plants, the ability to implement restructuring as planned, whether the expected amount of costs associated with restructuring will differ from forecasts, whether we will be able to realize the anticipated benefits from restructuring in the amounts and times expected, the ability to realize the anticipated benefits and synergies from business acquisitions in the amounts and at the times expected, the impact of competitive conditions, the effectiveness of pricing, advertising, and promotional programs; the success of innovation, renovation and new product introductions; the recoverability of the carrying value of goodwill and other intangibles, the success of productivity improvements and business transitions, commodity and energy prices, transportation costs, labor costs, disruptions or inefficiencies in supply chain, the availability of and interest rates on short-term and long-term financing, actual market performance of benefit plan trust investments, the levels of spending on systems initiatives, properties, business opportunities, integration of acquired businesses, and other general and administrative costs, changes in consumer behavior and preferences, the effect of U.S. and foreign economic conditions on items such as interest rates, statutory tax rates, currency conversion and availability, legal and regulatory factors including changes in food safety, advertising and labeling laws and regulations, the ultimate impact of product recalls; business disruption or other losses from war, terrorist acts or political unrest; and the risks
and uncertainties described in Item 1A below. Forward-looking statements speak only as of the date they were made, and we undertake no obligation to publicly update them.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
Our Company is exposed to certain market risks, which exist as a part of our ongoing business operations. We use derivative financial and commodity instruments, where appropriate, to manage these risks. Refer to Note 10 within Notes to Consolidated Financial Statements for further information on our derivative financial and commodity instruments.
Refer to disclosures contained within Item 7A of our 2022 Annual Report on Form 10-K. Other than changes noted here, there have been no material changes in the Company’s market risk as of September 30, 2023.
Volatile market conditions arising from events such as the war in Ukraine may result in significant changes in foreign exchange rates, and in particular a weakening of foreign currencies relative to the U.S. dollar may negatively affect our net sales and operating profit when translated to U.S. dollars. Primary exposures include the U.S. dollar versus the euro, British pound, Australian dollar, Canadian dollar, Mexican peso, Brazilian real, Nigerian naira, Polish zloty and Egyptian pound, and in the case of inter-subsidiary transactions, the British pound versus the euro.
During the second quarter of 2023, the Nigerian government removed certain currency restrictions over the Nigerian Naira leading to a significant decline in the exchange rate of the Naira to the U.S. dollar on the official market in Nigeria. As a result of this decline in the exchange rate, the U.S. dollar value of the assets, liabilities, expenses and revenues of our Nigerian business in our consolidated financial statements has decreased significantly compared to prior periods. The consolidated assets of our Nigerian business represented approximately 5% of our consolidated assets as of September 30, 2023, compared to 8% as of December 31, 2022. Net sales of our Nigerian business were 7% of our consolidated net sales year-to-date period ended September 30, 2023, but could become a smaller percentage of our overall sales if exchange rates as of the quarter ended September 30, 2023, persist throughout the remainder of 2023.
During the third quarter of 2023, the devaluation of the Nigerian Naira required an additional foreign currency translation adjustment. Based on the foreign currency exchange rates at the end of August 2023 and the accounting method used by the Company to record the results of operations of TAF on a one-month lag, the adjustment resulted in additional translation losses of approximately $129 million recognized in other comprehensive income.
During the year-to-date period ended September 30, 2023, we settled certain U.S. Dollar forward starting interest rate swaps with notional amounts totaling approximately $1.0 billion, resulting in a realized gain of approximately $74 million. These forward starting interest rate swaps were accounted for as cash flow hedges and the related gain was recorded in accumulated other comprehensive income and will be amortized to interest expense over the term of the fixed rate U.S. Dollar debt, once issued. During the year-to-date period ended September 30, 2023, we also entered into U.S. forward starting interest rate swaps with notional amounts totaling approximately $600 million, as hedges against interest rate volatility associated with a forecasted issuance of fixed rate U.S. Dollar debt. These swaps were designated as cash flow hedges.
During the year-to-date period ended September 30, 2023, we settled certain euro forward starting interest rate swaps with notional amounts totaling approximately €250 million, resulting in a realized gain of approximately $11 million. These forward starting interest rate swaps were accounted for as cash flow hedges and the related gain was recorded in accumulated other comprehensive income and will be amortized to interest expense over the term of the fixed rate euro debt, once issued. During the year-to-date period ended September 30, 2023, we also entered into euro forward starting interest rate swaps with notional amounts totaling approximately €200 million, as hedges against interest rate volatility associated with a forecasted issuance of fixed rate euro debt. These swaps were designated as cash flow hedges.
We have interest rate contracts with notional amounts totaling $2.3 billion representing a net settlement obligation of $60 million as of September 30, 2023. We had interest rate contracts with notional amounts totaling $2.7 billion representing a net settlement obligation of $23 million as of December 31, 2022.
During the year-to-date period ended September 30, 2023, we settled cross currency swaps with notional amounts totaling approximately €452 million, resulting in a gain of $29 million. These cross currency swaps were accounted for as net investment hedges and the related gain was recorded in accumulated other comprehensive income. During the year-to-date period ended September 30, 2023, we also entered into cross currency swaps with notional amounts totaling approximately €400 million, as hedges against foreign currency volatility associated with our net investment in our wholly-owned foreign subsidiaries. These swaps were designated as net investment hedges. We
have cross currency swaps with notional amounts totaling $1.9 billion outstanding as of September 30, 2023 representing a net settlement receivable of $102 million. The total notional amount of cross currency swaps outstanding as of December 31, 2022 was $2.0 billion representing a net settlement receivable of $124 million.
Our Company is exposed to price fluctuations primarily as a result of anticipated purchases of raw and packaging materials, fuel, and energy. Primary exposures include corn, wheat, potato flakes, soybean oil, sugar, cocoa, cartonboard, natural gas, and diesel fuel. We have historically used the combination of long-term contracts with suppliers, and exchange-traded futures and option contracts to reduce price fluctuations in a desired percentage of forecasted raw material purchases over a duration of generally less than 18 months.
Events such as the ongoing war in Ukraine have resulted in certain impacts to the global economy, including market disruptions, supply chain challenges, and inflationary pressures. During the year-to-date period ended September 30, 2023, we continue to experience elevated commodity and supply chain costs, including procurement and manufacturing costs, although certain supply chain challenges eased. We expect input cost inflation to continue moderating during the fourth quarter 2023.
Item 4. Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer as appropriate, to allow timely decisions regarding required disclosure under Rules 13a-15(e) and 15d-15(e). Disclosure controls and procedures, no matter how well designed and operated, can provide only reasonable, rather than absolute, assurance of achieving the desired control objectives.
As of September 30, 2023, we carried out an evaluation under the supervision and with the participation of our chief executive officer and our chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures.
Based on the foregoing, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level.
There were no changes during the quarter ended September 30, 2023, that materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.
Kellanova (formerly known as Kellogg Company)
PART II — OTHER INFORMATION
Item 1A. Risk Factors
There have been no material changes in our risk factors from those disclosed in Part I, Item 1A to our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The risk factors disclosed under those Reports in addition to the other information set forth in this Report, could materially affect our business, financial condition, or results. Additional risks and uncertainties not currently known to us or that we deem to be immaterial could also materially adversely affect our business, financial condition, or results.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
In December 2022, the Board of Directors approved an authorization to repurchase up to $1.5 billion of the Company's common stock through December 2025. This authorization is intended to allow the Company to repurchase shares for general corporate purposes and to offset issuances for employee benefit programs.
The following table provides information with respect to purchases of common shares under programs authorized by our Board of Directors during the quarter ended September 30, 2023.
(c) Issuer Purchases of Equity Securities
(millions, except per share data)
| | | | | | | | | | | | | | |
| Period | (a) Total Number
of Shares
Purchased | (b) Average Price
Paid Per Share | (c) Total Number
of Shares
Purchased as
Part of Publicly
Announced
Plans or
Programs | (d) Approximate
Dollar Value of
Shares that May
Yet Be
Purchased
Under the Plans
or Programs |
| Month #1: | | | | |
| 7/2/2023 - 7/29/2023 | — | | $ | — | | — | | $ | 1,440 | |
| Month #2: | | | | |
| 7/30/2023 - 8/26/2023 | — | | $ | — | | — | | $ | 1,440 | |
| Month #3: | | | | |
| 8/27/2023 - 9/30/2023 | — | | $ | — | | — | | $ | 1,440 | |
| Total | — | | | — | | |
Item 5. Other Information
None.
Item 6. Exhibits
(a)Exhibits:
| | | | | | | | |
| Separation and Distribution Agreement, dated as of September 29, 2023, between Kellanova and WK Kellogg Co, incorporated by reference to Exhibit 2.1 of our Current Report on Form 8-K filed October 2, 2023, Commission file number 1-4171. | |
| Restated Certificate of Incorporation of Kellanova, incorporated by reference to Exhibit 3.1 of our Current Report on Form 8-K filed October 2, 2023, Commission file number 1-4171. | |
| Credit Facility by and among WK Kellogg Co and the lenders name therein, dated as of September 12, 2023, incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K filed September 12, 2023, Commission file number 1-4171. | |
| Employee Matters Agreement, dated as of September 29, 2023, between Kellanova and WK Kellogg Co, incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K filed October 2, 2023, Commission file number 1-4171.* | |
| Supply Agreement, dated as of September 29, 2023, between Kellanova and WK Kellogg Co, incorporated by reference to Exhibit 10.2 of our Current Report on Form 8-K filed October 2, 2023, Commission file number 1-4171. | |
| Master Ownership and License Agreement Regarding Patents, Trade Secrets and Certain Related Intellectual Property, dated as of September 29, 2023, between Kellanova and WK Kellogg Co, incorporated by reference to Exhibit 10.3 of our Current Report on Form 8-K filed October 2, 2023, Commission file number 1-4171. | |
| Master Ownership and License Agreement Regarding Trademarks and Certain Related Intellectual Property, dated as of September 29, 2023, between Kellanova and WK Kellogg Co, incorporated by reference to Exhibit 10.4 of our Current Report on Form 8-K filed October 2, 2023, Commission file number 1-4171. | |
| Tax Matters Agreement, dated as of September 29, 2023, between Kellanova and WK Kellogg Co, incorporated by reference to Exhibit 10.5 of our Current Report on Form 8-K filed October 2, 2023, Commission file number 1-4171. | |
| Transition Services Agreement, dated as of September 29, 2023, between Kellanova and WK Kellogg Co, incorporated by reference to Exhibit 10.6 of our Current Report on Form 8-K filed October 2, 2023, Commission file number 1-4171. | |
| Rule 13a-14(e)/15d-14(a) Certification from Steven A. Cahillane | |
| Rule 13a-14(e)/15d-14(a) Certification from Amit Banati | |
| Section 1350 Certification from Steven A. Cahillane | |
| Section 1350 Certification from Amit Banati | |
| 101.INS | XBRL Instance Document | |
| 101.SCH | XBRL Taxonomy Extension Schema Document | |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |
| |
* A management contract or compensatory plan required to be filed with this Report.
KELLANOVA
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| | |
| KELLANOVA |
|
| /s/ Amit Banati |
| Amit Banati |
Principal Financial Officer;
Vice Chairman and Chief Financial Officer |
|
| /s/ Kurt Forche |
| Kurt Forche |
Principal Accounting Officer;
Vice President and Corporate Controller |
Date: November 8, 2023
Kellanova
EXHIBIT INDEX
| | | | | | | | |
| Exhibit No. | Description | Electronic (E)
Paper (P)
Incorp. By
Ref. (IBRF) |
| Separation and Distribution Agreement, dated as of September 29, 2023, between Kellanova and WK Kellogg Co, incorporated by reference to Exhibit 2.1 of our Current Report on Form 8-K filed October 2, 2023, Commission file number 1-4171. | IBRF |
| Restated Certificate of Incorporation of Kellanova, incorporated by reference to Exhibit 3.1 of our Current Report on Form 8-K filed October 2, 2023, Commission file number 1-4171. | IBRF |
| Credit Facility by and among WK Kellogg Co and the lenders name therein, dated as of September 12, 2023, incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K filed September 12, 2023, Commission file number 1-4171. | IBRF |
| Employee Matters Agreement, dated as of September 29, 2023, between Kellanova and WK Kellogg Co, incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K filed October 2, 2023, Commission file number 1-4171.* | IBRF |
| Supply Agreement, dated as of September 29, 2023, between Kellanova and WK Kellogg Co, incorporated by reference to Exhibit 10.2 of our Current Report on Form 8-K filed October 2, 2023, Commission file number 1-4171. | IBRF |
| Master Ownership and License Agreement Regarding Patents, Trade Secrets and Certain Related Intellectual Property, dated as of September 29, 2023, between Kellanova and WK Kellogg Co, incorporated by reference to Exhibit 10.3 of our Current Report on Form 8-K filed October 2, 2023, Commission file number 1-4171. | IBRF |
| Master Ownership and License Agreement Regarding Trademarks and Certain Related Intellectual Property, dated as of September 29, 2023, between Kellanova and WK Kellogg Co, incorporated by reference to Exhibit 10.4 of our Current Report on Form 8-K filed October 2, 2023, Commission file number 1-4171. | IBRF |
| Tax Matters Agreement, dated as of September 29, 2023, between Kellanova and WK Kellogg Co, incorporated by reference to Exhibit 10.5 of our Current Report on Form 8-K filed October 2, 2023, Commission file number 1-4171. | IBRF |
| Transition Services Agreement, dated as of September 29, 2023, between Kellanova and WK Kellogg Co, incorporated by reference to Exhibit 10.6 of our Current Report on Form 8-K filed October 2, 2023, Commission file number 1-4171. | IBRF |
| Rule 13a-14(e)/15d-14(a) Certification from Steven A. Cahillane | E |
| Rule 13a-14(e)/15d-14(a) Certification from Amit Banati | E |
| Section 1350 Certification from Steven A. Cahillane | E |
| Section 1350 Certification from Amit Banati | E |
| 101.INS | XBRL Instance Document | E |
| 101.SCH | XBRL Taxonomy Extension Schema Document | E |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | E |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | E |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document | E |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | E |
|
* A management contract or compensatory plan required to be filed with this Report.
CERTIFICATION
I, Steven A. Cahillane, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Kellanova;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | |
| |
| /s/ Steven A. Cahillane |
| Chairman and Chief Executive Officer |
Date: November 8, 2023
CERTIFICATION
I, Amit Banati, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Kellanova;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | |
| |
| /s/ Amit Banati |
| Vice Chairman and Chief Financial Officer |
Date: November 8, 2023
SECTION 1350 CERTIFICATION
I, Steven A. Cahillane, hereby certify, on the date hereof, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that
(1)the Quarterly Report on Form 10-Q of Kellanova for the quarter ended September 30, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Kellanova.
| | | | | |
| /s/ Steven A. Cahillane |
| Name: | Steven A. Cahillane |
| Title: | Chairman and Chief Executive Officer |
A signed copy of this original statement required by Section 906 has been provided to Kellanova and will be retained by Kellanova and furnished to the Securities and Exchange Commission or its staff on request.
Date: November 8, 2023
SECTION 1350 CERTIFICATION
I, Amit Banati, hereby certify, on the date hereof, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that
(1)the Quarterly Report on Form 10-Q of Kellanova for the quarter ended September 30, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Kellanova.
| | | | | |
| /s/ Amit Banati |
| Name: | Amit Banati |
| Title: | Vice Chairman and Chief Financial Officer |
A signed copy of this original statement required by Section 906 has been provided to Kellanova and will be retained by Kellanova and furnished to the Securities and Exchange Commission or its staff on request.
Date: November 8, 2023
v3.23.3
Cover Page
|
9 Months Ended |
|
Sep. 30, 2023
shares
|
|---|
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|
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10-Q
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true
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Kellanova
|
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Sep. 30, 2023
|
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false
|
| Entity File Number |
1-4171
|
| Entity Incorporation, State or Country Code |
DE
|
| Entity Tax Identification Number |
38-0710690
|
| Entity Address, Address Line One |
412 N. Wells Street
|
| Entity Address, City or Town |
Chicago
|
| Entity Address, State or Province |
IL
|
| Entity Address, Postal Zip Code |
60654
|
| City Area Code |
269
|
| Local Phone Number |
961-2000
|
| Entity Current Reporting Status |
Yes
|
| Entity Interactive Data Current |
Yes
|
| Entity Filer Category |
Large Accelerated Filer
|
| Entity Small Business |
false
|
| Entity Emerging Growth Company |
false
|
| Entity Shell Company |
false
|
| Entity Common Stock, Shares Outstanding (in shares) |
342,519,743
|
| Amendment Flag |
false
|
| Document Fiscal Period Focus |
Q3
|
| Document Fiscal Year Focus |
2023
|
| Entity Central Index Key |
0000055067
|
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--12-30
|
| Common stock |
|
| Entity Information [Line Items] |
|
| Title of 12(b) Security |
Common Stock, $.25 par value per share
|
| Trading Symbol |
K
|
| Security Exchange Name |
NYSE
|
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| Title of 12(b) Security |
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NYSE
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| Title of 12(b) Security |
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|
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NYSE
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|
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| Title of 12(b) Security |
0.500% Senior Notes due 2029
|
| Trading Symbol |
K 29
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NYSE
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v3.23.3
Consolidated Balance Sheet (Unaudited) - USD ($)
$ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Current assets |
|
|
| Cash and cash equivalents |
$ 1,099
|
$ 299
|
| Accounts receivable, net |
1,876
|
1,736
|
| Inventories |
1,632
|
1,768
|
| Other current assets |
379
|
383
|
| Total current assets |
4,986
|
4,186
|
| Property, net |
3,762
|
3,789
|
| Operating lease right-of-use assets |
605
|
617
|
| Goodwill |
5,496
|
5,686
|
| Other intangibles, net |
2,065
|
2,296
|
| Investments in unconsolidated entities |
194
|
432
|
| Other assets |
1,587
|
1,490
|
| Total assets |
18,695
|
18,496
|
| Current liabilities |
|
|
| Current maturities of long-term debt |
1,193
|
780
|
| Notes payable |
353
|
467
|
| Accounts payable |
2,789
|
2,973
|
| Current operating lease liabilities |
127
|
121
|
| Accrued advertising and promotion |
886
|
766
|
| Accrued salaries and wages |
305
|
370
|
| Other current liabilities |
871
|
872
|
| Total current liabilities |
6,524
|
6,349
|
| Long-term debt |
5,530
|
5,317
|
| Operating lease liabilities |
471
|
486
|
| Deferred income taxes |
702
|
760
|
| Pension liability |
722
|
709
|
| Other liabilities |
469
|
500
|
| Commitments and contingencies |
|
|
| Equity |
|
|
| Common stock, $.25 par value |
105
|
105
|
| Capital in excess of par value |
1,070
|
1,068
|
| Retained earnings |
9,509
|
9,197
|
| Treasury stock, at cost |
(4,692)
|
(4,721)
|
| Accumulated other comprehensive income (loss) |
(1,954)
|
(1,708)
|
| Total Kellanova equity |
4,038
|
3,941
|
| Noncontrolling interests |
239
|
434
|
| Total equity |
4,277
|
4,375
|
| Total liabilities and equity |
$ 18,695
|
$ 18,496
|
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Consolidated Statement of Income (Unaudited) - USD ($)
shares in Thousands, $ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Oct. 01, 2022 |
Sep. 30, 2023 |
Oct. 01, 2022 |
| Income Statement [Abstract] |
|
|
|
|
| Net sales |
$ 3,939
|
$ 3,946
|
$ 12,033
|
$ 11,482
|
| Cost of goods sold |
2,596
|
2,793
|
8,147
|
8,027
|
| Selling, general and administrative expense |
861
|
785
|
2,455
|
2,155
|
| Operating profit |
482
|
368
|
1,431
|
1,300
|
| Interest expense |
83
|
39
|
245
|
149
|
| Other income (expense), net |
(24)
|
54
|
38
|
188
|
| Income before income taxes |
375
|
383
|
1,224
|
1,339
|
| Income tax expense (benefit) |
104
|
74
|
294
|
283
|
| Earnings (loss) from unconsolidated entities |
(1)
|
3
|
4
|
6
|
| Net income |
270
|
312
|
934
|
1,062
|
| Net income attributable to noncontrolling interests |
1
|
2
|
10
|
4
|
| Net income attributable to Kellanova |
$ 269
|
$ 310
|
$ 924
|
$ 1,058
|
| Per share amounts: |
|
|
|
|
| Basic earnings (in dollars per share) |
$ 0.79
|
$ 0.91
|
$ 2.70
|
$ 3.11
|
| Diluted earnings (in dollars per share) |
$ 0.78
|
$ 0.90
|
$ 2.68
|
$ 3.09
|
| Average shares outstanding: |
|
|
|
|
| Basic (in shares) |
342,000
|
341,000
|
342,000
|
340,000
|
| Diluted (in shares) |
345,000
|
344,000
|
345,000
|
343,000
|
| Actual shares outstanding at period end (in shares) |
343,000
|
341,000
|
343,000
|
341,000
|
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v3.23.3
Consolidated Statement of Comprehensive Income (Unaudited) - USD ($)
$ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Oct. 01, 2022 |
Sep. 30, 2023 |
Oct. 01, 2022 |
| Statement of Comprehensive Income [Abstract] |
|
|
|
|
| Net income |
$ 270
|
$ 312
|
$ 934
|
$ 1,062
|
| Other comprehensive income (loss), pre-tax: |
|
|
|
|
| Foreign currency translation adjustments, pre-tax |
(134)
|
(249)
|
(475)
|
(509)
|
| Net investment hedges, pre-tax |
|
|
|
|
| Net investment hedge gain (loss), pre-tax |
111
|
260
|
17
|
616
|
| Cash flow hedges, pre-tax: |
|
|
|
|
| Net deferred gain (loss) on cash flow hedges, pre-tax |
40
|
62
|
37
|
213
|
| Reclassification to net income, pre-tax |
2
|
(14)
|
7
|
(6)
|
| Postretirement and postemployment benefits reclassification to net income, pre-tax: |
|
|
|
|
| Net experience (gain) loss |
(1)
|
0
|
(2)
|
(2)
|
| Available-for-sale securities, pre-tax |
|
|
|
|
| Unrealized gain (loss) on available-for-sale securities, pre-tax |
(1)
|
(2)
|
0
|
(6)
|
| Reclassification to net income on available-for-sale securities, pre-tax |
1
|
1
|
1
|
1
|
| Other comprehensive income (loss), pre-tax |
18
|
58
|
(415)
|
307
|
| Other comprehensive income (loss), tax (expense) benefit |
|
|
|
|
| Foreign currency translation adjustments, tax (expense) benefit |
1
|
4
|
3
|
6
|
| Net investment hedges, tax (expense) benefit |
|
|
|
|
| Net investment hedge gain (loss), tax (expense) benefit |
(26)
|
(68)
|
(4)
|
(162)
|
| Cash flow hedges, tax (expense) benefit: |
|
|
|
|
| Net deferred gain (loss) on cash flow hedges, tax (expense) benefit |
(10)
|
(16)
|
(9)
|
(56)
|
| Reclassification to net income, tax (expense) benefit |
(1)
|
3
|
(2)
|
1
|
| Postretirement and postemployment benefits reclassification to net income, tax (expense) benefit: |
|
|
|
|
| Net experience loss, tax (expense) benefit |
0
|
0
|
0
|
1
|
| Available-for-sale securities, tax (expense) benefit |
|
|
|
|
| Unrealized gain (loss) on available-for-sale securities, tax (expense) benefit |
0
|
0
|
0
|
0
|
| Reclassification to net income on available for sale of securities, tax (expense) benefit |
0
|
0
|
0
|
0
|
| Other comprehensive income (loss), tax (expense) benefit |
(36)
|
(77)
|
(12)
|
(210)
|
| Other comprehensive income (loss), after tax: |
|
|
|
|
| Foreign currency translation adjustments, after-tax |
(133)
|
(245)
|
(472)
|
(503)
|
| Net investment hedges, after tax |
|
|
|
|
| Net investment hedge gain (loss), after-tax |
85
|
192
|
13
|
454
|
| Cash flow hedges, after tax |
|
|
|
|
| Net deferred gain (loss) on cash flow hedges |
30
|
46
|
28
|
157
|
| Reclassification to net income, after tax |
1
|
(11)
|
5
|
(5)
|
| Postretirement and postemployment benefits reclassification to net income, after-tax: |
|
|
|
|
| Net experience (gain) loss, after-tax |
(1)
|
0
|
(2)
|
(1)
|
| Available-for-sale securities, after tax |
|
|
|
|
| Unrealized gain (loss) on available-for-sale securities, after-tax |
(1)
|
(2)
|
0
|
(6)
|
| Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax |
1
|
1
|
1
|
1
|
| Other comprehensive income (loss) |
(18)
|
(19)
|
(427)
|
97
|
| Comprehensive income |
252
|
293
|
507
|
1,159
|
| Net income attributable to noncontrolling interests |
1
|
2
|
10
|
4
|
| Other comprehensive income (loss) attributable to noncontrolling interests |
(7)
|
(22)
|
(181)
|
(26)
|
| Comprehensive income attributable to Kellanova |
$ 258
|
$ 313
|
$ 678
|
$ 1,181
|
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-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 20
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-Section 45
-Paragraph 2
-Subparagraph (d)
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-Topic 320
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-Section 45
-Paragraph 10A
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10A
-Subparagraph (f)
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| X |
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-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9
Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-11
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147480767/946-205-45-3
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(16))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
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-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (f)
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-Section 50
-Paragraph 32
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
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-Topic 220
-SubTopic 10
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-Section 45
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-Subparagraph (a)
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-Section 45
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-SubTopic 10
-Name Accounting Standards Codification
-Section 45
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-Topic 810
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-Section 50
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-Topic 810
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v3.23.3
Consolidated Statement of Equity (Unaudited) - USD ($)
shares in Millions, $ in Millions |
Total |
Common stock |
Capital in excess of par value |
Retained earnings |
Treasury stock |
Accumulated other comprehensive income (loss) |
Total Kellanova equity |
Non-controlling interests |
| Balance (in shares) at Jan. 01, 2022 |
|
421
|
|
|
80
|
|
|
|
| Balance at Jan. 01, 2022 |
|
$ 105
|
$ 1,023
|
$ 9,028
|
$ (4,715)
|
$ (1,721)
|
$ 3,720
|
$ 495
|
| Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Jan. 01, 2022 |
$ 4,215
|
|
|
|
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Common stock repurchased |
(300)
|
|
|
|
$ (300)
|
|
(300)
|
|
| Common stock repurchased (in shares) |
|
|
|
|
5
|
|
|
|
| Net income |
1,062
|
|
|
1,058
|
|
|
1,058
|
4
|
| Dividends, Common Stock |
(596)
|
|
|
(596)
|
|
|
(596)
|
|
| Distributions to noncontrolling interest |
(18)
|
|
|
|
|
|
0
|
(18)
|
| Other comprehensive income (loss) |
97
|
|
|
|
|
123
|
123
|
(26)
|
| Stock compensation |
56
|
|
56
|
|
|
|
56
|
|
| Stock options exercised, issuance of other stock awards and other |
222
|
|
(52)
|
9
|
$ 265
|
|
222
|
|
| Stock options exercised and other (in shares) |
|
|
|
|
(5)
|
|
|
|
| Balance (in shares) at Oct. 01, 2022 |
|
421
|
|
|
80
|
|
|
|
| Balance at Oct. 01, 2022 |
|
$ 105
|
1,027
|
9,499
|
$ (4,750)
|
(1,598)
|
4,283
|
455
|
| Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Oct. 01, 2022 |
$ 4,738
|
|
|
|
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Dividends declared - per share |
$ 1.75
|
|
|
|
|
|
|
|
| Balance (in shares) at Jul. 02, 2022 |
|
421
|
|
|
81
|
|
|
|
| Balance at Jul. 02, 2022 |
|
$ 105
|
1,008
|
9,387
|
$ (4,817)
|
(1,601)
|
4,082
|
476
|
| Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Jul. 02, 2022 |
$ 4,558
|
|
|
|
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Net income |
312
|
|
|
310
|
|
|
310
|
2
|
| Dividends, Common Stock |
(202)
|
|
|
(202)
|
|
|
(202)
|
|
| Distributions to noncontrolling interest |
(1)
|
|
|
|
|
|
0
|
(1)
|
| Other comprehensive income (loss) |
(19)
|
|
|
|
|
3
|
3
|
(22)
|
| Stock compensation |
21
|
|
21
|
|
|
|
21
|
|
| Stock options exercised, issuance of other stock awards and other |
69
|
|
(2)
|
4
|
$ 67
|
|
69
|
|
| Stock options exercised and other (in shares) |
|
|
|
|
(1)
|
|
|
|
| Balance (in shares) at Oct. 01, 2022 |
|
421
|
|
|
80
|
|
|
|
| Balance at Oct. 01, 2022 |
|
$ 105
|
1,027
|
9,499
|
$ (4,750)
|
(1,598)
|
4,283
|
455
|
| Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Oct. 01, 2022 |
$ 4,738
|
|
|
|
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Dividends declared - per share |
$ 0.59
|
|
|
|
|
|
|
|
| Balance (in shares) at Dec. 31, 2022 |
|
421
|
|
|
79
|
|
|
|
| Balance at Dec. 31, 2022 |
$ 3,941
|
$ 105
|
1,068
|
9,197
|
$ (4,721)
|
(1,708)
|
3,941
|
434
|
| Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2022 |
4,375
|
|
|
|
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Common stock repurchased |
(60)
|
|
|
|
$ (60)
|
|
(60)
|
|
| Common stock repurchased (in shares) |
|
|
|
|
1
|
|
|
|
| Net income |
934
|
|
|
924
|
|
|
924
|
10
|
| Dividends, Common Stock |
(610)
|
|
|
(610)
|
|
|
(610)
|
|
| Distributions to noncontrolling interest |
(24)
|
|
|
|
|
|
0
|
(24)
|
| Other comprehensive income (loss) |
(427)
|
|
|
|
|
(246)
|
(246)
|
(181)
|
| Stock compensation |
62
|
|
62
|
|
|
|
62
|
|
| Stock options exercised, issuance of other stock awards and other |
27
|
|
(60)
|
(2)
|
$ 89
|
|
27
|
|
| Stock options exercised and other (in shares) |
|
|
|
|
(1)
|
|
|
|
| Balance (in shares) at Sep. 30, 2023 |
|
421
|
|
|
79
|
|
|
|
| Balance at Sep. 30, 2023 |
4,038
|
$ 105
|
1,070
|
9,509
|
$ (4,692)
|
(1,954)
|
4,038
|
239
|
| Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Sep. 30, 2023 |
$ 4,277
|
|
|
|
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Dividends declared - per share |
$ 1.78
|
|
|
|
|
|
|
|
| Balance (in shares) at Jul. 01, 2023 |
|
421
|
|
|
79
|
|
|
|
| Balance at Jul. 01, 2023 |
|
$ 105
|
1,056
|
9,447
|
$ (4,700)
|
(1,943)
|
3,965
|
256
|
| Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Jul. 01, 2023 |
$ 4,221
|
|
|
|
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Common stock repurchased |
0
|
|
|
|
$ 0
|
|
0
|
|
| Common stock repurchased (in shares) |
|
|
|
|
0
|
|
|
|
| Net income |
270
|
|
|
269
|
|
|
269
|
1
|
| Dividends, Common Stock |
(205)
|
|
|
(205)
|
|
|
(205)
|
|
| Distributions to noncontrolling interest |
(11)
|
|
|
|
|
|
0
|
(11)
|
| Other comprehensive income (loss) |
(18)
|
|
|
|
|
(11)
|
(11)
|
(7)
|
| Stock compensation |
19
|
|
19
|
|
|
|
19
|
|
| Stock options exercised, issuance of other stock awards and other |
1
|
|
(5)
|
(2)
|
$ 8
|
|
1
|
|
| Stock options exercised and other (in shares) |
|
|
|
|
0
|
|
|
|
| Balance (in shares) at Sep. 30, 2023 |
|
421
|
|
|
79
|
|
|
|
| Balance at Sep. 30, 2023 |
4,038
|
$ 105
|
$ 1,070
|
$ 9,509
|
$ (4,692)
|
$ (1,954)
|
$ 4,038
|
$ 239
|
| Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Sep. 30, 2023 |
$ 4,277
|
|
|
|
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Dividends declared - per share |
$ 0.60
|
|
|
|
|
|
|
|
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| X |
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v3.23.3
Accounting Policies
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Accounting Policies [Abstract] |
|
| Accounting Policies |
Accounting policies Basis of presentation The unaudited interim financial information of Kellanova (the Company), formerly Kellogg Company, included in this report reflects all adjustments, all of which are of a normal and recurring nature, that management believes are necessary for a fair statement of the results of operations, comprehensive income, financial position, equity and cash flows for the periods presented. The accompanying unaudited financial statements also include the historical results of WK Kellogg Co, as the separation was completed on October 2, 2023. This interim information should be read in conjunction with the financial statements and accompanying footnotes within the Company’s 2022 Annual Report on Form 10-K.
The balance sheet information at December 31, 2022 was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States. The results of operations for the quarter ended September 30, 2023 are not necessarily indicative of the results to be expected for other interim periods or the full year.
Certain prior period amounts have been reclassified to conform with current period presentation.
Accounts payable - Supplier Finance Programs The Company establishes competitive market-based terms with our suppliers, regardless of whether they participate in supplier finance programs, which generally range from 0 to 150 days dependent on their respective industry and geography.
The Company has agreements with third parties to provide accounts payable tracking systems which facilitate participating suppliers’ ability to monitor and, if elected, sell payment obligations from the Company to designated third-party financial institutions. Participating suppliers may, at their sole discretion, make offers to sell one or more payment obligations of the Company prior to their scheduled due dates at a discounted price to participating financial institutions. The Company has no economic interest in the sale of these suppliers’ receivables and no direct financial relationship with the financial institutions concerning these services. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers’ decisions to sell amounts under the arrangements. However, the Company’s right to offset balances due from suppliers against payment obligations is restricted by the agreements for those payment obligations that have been sold by suppliers. The payment of these obligations by the Company is included in cash used in operating activities in the Consolidated Statement of Cash Flows. As of September 30, 2023, $1.0 billion of the Company’s outstanding payment obligations had been placed in the accounts payable tracking system. As of December 31, 2022, $1.1 billion of the Company’s outstanding payment obligations had been placed in the accounts payable tracking system.
Accounting standards adopted in the period Supplier Finance Programs: Disclosure of Supplier Finance Program Obligations. In September 2022, the FASB issued an ASU to improve the disclosures of supplier finance programs. Specifically, the ASU requires disclosure of key terms of the supplier finance programs and a rollforward of the related obligations. The amendments in this ASU do not affect the recognition, measurement, or financial statement presentation of obligations covered by supplier finance programs. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2022, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. The Company has historically presented information regarding the nature and amount of outstanding Accounts Payable obligations confirmed into supplier finance programs within the Accounting Policies note of the financial statements. The Company adopted the ASU in the first quarter of 2023 and plans to include the rollforward information in the first quarter of 2024.
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v3.23.3
Separation transaction
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Discontinued Operations and Disposal Groups [Abstract] |
|
| Proposed separation transaction |
Separation transaction During 2022, Kellogg Company announced its intent to separate its North American cereal business, via tax-free spin-off, resulting in two independent public companies, Kellanova (formerly Kellogg Company) and WK Kellogg Co.
In preparation of the separation, the Company incurred pre-tax charges related to the separation of $56 million and $184 million for the quarter and year-to-date period ended September 30, 2023, respectively, including $3 million and $21 million recorded in COGS, respectively, and $53 million and $163 million recorded in SG&A, respectively. The Company incurred pre-tax charges of $18 million and $22 million for the quarter and year-to-date period ended October 1, 2022, respectively, all of which were recorded in SG&A. These charges were primarily related to legal and consulting costs.
In connection with the separation, WK Kellogg Co entered into several agreements with Kellanova that govern the relationship of the parties following the Spin-Off including a Separation and Distribution Agreement, a Manufacturing and Supply Agreement, a Tax Matters Agreement, Employee Matters Agreement, Transition Services Agreement, and various lease agreements On October 2, 2023, the Company completed the separation of its North America cereal business resulting in two independent companies, Kellanova and WK Kellogg Co. As a result of the distribution, Kellanova shareholders of record on September 21, 2023, received one share of WK Kellogg Co common stock for every four shares of Kellanova common stock. On October 2, 2023, WK Kellogg Co began trading as an independent publicly traded company under the stock symbol “KLG” on the New York Stock Exchange and Kellanova continued trading under the stock symbol "K".
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v3.23.3
Sale of Accounts Receivable
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Transfers and Servicing of Financial Assets [Abstract] |
|
| Sale of accounts receivable |
Sale of accounts receivable The Company has a program in which a discrete group of customers are allowed to extend their payment terms in exchange for the elimination of early payment discounts (Extended Terms Program).
The Company has two Receivable Sales Agreements (Monetization Programs) described below, which are intended to directly offset the impact the Extended Terms Program would have on the days-sales-outstanding (DSO) metric that is critical to the effective management of the Company's accounts receivable balance and overall working capital. The Monetization Programs sell, on a revolving basis, certain trade accounts receivable invoices to third party financial institutions. Transfers under these agreements are accounted for as sales of receivables resulting in the receivables being de-recognized from the Consolidated Balance Sheet. The Monetization Programs provide for the continuing sale of certain receivables on a revolving basis until terminated by either party; however the maximum receivables that may be sold at any time is approximately $1.1 billion. During 2023 the Company amended the agreements to increase the previous maximum receivables sold limit from approximately $920 million as of December 31, 2022.
The Company has no retained interest in the receivables sold, however the Company does have collection and administrative responsibilities for the sold receivables. The Company has not recorded any servicing assets or liabilities as of September 30, 2023 and December 31, 2022 for these agreements as the fair value of these servicing arrangements as well as the fees earned were not material to the financial statements.
Accounts receivable sold of $957 million and $865 million remained outstanding under these arrangements as of September 30, 2023 and December 31, 2022, respectively. The proceeds from these sales of receivables are included in cash from operating activities in the Consolidated Statement of Cash Flows in the period of sale. The recorded net loss on sale of receivables was $14 million and $40 million for the quarter and year-to-date period ended September 30, 2023, respectively and was $6 million and $11 million for the quarter and year-to-date period ended October 1, 2022. The recorded loss is included in Other income and expense (OIE). Other programs Additionally, from time to time certain of the Company's foreign subsidiaries will transfer, without recourse, accounts receivable invoices of certain customers to financial institutions. These transactions are accounted for as sales of the receivables resulting in the receivables being de-recognized from the Consolidated Balance Sheet. Accounts receivable sold of $40 million and $31 million remained outstanding under these programs as of September 30, 2023 and December 31, 2022, respectively. The proceeds from these sales of receivables are included in cash from operating activities in the Consolidated Statement of Cash Flows in the period of sale. The recorded net loss on the sale of these receivables is included in OIE and is not material.
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v3.23.3
Divestiture
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Discontinued Operations and Disposal Groups [Abstract] |
|
| Divestiture |
DivestitureRussiaIn July 2023 the Company completed the sale of its Russian business. As a result of completing the transaction, the Company derecognized net assets of approximately $65 million and recorded a non-cash loss on the transaction of approximately $113 million in OIE, primarily related to the release of historical currency translation adjustments. The business was part of the Europe reportable segment and the sale resulted in a complete exit from the Russian market. The business in Russia represented approximately 1% of consolidated Kellanova net sales.
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v3.23.3
Investment in Unconsolidated Entities
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Equity Method Investments and Joint Ventures [Abstract] |
|
| Equity Method Investments and Joint Ventures Disclosure |
Investments in unconsolidated entities The Company holds a 50% ownership interest in Tolaram Africa Foods, PTE LTD (TAF), a holding company with a 49% interest in Dufil Prima Foods, Plc, a food manufacturer in West Africa. The investment in TAF is accounted for under the equity method of accounting and is evaluated for indicators of other than temporary impairment. The company records the activity of TAF on a one-month lag due to the timing required to obtain the financial statements from TAF management.
During the second quarter of 2023, the Company recorded an out-of-period adjustment to correct an error in the foreign currency translation of its investment in TAF. The adjustment decreased investments in unconsolidated entities and increased other comprehensive loss by $113 million, respectively. We determined the adjustment to be immaterial to our Consolidated Financial Statements for the quarter and year to date periods ended July 1, 2023 and related prior annual and quarterly periods. During the third quarter of 2023, the devaluation of the Nigerian Naira required an additional foreign currency translation adjustment. Based on the foreign currency exchange rates at the end of August 2023 and the accounting method used by the Company to record the results of operations of TAF on a one-month lag, the adjustment resulted in additional translation losses of approximately $129 million recognized in other comprehensive income.
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v3.23.3
Equity
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Equity [Abstract] |
|
| Equity |
Equity Earnings per share Basic earnings per share is determined by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is similarly determined, except that the denominator is increased to include the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued. Dilutive potential common shares consist principally of employee stock options issued by the Company, restricted stock units, and certain contingently issuable performance shares. There were approximately 6 million and 4 million anti-dilutive potential common shares excluded from the calculation for the quarter and year-to-date periods ended September 30, 2023, respectively. There were approximately 2 million and 4 million anti-dilutive potential common shares excluded from the calculation for the quarter and year-to-date periods ended October 1, 2022, respectively. Please refer to the Consolidated Statement of Income for basic and diluted earnings per share for the quarter and year-to-date periods ended September 30, 2023 and October 1, 2022.
Share repurchases In December 2022, the Board of Directors approved an authorization to repurchase up to $1.5 billion of our common stock through December 2025. During the year-to-date period ended September 30, 2023, the Company repurchased approximately 1 million shares of common stock for a total of $60 million. During the year-to-date period ended October 1, 2022, the Company repurchased approximately 5 million shares of common stock for a total of $300 million.
Comprehensive income Comprehensive income includes net income and all other changes in equity during a period except those resulting from investments by or distributions to shareholders. Other comprehensive income consists of foreign currency translation adjustments, fair value adjustments associated with cash flow hedges, which are recorded in interest expense within the statement of income, upon reclassification from Accumulated Other Comprehensive Income (AOCI), adjustments for net experience gains (losses), prior service credit (costs) related to employee benefit plans and adjustments for unrealized (gains) losses on available-for-sale securities, which are recorded in other income (expense) within the statement of income, upon reclassification from AOCI. The related tax effects of these items are recorded in income tax expense within the statement of income, upon reclassification from AOCI. Accumulated other comprehensive income (loss), net of tax, as of September 30, 2023 and December 31, 2022 consisted of the following: | | | | | | | | | | (millions) | September 30,
2023 | December 31,
2022 | | Foreign currency translation adjustments | $ | (2,401) | | $ | (2,111) | | | Net investment hedges gain (loss) | 295 | | 282 | | | Cash flow hedges — net deferred gain (loss) | 183 | | 150 | | | Postretirement and postemployment benefits: | | | | Net experience gain (loss) | — | | 2 | | | Prior service credit (cost) | (27) | | (27) | | | Available-for-sale securities unrealized net gain (loss) | (4) | | (4) | | | Total accumulated other comprehensive income (loss) | $ | (1,954) | | $ | (1,708) | |
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v3.23.3
Notes payable and long-term debt
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Debt Disclosure [Abstract] |
|
| Notes payable and long-term debt |
Notes payable and long-term debt The following table presents the components of Notes payable at September 30, 2023 and December 31, 2022: | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | (millions) | Principal
amount | Effective
interest rate | | Principal
amount | Effective
interest rate | | U.S. commercial paper | $ | — | | 5.44 | % | | $ | 330 | | 4.46 | % | | Bank borrowings | 353 | | | | 137 | | | | Total | $ | 353 | | | | $ | 467 | | |
On September 29, 2023, in connection with the planned separation, WK Kellogg Co entered into a Credit Agreement (the “Credit Agreement”), consisting of a $500 million (the "Term Loan"), $250 million delayed draw term loan, and $350 million equivalent multicurrency revolving credit facility (collectively, the “Credit Facility”).
The Credit Facility has an initial term of five years and matures on September 29, 2028. Interest on the loans under the Credit Agreement are to be calculated by reference to Secured Overnight Financing Rate (“SOFR”) or an alternative base rate, plus an interest rate margin equal to (x) in the case of SOFR loans, 1.75% and (y) in the case of alternate base rate loans, 0.75%, each with related step-ups and step-downs based on WK Kellogg Co’s consolidated net leverage ratio as defined by the Credit Agreement. Interest expense for the quarter and year-to-date period ended September 30, 2023 was immaterial.
Under the Credit Facility, WK Kellogg Co has the right at any time, subject to customary conditions, to request incremental term loans or an increase to the revolving credit facility in an aggregate principal amount of (i) up to the greater of (x) $250 million and (y) 100% of Consolidated EBITDA, as defined in the Credit Agreement, for the preceding four fiscal quarters of WK Kellogg Co. Any such addition of or increase in loans will be subject to certain customary conditions precedent and other provisions.
The Credit Facility also contains customary mandatory prepayments, including with respect to asset sale proceeds and proceeds from certain occurrences of indebtedness. WK Kellogg Co may voluntarily repay outstanding loans under the Credit Facility at any time without premium or penalty.
The Term Loan amortizes in equal quarterly installments in an aggregate annual amount equal to 2.50% in year one, 5.00% in year two and three, 7.50% in year four and 10.00% in year five, of the original principal amount thereon, with the balance being payable on the date that is five years after the closing of the Credit Facility.
The obligations under the Credit Facility (collectively, “Credit Facility Obligations”) are guaranteed (the “Credit Facility Guarantees”) exclusively by the existing and future direct and indirect subsidiaries of WK Kellogg Co (in such capacity, the “Credit Facility Guarantors”). The Credit Facility Obligations are expected to be secured by first priority liens on substantially all assets, subject to customary exceptions, of WK Kellogg Co and the Credit Facility Guarantors. The Credit Facility Guarantee and security interest of a Credit Facility Guarantor may be released where such Credit Facility Guarantor ceases to be a consolidated subsidiary of WK Kellogg Co pursuant to a transaction permitted under the Credit Facility. The Credit Facility contains various covenants, including, for example, those that restrict WK Kellogg Co's ability and the ability of their consolidated subsidiaries to incur certain types of indebtedness or to grant certain liens on their respective property or assets. WK Kellogg Co incurred $7 million of debt issuance costs, of which $5 million is related to the term loan and is reflected as a reduction in long-term debt, and $2 million is related to the revolving credit facility and is reflected in other assets.
As of September 30, 2023, WK Kellogg Co borrowings under the Credit Facility included a $500 million term loan, of which $9 million represents the current portion, and $164 million of borrowings under the revolving credit facility was recognized as notes payable.
During the first quarter of 2023, Kellanova issued $400 million of ten-year 5.25% Notes due 2033, resulting in net proceeds after discount and underwriting commissions of $396 million. The proceeds from these notes were used for general corporate purposes, including the payment of offering related fees and expenses, repayment of the $210 million 2.75% Notes when they matured on March 1, 2023, and repayment of a portion of commercial paper borrowings. The Notes contain customary covenants that limit the ability of the Company and its restricted subsidiaries (as defined) to incur certain liens or enter into certain sale and lease-back transactions, as well as a change of control provision.
In connection with the debt issuance, Kellanova terminated forward starting interest rate swaps with notional amounts totaling $400 million, resulting in a gain of $47 million in the first quarter of 2023. These derivatives were accounted for as cash flow hedges. The total net gain of $91 million, including those realized in prior periods, were recorded in accumulated other comprehensive income and will be amortized to interest expense over the term of the Notes. The effective interest rate on the Notes, reflecting issuance discount and hedge settlement is 3.06% at April 1, 2023.
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I
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v3.23.3
Employee Benefits
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Retirement Benefits [Abstract] |
|
| Employee Benefits |
Employee benefits The Company sponsors a number of U.S. and foreign pension plans as well as other nonpension postretirement and postemployment plans to provide various benefits for its employees. These plans are described within the footnotes to the Consolidated Financial Statements included in the Company’s 2022 Annual Report on Form 10-K. Components of Company benefit plan (income) expense for the periods presented are included in the tables below. Excluding the service cost component, these amounts are included within Other income (expense) in the Consolidated Statement of Income.
In connection with the planned separation transaction, the company amended and legally split certain pension and postretirement benefit plans, several remeasurements occurred during the third quarter of 2023.
Pension | | | | | | | | | | | | | | | | | | | | Quarter ended | | Year-to-date period ended | | (millions) | September 30, 2023 | October 1, 2022 | | September 30, 2023 | October 1, 2022 | | Service cost | $ | 6 | | $ | 6 | | | $ | 18 | | $ | 23 | | | Interest cost | 44 | | 34 | | | 132 | | 91 | | | Expected return on plan assets | (54) | | (57) | | | (161) | | (200) | | | Amortization of unrecognized prior service cost | 2 | | 2 | | | 7 | | 7 | | | Recognized net loss (gain) | 10 | | (15) | | | 10 | | (46) | | | Total pension income | $ | 8 | | $ | (30) | | | $ | 6 | | $ | (125) | | | | | | | | | | | | | |
For the quarter and year-to-date periods ended September 30, 2023, the Company recognized a loss of $10 million related to the remeasurement of a U.S. pension plan. The remeasurement was due to the amendment of the plan to split the pension plan in anticipation of the separation transaction. The remeasurement recognized was due primarily to a lower than expected return on plan assets.
For the quarter and year-to-date periods ended October 1, 2022, the Company recognized a gain of $15 million and $46 million, respectively, related to the remeasurement of two U.S. pension plans. These remeasurements were the result of distributions that exceeded service and interest costs resulting in settlement accounting for those specific plans. The remeasurements recognized were due primarily to an increase in the discount rate relative to the previous remeasurement date partially offset by lower than expected return on plan assets. Other nonpension postretirement | | | | | | | | | | | | | | | | | | | | Quarter ended | | Year-to-date period ended | | (millions) | September 30, 2023 | October 1, 2022 | | September 30, 2023 | October 1, 2022 | | Service cost | $ | 2 | | $ | 2 | | | $ | 5 | | $ | 8 | | | Interest cost | 11 | | 6 | | | 31 | | 18 | | | Expected return on plan assets | (25) | | (28) | | | (73) | | (83) | | | Amortization of unrecognized prior service cost | (2) | | (2) | | | (7) | | (7) | | | Recognized net (gain) loss | (67) | | — | | | (67) | | — | | | | | | | | | | | | | | | Total postretirement benefit income | $ | (81) | | $ | (22) | | | $ | (111) | | $ | (64) | |
For the quarter and year-to-date periods ended September 30, 2023, the Company recognized a gain of $67 million related to the remeasurement of other postretirement benefit plans. These remeasurements were the result of separating the other postretirement benefit plans impacted by the separation transaction. The remeasurements recognized were due primarily to a higher than expected return on plan assets.
Postemployment | | | | | | | | | | | | | | | | | | | | Quarter ended | | Year-to-date period ended | | (millions) | September 30, 2023 | October 1, 2022 | | September 30, 2023 | October 1, 2022 | | Service cost | $ | 1 | | $ | — | | | $ | 2 | | $ | 2 | | | Interest cost | 1 | | 1 | | | 2 | | 1 | | | | | | | | | Recognized net experience gain | (1) | | — | | | (2) | | (2) | | | Total postemployment expense | $ | 1 | | $ | 1 | | | $ | 2 | | $ | 1 | |
For the quarter and year-to-date periods ended September 30, 2023, the Company recognized a gain of $1 million and $2 million, respectively, related to the remeasurement of a U.S. postemployment benefit plan. The remeasurement was the result of separating the postemployment plan impacted by the separation transaction. The remeasurement recognized was due primarily to a higher than expected return on plan assets.
In May 2023, the Company purchased a group annuity to cover pension benefit obligations of certain participants of the United Kingdom defined benefit pension plan for approximately $590 million. This transaction represents an annuity buy-in, under which the Company retains both the fair value of the annuity contract (within plan assets) and the pension benefit obligation related to these participants.
Company contributions to employee benefit plans are summarized as follows: | | | | | | | | | | | | | (millions) | Pension | Nonpension postretirement | Total | | Quarter ended: | | | | | September 30, 2023 | $ | — | | $ | 3 | | $ | 3 | | | October 1, 2022 | $ | 1 | | $ | 4 | | $ | 5 | | | Year-to-date period ended: | | | | | September 30, 2023 | $ | — | | $ | 13 | | $ | 13 | | | October 1, 2022 | $ | 2 | | $ | 15 | | $ | 17 | | | Full year: | | | | | Fiscal year 2023 (projected) | $ | 5 | | $ | 21 | | $ | 26 | | | Fiscal year 2022 (actual) | $ | 3 | | $ | 20 | | $ | 23 | |
Plan funding strategies may be modified in response to management's evaluation of tax deductibility, market conditions, and competing investment alternatives.
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| X |
- DefinitionThe entire disclosure for retirement benefits. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
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-Section 50
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-Subparagraph (d)(iii)
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 3
-Subparagraph (c)
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v3.23.3
Income Taxes
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Income Taxes |
Income taxes The consolidated effective tax rate for the quarters ended September 30, 2023 and October 1, 2022 was 28% and 19%, respectively. The consolidated effective tax rates for the year-to-date periods ended September 30, 2023 and October 1, 2022 was 24% and 21%, respectively.
The increase in effective tax rate for the quarter ended September 30, 2023 versus the prior year quarter is due to zero tax benefit recognized on the $113 million loss incurred on the divestiture of the Russia business.
As of September 30, 2023, the Company classified $11 million of unrecognized tax benefits as a current tax liability. Management's estimate of reasonably possible changes in unrecognized tax benefits during the next twelve months consists of the current liability expected to be settled within one year, offset by approximately $3 million of projected additions related primarily to ongoing intercompany transfer pricing activity. Management is currently unaware of any issues under review that could result in significant additional payments, accruals or other material deviation in this estimate. The Company’s total gross unrecognized tax benefits as of September 30, 2023 was $34 million. Of this balance, $28 million represents the amount that, if recognized, would affect the Company’s effective income tax rate in future periods.
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| X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
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-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
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-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2
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v3.23.3
Derivative Instruments and Fair Value Measurements
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Derivative Instruments and Fair Value Measurements [Abstract] |
|
| Derivative Instruments and Fair Value Measurements |
Derivative instruments and fair value measurements The Company is exposed to certain market risks such as changes in interest rates, foreign currency exchange rates, and commodity prices, which exist as a part of its ongoing business operations. Management uses derivative and nonderivative financial instruments and commodity instruments, including futures, options, and swaps, where appropriate, to manage these risks. Instruments used as hedges must be effective at reducing the risk associated with the exposure being hedged. The Company designates derivatives and nonderivative hedging instruments as cash flow hedges, fair value hedges, net investment hedges, and uses other contracts to reduce volatility in interest rates, foreign currency and commodities. As a matter of policy, the Company does not engage in trading or speculative hedging transactions.
Derivative instruments are classified on the Consolidated Balance Sheet based on the contractual maturity of the instrument or the timing of the underlying cash flows of the instrument for derivatives with contractual maturities beyond one year. Any collateral associated with derivative instruments is classified as other assets or other current liabilities on the Consolidated Balance Sheet depending on whether the counterparty collateral is in an asset or liability position. Margin deposits related to exchange-traded commodities are recorded in accounts receivable, net on the Consolidated Balance Sheet. On the Consolidated Statement of Cash Flows, cash flows associated with derivative instruments are classified according to the nature of the underlying hedged item. Cash flows associated with collateral and margin deposits on exchange-traded commodities are classified as investing cash flows when the collateral account is in an asset position and as financing cash flows when the collateral account is in a liability position. Total notional amounts of the Company’s derivative instruments as of September 30, 2023 and December 31, 2022 were as follows: | | | | | | | | | | (millions) | September 30,
2023 | December 31,
2022 | | Foreign currency exchange contracts | $ | 2,826 | | $ | 2,502 | | | Cross-currency contracts | 1,925 | | 1,983 | | | Interest rate contracts | 2,251 | | 2,657 | | | Commodity contracts | 376 | | 230 | | | Total | $ | 7,378 | | $ | 7,372 | |
Following is a description of each category in the fair value hierarchy and the financial assets and liabilities of the Company that were included in each category at September 30, 2023 and December 31, 2022, measured on a recurring basis. Level 1 – Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market. For the Company, level 1 financial assets and liabilities consist primarily of commodity derivative contracts. Level 2 – Financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. For the Company, level 2 financial assets and liabilities consist of interest rate swaps, cross-currency swaps and over-the-counter commodity and currency contracts. The Company’s calculation of the fair value of interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve. Over-the-counter commodity derivatives are valued using an income approach based on the commodity index prices less the contract rate multiplied by the notional amount. Foreign currency contracts are valued using an income approach based on forward rates less the contract rate multiplied by the notional amount. Cross-currency contracts are valued based on changes in the spot rate at the time of valuation compared to the spot rate at the time of execution, as well as the change in the interest differential between the two currencies. The Company’s calculation of the fair value of level 2 financial assets and liabilities takes into consideration the risk of nonperformance, including counterparty credit risk.
Level 3 – Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability. The Company did not have any level 3 financial assets or liabilities as of September 30, 2023 or December 31, 2022. The following table presents assets and liabilities that were measured at fair value in the Consolidated Balance Sheet on a recurring basis as of September 30, 2023 and December 31, 2022: Derivatives designated as hedging instruments | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | (millions) | Level 1 | Level 2 | Total | | Level 1 | Level 2 | Total | | Assets: | | | | | | | | | Cross-currency contracts: | | | | | | | | | Other current assets | $ | — | | $ | 77 | | $ | 77 | | | $ | — | | $ | 88 | | $ | 88 | | | Other assets | — | | 25 | | 25 | | | — | | 36 | | 36 | | | Interest rate contracts: | | | | | | | | | Other current assets | — | | 23 | | 23 | | | — | | 45 | | 45 | | | Other assets | — | | — | | — | | | — | | 25 | | 25 | | | Total assets | $ | — | | $ | 125 | | $ | 125 | | | $ | — | | $ | 194 | | $ | 194 | | | Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | Cross-currency contracts: | | | | | | | | | Other current liabilities | $ | — | | $ | — | | $ | — | | | $ | — | | $ | — | | $ | — | | | Other liabilities | — | | — | | — | | | — | | — | | — | | | Interest rate contracts(a): | | | | | | | | | Other current liabilities | — | | (16) | | (16) | | | — | | — | | — | | | Other liabilities | — | | (62) | | (62) | | | — | | (86) | | (86) | | | | | | | | | | | | | | | | | | | | | | | | | | | Total liabilities | $ | — | | $ | (78) | | $ | (78) | | | $ | — | | $ | (86) | | $ | (86) | |
(a) The fair value of the related hedged portion of the Company's long-term debt, a level 2 liability, was $1.0 billion as of September 30, 2023 and $1.1 billion as of December 31, 2022. Derivatives not designated as hedging instruments | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | (millions) | Level 1 | Level 2 | Total | | Level 1 | Level 2 | Total | | Assets: | | | | | | | | | Foreign currency exchange contracts: | | | | | | | | | Other current assets | $ | — | | $ | 56 | | $ | 56 | | | $ | — | | $ | 74 | | $ | 74 | | | Other assets | — | | 7 | | 7 | | | — | | 14 | | 14 | | | Interest rate contracts: | | | | | | | | | Other current assets | — | | 9 | | 9 | | | — | | 4 | | 4 | | | Other assets | — | | 11 | | 11 | | | — | | 14 | | 14 | | | Commodity contracts: | | | | | | | | | Other current assets | 4 | | — | | 4 | | | 4 | | — | | 4 | | | Total assets | $ | 4 | | $ | 83 | | $ | 87 | | | $ | 4 | | $ | 106 | | $ | 110 | | | Liabilities: | | | | | | | | | Foreign currency exchange contracts: | | | | | | | | | Other current liabilities | $ | — | | $ | (49) | | $ | (49) | | | $ | — | | $ | (50) | | $ | (50) | | | Other liabilities | — | | (3) | | (3) | | | — | | (9) | | (9) | | | Interest rate contracts: | | | | | | | | | Other current liabilities | — | | (11) | | (11) | | | — | | (7) | | (7) | | | Other liabilities | — | | (14) | | (14) | | | — | | (18) | | (18) | | | Commodity contracts: | | | | | | | | | Other current liabilities | (12) | | — | | (12) | | | (2) | | — | | (2) | | | | | | | | | | | Total liabilities | $ | (12) | | $ | (77) | | $ | (89) | | | $ | (2) | | $ | (84) | | $ | (86) | |
The Company has designated its outstanding foreign currency denominated debt as a net investment hedge of a portion of the Company’s investment in its subsidiaries’ foreign currency denominated net assets. The carrying value of this debt, including current and long-term, was approximately $1.6 billion as of September 30, 2023 and December 31, 2022, respectively. The following amounts were recorded on the Consolidated Balance Sheet related to cumulative basis adjustments for existing fair value hedges as of September 30, 2023 and December 31, 2022. | | | | | | | | | | | | | | | | | | | | | | | | | | | | (millions) | | Line Item in the Consolidated Balance Sheet in which the hedged item is included | | Carrying amount of the hedged liabilities | | Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities (a) | | | | | September 30,
2023 | December 31,
2022 | | September 30,
2023 | December 31,
2022 | | Interest rate contracts | | Current maturities of long-term debt | | $ | 897 | | $ | 483 | | | $ | 3 | | $ | (3) | | | Interest rate contracts | | Long-term debt | | $ | 1,623 | | $ | 2,250 | | | $ | (59) | | $ | (74) | |
(a) The fair value adjustment related to current maturities of long-term debt includes $3 million and ($3) million from discontinued hedging relationships as of September 30, 2023 and December 31, 2022, respectively. The fair value adjustment related to long-term debt includes $3 million and $13 million from discontinued hedging relationships as of September 30, 2023 and December 31, 2022, respectively. The Company has elected to not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable netting agreements. However, if the Company were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in the Consolidated Balance Sheet as of September 30, 2023 and December 31, 2022 would be adjusted as detailed in the following table: | | | | | | | | | | | | | | | | | | | | | As of September 30, 2023: | | Gross Amounts Not Offset in the
Consolidated Balance Sheet | | | Amounts
Presented in the
Consolidated
Balance Sheet | Financial
Instruments | Cash Collateral
Received/
Posted | Net
Amount | | Total asset derivatives | $ | 212 | | $ | (138) | | $ | 25 | | $ | 99 | | | Total liability derivatives | $ | (167) | | $ | 138 | | $ | 29 | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | As of December 31, 2022: | | Gross Amounts Not Offset in the
Consolidated Balance Sheet | | | Amounts
Presented in the
Consolidated
Balance Sheet | Financial
Instruments | Cash Collateral
Received/
Posted | Net
Amount | | Total asset derivatives | $ | 304 | | $ | (153) | | $ | (33) | | $ | 118 | | | Total liability derivatives | $ | (172) | | $ | 153 | | $ | 19 | | $ | — | |
During the quarter and year-to-date periods ended September 30, 2023, the Company settled certain interest rate contracts resulting in a net realized gain of approximately $14 million and $85 million, respectively. During the quarter and year-to-date periods ended October 1, 2022, the Company settled certain interest rate contracts resulting in a net realized gain of approximately $83 million and $165 million, respectively. These derivatives were accounted for as cash flow hedges and the related net gains were recorded in accumulated other comprehensive income and will be amortized to interest expense over the term of the related forecasted fixed rate debt, once issued. During the quarter ended October 1, 2022, the Company recognized an $18 million gain related to a portion of certain forward-starting interest rate swaps no longer designated as cash flow hedges due to changes in forecasted debt issuance.
During the quarter and year-to-date periods ended September 30, 2023, the Company settled certain cross currency swaps resulting in a net realized gain of approximately $12 million and $29 million, respectively. During the year-to-date period ended October 1, 2022, the Company settled certain cross currency swaps resulting in a net realized gain of approximately $37 million. These cross currency swaps were accounted for as net investment hedges and the related net gain was recorded in accumulated other comprehensive income. The effect of derivative instruments on the Consolidated Statements of Income and Comprehensive Income for the quarters ended September 30, 2023 and October 1, 2022 was as follows:
Derivatives and non-derivatives in net investment hedging relationships | | | | | | | | | | | | | | | | | | | | | | | | | | | | (millions) | Gain (loss)
recognized in
AOCI | | Gain (loss) excluded from assessment of hedge effectiveness | Location of gain (loss) in income of excluded component | | | September 30,
2023 | | October 1,
2022 | | September 30,
2023 | | October 1,
2022 | | | Foreign currency denominated long-term debt | $ | 44 | | | $ | 137 | | | $ | — | | | $ | — | | | | Cross-currency contracts | 67 | | | 123 | | | 14 | | | 11 | | Interest expense | | Total | $ | 111 | | | $ | 260 | | | $ | 14 | | | $ | 11 | | |
Derivatives not designated as hedging instruments | | | | | | | | | | | | | | | | (millions) | Location of gain
(loss) recognized
in income | Gain (loss)
recognized in
income | | | | September 30,
2023 | | October 1,
2022 | | Foreign currency exchange contracts | COGS | $ | 10 | | | $ | 14 | | | Foreign currency exchange contracts | Other income (expense), net | (1) | | | (9) | | | Foreign currency exchange contracts | SG&A | 1 | | | 3 | | | Interest rate contracts | Interest expense | — | | | 1 | | | Commodity contracts | COGS | (22) | | | (1) | | | | | | | | Total | | $ | (12) | | | $ | 8 | |
The effect of derivative instruments on the Consolidated Statements of Income and Comprehensive Income for the year-to-date periods ended September 30, 2023 and October 1, 2022 was as follows:
Derivatives and non-derivatives in net investment hedging relationships | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (millions) | Gain (loss)
recognized in
AOCI | | Gain (loss) excluded from assessment of hedge effectiveness | Location of gain (loss) in income of excluded component | | | September 30,
2023 | | October 1,
2022 | | September 30,
2023 | | October 1,
2022 | | | Foreign currency denominated long-term debt | $ | 10 | | | $ | 339 | | | $ | — | | | $ | — | | | | Cross-currency contracts | 7 | | | 277 | | | 42 | | | 28 | | Interest expense | | Total | $ | 17 | | | $ | 616 | | | $ | 42 | | | $ | 28 | | |
Derivatives not designated as hedging instruments | | | | | | | | | | | | | | | | | | | | | (millions) | Location of gain
(loss) recognized
in income | Gain (loss)
recognized in
income | | | | September 30,
2023 | | October 1,
2022 | | Foreign currency exchange contracts | COGS | $ | (4) | | | $ | 34 | | | Foreign currency exchange contracts | Other income (expense), net | (11) | | | (18) | | | Foreign currency exchange contracts | SGA | (4) | | | 8 | | | Interest rate contracts | Interest expense | — | | | 3 | | | Commodity contracts | COGS | (85) | | | 33 | | | | | | | | Total | | $ | (104) | | | $ | 60 | |
The effect of fair value and cash flow hedge accounting on the Consolidated Income Statement for the quarters ended September 30, 2023 and October 1, 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | | | October 1, 2022 | | (millions) | | | | Interest Expense | | | | Interest Expense | | Total amounts of income and expense line items presented in the Consolidated Income Statement in which the effects of fair value or cash flow hedges are recorded | | | | $ | 83 | | | | | $ | 39 | | | Gain (loss) on fair value hedging relationships: | | | | | | | | | | Interest contracts: | | | | | | | | | | Hedged items | | | | (1) | | | | | 35 | | | Derivatives designated as hedging instruments | | | | 2 | | | | | (34) | | | | | | | | | | | | | | Gain (loss) on cash flow hedging relationships: | | | | | | | | | | Interest contracts: | | | | | | | | | | Amount of gain (loss) reclassified from AOCI into income | | | | (2) | | | | | 14 | |
The effect of fair value and cash flow hedge accounting on the Consolidated Income Statement for the year-to-date periods ended September 30, 2023 and October 1, 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | | | October 1, 2022 | | (millions) | | | | Interest Expense | | | | Interest Expense | | Total amounts of income and expense line items presented in the Consolidated Income Statement in which the effects of fair value or cash flow hedges are recorded | | | | $ | 245 | | | | | $ | 149 | | | Gain (loss) on fair value hedging relationships: | | | | | | | | | | Interest contracts: | | | | | | | | | | Hedged items | | | | (5) | | | | | 89 | | | Derivatives designated as hedging instruments | | | | 8 | | | | | (85) | | | | | | | | | | | | | | Gain (loss) on cash flow hedging relationships: | | | | | | | | | | Interest contracts: | | | | | | | | | | Amount of gain (loss) reclassified from AOCI into income | | | | (7) | | | | | 6 | |
During the next 12 months, the Company expects $10 million of net deferred losses reported in AOCI at September 30, 2023 to be reclassified to income, assuming market rates remain constant through contract maturities.
Certain of the Company’s derivative instruments contain provisions requiring the Company to post collateral on those derivative instruments that are in a liability position when the value exceeds certain thresholds with each counterparty. In addition, certain derivative instruments contain provisions that would be triggered in the event the Company defaults on its debt agreements. The collateral posting requirements as of September 30, 2023, triggered by threshold contingent features was not material.
Other fair value measurements Available for sale securities | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | | Unrealized | | | | Unrealized | | | (millions) | Cost | Gain (Loss) | Market Value | | Cost | Gain (Loss) | Market Value | | Corporate bonds | $ | 50 | | $ | (4) | | $ | 46 | | | $ | 52 | | $ | (5) | | $ | 47 | |
During the year-to-date period ended September 30, 2023, the Company sold approximately $15 million of investments in level 2 corporate bonds. The resulting loss was approximately $1 million and recorded in Other income and (expense). Also during the year-to-date period ended September 30, 2023, the Company purchased approximately $15 million in level 2 corporate bonds. During the year-to-date period ended October 1, 2022, the Company sold level 2 corporate bonds for approximately $14 million. The resulting loss approximately $1 million and recorded in Other income and (expense). Also during the year-to-date period ended October 1, 2022, the Company purchased approximately $15 million in level 2 corporate bonds.
The market values of the Company's investments in level 2 corporate bonds are based on matrices or models from pricing vendors. Unrealized gains and losses are included in the Consolidated Statement of Comprehensive Income. Additionally, these investments are recorded within Other current assets and Other assets on the Consolidated Balance Sheet, based on the maturity of the individual security. The maturity dates of the securities range from 2024 to 2036.
The Company reviews its investment portfolio for any unrealized losses that would be deemed other-than-temporary and requires the recognition of an impairment loss in earnings. If the cost of an investment exceeds its fair value, the Company evaluates, among other factors, general market conditions, the duration and extent to which the fair value is less than its cost, the Company's intent to hold the investment, and whether it is more likely than not that the Company will be required to sell the investment before recovery of the cost basis. The Company also considers the type of security, related industry and sector performance, and published investment ratings. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded and a new cost basis in the investment is established. If conditions within individual markets, industry segments, or macro-economic environments deteriorate, the Company could incur future impairments.
Equity investments We hold equity investments in certain companies that we do not have the ability to exercise significant influence. Equity investments without a readily determinable fair value are recorded at original cost. Investments with a readily determinable fair value, which are level 2 investments, are measured at fair value based on observable market price changes, with gains and losses recorded through net earnings. Equity investments were approximately $40 million as of September 30, 2023 and December 31, 2022. Additionally, these investments were recorded within Other noncurrent assets on the Consolidated Balance Sheet.
Financial instruments The carrying values of the Company’s short-term items, including cash, cash equivalents, accounts receivable, accounts payable, notes payable and current maturities of long-term debt approximate fair value. The fair value of the Company’s long-term debt, which are level 2 liabilities, is calculated based on broker quotes. The fair value and carrying value of the Company's long-term debt was $5.2 billion and $5.5 billion, respectively, as of September 30, 2023. The fair value and carrying value of the Company's long-term debt was $5.1 billion and $5.3 billion, respectively, as of December 31, 2022. Counterparty credit risk concentration and collateral requirements The Company is exposed to credit loss in the event of nonperformance by counterparties on derivative financial and commodity contracts. Management believes a concentration of credit risk with respect to derivative counterparties is limited due to the credit ratings and use of master netting and reciprocal collateralization agreements with the counterparties and the use of exchange-traded commodity contracts. Master netting agreements apply in situations where the Company executes multiple contracts with the same counterparty. Certain counterparties represent a concentration of credit risk to the Company. If those counterparties fail to perform according to the terms of derivative contracts, this would result in a loss to the Company of approximately $43 million, net of collateral already received from those counterparties, as of September 30, 2023. For certain derivative contracts, reciprocal collateralization agreements with counterparties call for the posting of collateral in the form of cash, treasury securities or letters of credit if a fair value loss position to the Company or its counterparties exceeds a certain amount. In addition, the Company is required to maintain cash margin accounts in connection with its open positions for exchange-traded commodity derivative instruments executed with the counterparty that are subject to enforceable netting agreements. As of September 30, 2023, the Company posted $22 million in margin deposits for exchange-traded commodity derivative instruments, which was reflected as an increase in accounts receivable, net on the Consolidated Balance Sheet. Management believes concentrations of credit risk with respect to accounts receivable is limited due to the generally high credit quality of the Company’s major customers, as well as the large number and geographic dispersion of smaller customers.
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v3.23.3
Reportable Segments
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Segment Reporting [Abstract] |
|
| Reportable Segments |
Reportable segments Kellanova is a leading producer of snacks, cereal, and frozen foods. It is the second largest producer of crackers, and a leading producer of savory snacks and cereal. Additional product offerings include toaster pastries, cereal bars, veggie foods and noodles. Kellanova products are manufactured and marketed globally. Principal markets for these products include the United States, United Kingdom, Nigeria, Canada, Mexico, and Australia. The Company manages its operations through four operating segments that are based on geographic location – North America which includes U.S. businesses and Canada; Europe which consists of European countries; Latin America which consists of Central and South America and includes Mexico; and AMEA (Asia Middle East Africa) which consists of Africa, Middle East, Australia and other Asian and Pacific markets. These operating segments also represent our reportable segments. Corporate includes corporate administration and initiatives as well as share-based compensation. The measurement of reportable segment results is based on segment operating profit which is generally consistent with the presentation of operating profit in the Consolidated Statement of Income. Reportable segment results were as follows: | | | | | | | | | | | | | | | | | | | | Quarter ended | | Year-to-date period ended | | (millions) | September 30,
2023 | October 1,
2022 | | September 30,
2023 | October 1,
2022 | | Net sales | | | | | | | North America | $ | 2,329 | | $ | 2,338 | | | $ | 7,042 | | $ | 6,696 | | | Europe | 616 | | 562 | | | 1,888 | | 1,749 | | | Latin America | 338 | | 282 | | | 966 | | 826 | | | AMEA | 657 | | 767 | | | 2,139 | | 2,217 | | | Total Reportable Segments | 3,940 | | 3,949 | | | 12,035 | | 11,488 | | | Corporate | (1) | | (3) | | | (2) | | (6) | | | Consolidated | $ | 3,939 | | $ | 3,946 | | | $ | 12,033 | | $ | 11,482 | | | Operating profit | | | | | | | North America | $ | 312 | | $ | 322 | | | $ | 1,048 | | $ | 1,043 | | | Europe | 97 | | 75 | | | 293 | | 280 | | | Latin America | 42 | | 29 | | | 105 | | 82 | | | AMEA | 63 | | 64 | | | 204 | | 192 | | | Total Reportable Segments | 514 | | 490 | | | 1,650 | | 1,597 | | | Corporate | (32) | | (122) | | | (219) | | (297) | | | Consolidated | $ | 482 | | $ | 368 | | | $ | 1,431 | | $ | 1,300 | |
Supplemental product information is provided below for net sales to external customers: | | | | | | | | | | | | | | | | | | | | | | | Quarter ended | | Year-to-date period ended | | (millions) | | September 30,
2023 | October 1,
2022 | | September 30,
2023 | October 1,
2022 | | Snacks | | $ | 2,040 | | $ | 1,943 | | | $ | 6,114 | | $ | 5,635 | | | Cereal | | 1,368 | | 1,355 | | | 4,155 | | 3,978 | | | Frozen | | 281 | | 281 | | | 838 | | 829 | | | Noodles and other | | 250 | | 367 | | | 926 | | 1,040 | | | Consolidated | | $ | 3,939 | | $ | 3,946 | | | $ | 12,033 | | $ | 11,482 | |
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v3.23.3
Supplemental Financial Statement Data
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Supplemental Balance Sheet Disclosures |
Supplemental financial statement data | | | | | | | | | | Consolidated Balance Sheet | | | | (millions) | September 30, 2023 (unaudited) | December 31, 2022 | | Trade receivables | $ | 1,657 | | $ | 1,449 | | | Allowance for credit losses | (16) | | (13) | | | Refundable income taxes | 23 | | 82 | | | Other receivables | 212 | | 218 | | | Accounts receivable, net | $ | 1,876 | | $ | 1,736 | | | Raw materials and supplies | $ | 399 | | $ | 426 | | | Finished goods and materials in process | 1,233 | | 1,342 | | | Inventories | $ | 1,632 | | $ | 1,768 | | | Intangible assets not subject to amortization | $ | 1,854 | | $ | 1,969 | | | Intangible assets subject to amortization, net | 211 | | 327 | | | Other intangibles, net | $ | 2,065 | | $ | 2,296 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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v3.23.3
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v3.23.3
Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Accounting Policies [Abstract] |
|
| Basis of presentation |
Basis of presentation The unaudited interim financial information of Kellanova (the Company), formerly Kellogg Company, included in this report reflects all adjustments, all of which are of a normal and recurring nature, that management believes are necessary for a fair statement of the results of operations, comprehensive income, financial position, equity and cash flows for the periods presented. The accompanying unaudited financial statements also include the historical results of WK Kellogg Co, as the separation was completed on October 2, 2023. This interim information should be read in conjunction with the financial statements and accompanying footnotes within the Company’s 2022 Annual Report on Form 10-K.
The balance sheet information at December 31, 2022 was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States. The results of operations for the quarter ended September 30, 2023 are not necessarily indicative of the results to be expected for other interim periods or the full year.
Certain prior period amounts have been reclassified to conform with current period presentation.
|
| Accounts payable - Supplier Finance Programs |
Accounts payable - Supplier Finance Programs The Company establishes competitive market-based terms with our suppliers, regardless of whether they participate in supplier finance programs, which generally range from 0 to 150 days dependent on their respective industry and geography. The Company has agreements with third parties to provide accounts payable tracking systems which facilitate participating suppliers’ ability to monitor and, if elected, sell payment obligations from the Company to designated third-party financial institutions. Participating suppliers may, at their sole discretion, make offers to sell one or more payment obligations of the Company prior to their scheduled due dates at a discounted price to participating financial institutions. The Company has no economic interest in the sale of these suppliers’ receivables and no direct financial relationship with the financial institutions concerning these services. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers’ decisions to sell amounts under the arrangements. However, the Company’s right to offset balances due from suppliers against payment obligations is restricted by the agreements for those payment obligations that have been sold by suppliers.
|
| Accounting standards adopted in the period |
Accounting standards adopted in the period Supplier Finance Programs: Disclosure of Supplier Finance Program Obligations. In September 2022, the FASB issued an ASU to improve the disclosures of supplier finance programs. Specifically, the ASU requires disclosure of key terms of the supplier finance programs and a rollforward of the related obligations. The amendments in this ASU do not affect the recognition, measurement, or financial statement presentation of obligations covered by supplier finance programs. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2022, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. The Company has historically presented information regarding the nature and amount of outstanding Accounts Payable obligations confirmed into supplier finance programs within the Accounting Policies note of the financial statements. The Company adopted the ASU in the first quarter of 2023 and plans to include the rollforward information in the first quarter of 2024.
|
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v3.23.3
Equity (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Equity [Abstract] |
|
| Summary of Accumulated Other Comprehensive Income (Loss) |
Accumulated other comprehensive income (loss), net of tax, as of September 30, 2023 and December 31, 2022 consisted of the following: | | | | | | | | | | (millions) | September 30,
2023 | December 31,
2022 | | Foreign currency translation adjustments | $ | (2,401) | | $ | (2,111) | | | Net investment hedges gain (loss) | 295 | | 282 | | | Cash flow hedges — net deferred gain (loss) | 183 | | 150 | | | Postretirement and postemployment benefits: | | | | Net experience gain (loss) | — | | 2 | | | Prior service credit (cost) | (27) | | (27) | | | Available-for-sale securities unrealized net gain (loss) | (4) | | (4) | | | Total accumulated other comprehensive income (loss) | $ | (1,954) | | $ | (1,708) | |
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v3.23.3
Notes payable and long-term debt (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Debt Disclosure [Abstract] |
|
| Components of Notes Payable |
The following table presents the components of Notes payable at September 30, 2023 and December 31, 2022: | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | (millions) | Principal
amount | Effective
interest rate | | Principal
amount | Effective
interest rate | | U.S. commercial paper | $ | — | | 5.44 | % | | $ | 330 | | 4.46 | % | | Bank borrowings | 353 | | | | 137 | | | | Total | $ | 353 | | | | $ | 467 | | |
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v3.23.3
Employee Benefits (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Retirement Benefits [Abstract] |
|
| Components of Plan Benefit Expense |
Pension | | | | | | | | | | | | | | | | | | | | Quarter ended | | Year-to-date period ended | | (millions) | September 30, 2023 | October 1, 2022 | | September 30, 2023 | October 1, 2022 | | Service cost | $ | 6 | | $ | 6 | | | $ | 18 | | $ | 23 | | | Interest cost | 44 | | 34 | | | 132 | | 91 | | | Expected return on plan assets | (54) | | (57) | | | (161) | | (200) | | | Amortization of unrecognized prior service cost | 2 | | 2 | | | 7 | | 7 | | | Recognized net loss (gain) | 10 | | (15) | | | 10 | | (46) | | | Total pension income | $ | 8 | | $ | (30) | | | $ | 6 | | $ | (125) | | | | | | | | | | | | | |
For the quarter and year-to-date periods ended September 30, 2023, the Company recognized a loss of $10 million related to the remeasurement of a U.S. pension plan. The remeasurement was due to the amendment of the plan to split the pension plan in anticipation of the separation transaction. The remeasurement recognized was due primarily to a lower than expected return on plan assets.
For the quarter and year-to-date periods ended October 1, 2022, the Company recognized a gain of $15 million and $46 million, respectively, related to the remeasurement of two U.S. pension plans. These remeasurements were the result of distributions that exceeded service and interest costs resulting in settlement accounting for those specific plans. The remeasurements recognized were due primarily to an increase in the discount rate relative to the previous remeasurement date partially offset by lower than expected return on plan assets. Other nonpension postretirement | | | | | | | | | | | | | | | | | | | | Quarter ended | | Year-to-date period ended | | (millions) | September 30, 2023 | October 1, 2022 | | September 30, 2023 | October 1, 2022 | | Service cost | $ | 2 | | $ | 2 | | | $ | 5 | | $ | 8 | | | Interest cost | 11 | | 6 | | | 31 | | 18 | | | Expected return on plan assets | (25) | | (28) | | | (73) | | (83) | | | Amortization of unrecognized prior service cost | (2) | | (2) | | | (7) | | (7) | | | Recognized net (gain) loss | (67) | | — | | | (67) | | — | | | | | | | | | | | | | | | Total postretirement benefit income | $ | (81) | | $ | (22) | | | $ | (111) | | $ | (64) | |
For the quarter and year-to-date periods ended September 30, 2023, the Company recognized a gain of $67 million related to the remeasurement of other postretirement benefit plans. These remeasurements were the result of separating the other postretirement benefit plans impacted by the separation transaction. The remeasurements recognized were due primarily to a higher than expected return on plan assets.
Postemployment | | | | | | | | | | | | | | | | | | | | Quarter ended | | Year-to-date period ended | | (millions) | September 30, 2023 | October 1, 2022 | | September 30, 2023 | October 1, 2022 | | Service cost | $ | 1 | | $ | — | | | $ | 2 | | $ | 2 | | | Interest cost | 1 | | 1 | | | 2 | | 1 | | | | | | | | | Recognized net experience gain | (1) | | — | | | (2) | | (2) | | | Total postemployment expense | $ | 1 | | $ | 1 | | | $ | 2 | | $ | 1 | |
For the quarter and year-to-date periods ended September 30, 2023, the Company recognized a gain of $1 million and $2 million, respectively, related to the remeasurement of a U.S. postemployment benefit plan. The remeasurement was the result of separating the postemployment plan impacted by the separation transaction. The remeasurement recognized was due primarily to a higher than expected return on plan assets.
|
| Contributions to Employee Benefit Plans |
Company contributions to employee benefit plans are summarized as follows: | | | | | | | | | | | | | (millions) | Pension | Nonpension postretirement | Total | | Quarter ended: | | | | | September 30, 2023 | $ | — | | $ | 3 | | $ | 3 | | | October 1, 2022 | $ | 1 | | $ | 4 | | $ | 5 | | | Year-to-date period ended: | | | | | September 30, 2023 | $ | — | | $ | 13 | | $ | 13 | | | October 1, 2022 | $ | 2 | | $ | 15 | | $ | 17 | | | Full year: | | | | | Fiscal year 2023 (projected) | $ | 5 | | $ | 21 | | $ | 26 | | | Fiscal year 2022 (actual) | $ | 3 | | $ | 20 | | $ | 23 | |
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v3.23.3
Derivative Instruments and Fair Value Measurements (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Derivative Instruments and Fair Value Measurements [Abstract] |
|
| Schedule of Total Notional Amounts of Derivative Instruments |
Total notional amounts of the Company’s derivative instruments as of September 30, 2023 and December 31, 2022 were as follows: | | | | | | | | | | (millions) | September 30,
2023 | December 31,
2022 | | Foreign currency exchange contracts | $ | 2,826 | | $ | 2,502 | | | Cross-currency contracts | 1,925 | | 1,983 | | | Interest rate contracts | 2,251 | | 2,657 | | | Commodity contracts | 376 | | 230 | | | Total | $ | 7,378 | | $ | 7,372 | |
|
| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] |
The following table presents assets and liabilities that were measured at fair value in the Consolidated Balance Sheet on a recurring basis as of September 30, 2023 and December 31, 2022: Derivatives designated as hedging instruments | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | (millions) | Level 1 | Level 2 | Total | | Level 1 | Level 2 | Total | | Assets: | | | | | | | | | Cross-currency contracts: | | | | | | | | | Other current assets | $ | — | | $ | 77 | | $ | 77 | | | $ | — | | $ | 88 | | $ | 88 | | | Other assets | — | | 25 | | 25 | | | — | | 36 | | 36 | | | Interest rate contracts: | | | | | | | | | Other current assets | — | | 23 | | 23 | | | — | | 45 | | 45 | | | Other assets | — | | — | | — | | | — | | 25 | | 25 | | | Total assets | $ | — | | $ | 125 | | $ | 125 | | | $ | — | | $ | 194 | | $ | 194 | | | Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | Cross-currency contracts: | | | | | | | | | Other current liabilities | $ | — | | $ | — | | $ | — | | | $ | — | | $ | — | | $ | — | | | Other liabilities | — | | — | | — | | | — | | — | | — | | | Interest rate contracts(a): | | | | | | | | | Other current liabilities | — | | (16) | | (16) | | | — | | — | | — | | | Other liabilities | — | | (62) | | (62) | | | — | | (86) | | (86) | | | | | | | | | | | | | | | | | | | | | | | | | | | Total liabilities | $ | — | | $ | (78) | | $ | (78) | | | $ | — | | $ | (86) | | $ | (86) | |
(a) The fair value of the related hedged portion of the Company's long-term debt, a level 2 liability, was $1.0 billion as of September 30, 2023 and $1.1 billion as of December 31, 2022. Derivatives not designated as hedging instruments | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | (millions) | Level 1 | Level 2 | Total | | Level 1 | Level 2 | Total | | Assets: | | | | | | | | | Foreign currency exchange contracts: | | | | | | | | | Other current assets | $ | — | | $ | 56 | | $ | 56 | | | $ | — | | $ | 74 | | $ | 74 | | | Other assets | — | | 7 | | 7 | | | — | | 14 | | 14 | | | Interest rate contracts: | | | | | | | | | Other current assets | — | | 9 | | 9 | | | — | | 4 | | 4 | | | Other assets | — | | 11 | | 11 | | | — | | 14 | | 14 | | | Commodity contracts: | | | | | | | | | Other current assets | 4 | | — | | 4 | | | 4 | | — | | 4 | | | Total assets | $ | 4 | | $ | 83 | | $ | 87 | | | $ | 4 | | $ | 106 | | $ | 110 | | | Liabilities: | | | | | | | | | Foreign currency exchange contracts: | | | | | | | | | Other current liabilities | $ | — | | $ | (49) | | $ | (49) | | | $ | — | | $ | (50) | | $ | (50) | | | Other liabilities | — | | (3) | | (3) | | | — | | (9) | | (9) | | | Interest rate contracts: | | | | | | | | | Other current liabilities | — | | (11) | | (11) | | | — | | (7) | | (7) | | | Other liabilities | — | | (14) | | (14) | | | — | | (18) | | (18) | | | Commodity contracts: | | | | | | | | | Other current liabilities | (12) | | — | | (12) | | | (2) | | — | | (2) | | | | | | | | | | | Total liabilities | $ | (12) | | $ | (77) | | $ | (89) | | | $ | (2) | | $ | (84) | | $ | (86) | |
|
| Schedule of Derivative Instruments in Statement of Financial Position Fair Value |
The following amounts were recorded on the Consolidated Balance Sheet related to cumulative basis adjustments for existing fair value hedges as of September 30, 2023 and December 31, 2022. | | | | | | | | | | | | | | | | | | | | | | | | | | | | (millions) | | Line Item in the Consolidated Balance Sheet in which the hedged item is included | | Carrying amount of the hedged liabilities | | Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities (a) | | | | | September 30,
2023 | December 31,
2022 | | September 30,
2023 | December 31,
2022 | | Interest rate contracts | | Current maturities of long-term debt | | $ | 897 | | $ | 483 | | | $ | 3 | | $ | (3) | | | Interest rate contracts | | Long-term debt | | $ | 1,623 | | $ | 2,250 | | | $ | (59) | | $ | (74) | |
(a) The fair value adjustment related to current maturities of long-term debt includes $3 million and ($3) million from discontinued hedging relationships as of September 30, 2023 and December 31, 2022, respectively. The fair value adjustment related to long-term debt includes $3 million and $13 million from discontinued hedging relationships as of September 30, 2023 and December 31, 2022, respectively.
|
| Schedule of Offsetting Assets |
| | | | | | | | | | | | | | | | | | | | | As of September 30, 2023: | | Gross Amounts Not Offset in the
Consolidated Balance Sheet | | | Amounts
Presented in the
Consolidated
Balance Sheet | Financial
Instruments | Cash Collateral
Received/
Posted | Net
Amount | | Total asset derivatives | $ | 212 | | $ | (138) | | $ | 25 | | $ | 99 | | | Total liability derivatives | $ | (167) | | $ | 138 | | $ | 29 | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | As of December 31, 2022: | | Gross Amounts Not Offset in the
Consolidated Balance Sheet | | | Amounts
Presented in the
Consolidated
Balance Sheet | Financial
Instruments | Cash Collateral
Received/
Posted | Net
Amount | | Total asset derivatives | $ | 304 | | $ | (153) | | $ | (33) | | $ | 118 | | | Total liability derivatives | $ | (172) | | $ | 153 | | $ | 19 | | $ | — | |
|
| Schedule of Offsetting Liabilities |
| | | | | | | | | | | | | | | | | | | | | As of September 30, 2023: | | Gross Amounts Not Offset in the
Consolidated Balance Sheet | | | Amounts
Presented in the
Consolidated
Balance Sheet | Financial
Instruments | Cash Collateral
Received/
Posted | Net
Amount | | Total asset derivatives | $ | 212 | | $ | (138) | | $ | 25 | | $ | 99 | | | Total liability derivatives | $ | (167) | | $ | 138 | | $ | 29 | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | As of December 31, 2022: | | Gross Amounts Not Offset in the
Consolidated Balance Sheet | | | Amounts
Presented in the
Consolidated
Balance Sheet | Financial
Instruments | Cash Collateral
Received/
Posted | Net
Amount | | Total asset derivatives | $ | 304 | | $ | (153) | | $ | (33) | | $ | 118 | | | Total liability derivatives | $ | (172) | | $ | 153 | | $ | 19 | | $ | — | |
|
| Schedule of the Effect of Derivative Instruments on the Consolidated Statements of Income and Comprehensive Income |
The effect of derivative instruments on the Consolidated Statements of Income and Comprehensive Income for the quarters ended September 30, 2023 and October 1, 2022 was as follows:
Derivatives and non-derivatives in net investment hedging relationships | | | | | | | | | | | | | | | | | | | | | | | | | | | | (millions) | Gain (loss)
recognized in
AOCI | | Gain (loss) excluded from assessment of hedge effectiveness | Location of gain (loss) in income of excluded component | | | September 30,
2023 | | October 1,
2022 | | September 30,
2023 | | October 1,
2022 | | | Foreign currency denominated long-term debt | $ | 44 | | | $ | 137 | | | $ | — | | | $ | — | | | | Cross-currency contracts | 67 | | | 123 | | | 14 | | | 11 | | Interest expense | | Total | $ | 111 | | | $ | 260 | | | $ | 14 | | | $ | 11 | | |
Derivatives not designated as hedging instruments | | | | | | | | | | | | | | | | (millions) | Location of gain
(loss) recognized
in income | Gain (loss)
recognized in
income | | | | September 30,
2023 | | October 1,
2022 | | Foreign currency exchange contracts | COGS | $ | 10 | | | $ | 14 | | | Foreign currency exchange contracts | Other income (expense), net | (1) | | | (9) | | | Foreign currency exchange contracts | SG&A | 1 | | | 3 | | | Interest rate contracts | Interest expense | — | | | 1 | | | Commodity contracts | COGS | (22) | | | (1) | | | | | | | | Total | | $ | (12) | | | $ | 8 | |
The effect of derivative instruments on the Consolidated Statements of Income and Comprehensive Income for the year-to-date periods ended September 30, 2023 and October 1, 2022 was as follows:
Derivatives and non-derivatives in net investment hedging relationships | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (millions) | Gain (loss)
recognized in
AOCI | | Gain (loss) excluded from assessment of hedge effectiveness | Location of gain (loss) in income of excluded component | | | September 30,
2023 | | October 1,
2022 | | September 30,
2023 | | October 1,
2022 | | | Foreign currency denominated long-term debt | $ | 10 | | | $ | 339 | | | $ | — | | | $ | — | | | | Cross-currency contracts | 7 | | | 277 | | | 42 | | | 28 | | Interest expense | | Total | $ | 17 | | | $ | 616 | | | $ | 42 | | | $ | 28 | | |
Derivatives not designated as hedging instruments | | | | | | | | | | | | | | | | | | | | | (millions) | Location of gain
(loss) recognized
in income | Gain (loss)
recognized in
income | | | | September 30,
2023 | | October 1,
2022 | | Foreign currency exchange contracts | COGS | $ | (4) | | | $ | 34 | | | Foreign currency exchange contracts | Other income (expense), net | (11) | | | (18) | | | Foreign currency exchange contracts | SGA | (4) | | | 8 | | | Interest rate contracts | Interest expense | — | | | 3 | | | Commodity contracts | COGS | (85) | | | 33 | | | | | | | | Total | | $ | (104) | | | $ | 60 | |
The effect of fair value and cash flow hedge accounting on the Consolidated Income Statement for the quarters ended September 30, 2023 and October 1, 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | | | October 1, 2022 | | (millions) | | | | Interest Expense | | | | Interest Expense | | Total amounts of income and expense line items presented in the Consolidated Income Statement in which the effects of fair value or cash flow hedges are recorded | | | | $ | 83 | | | | | $ | 39 | | | Gain (loss) on fair value hedging relationships: | | | | | | | | | | Interest contracts: | | | | | | | | | | Hedged items | | | | (1) | | | | | 35 | | | Derivatives designated as hedging instruments | | | | 2 | | | | | (34) | | | | | | | | | | | | | | Gain (loss) on cash flow hedging relationships: | | | | | | | | | | Interest contracts: | | | | | | | | | | Amount of gain (loss) reclassified from AOCI into income | | | | (2) | | | | | 14 | |
The effect of fair value and cash flow hedge accounting on the Consolidated Income Statement for the year-to-date periods ended September 30, 2023 and October 1, 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | | | October 1, 2022 | | (millions) | | | | Interest Expense | | | | Interest Expense | | Total amounts of income and expense line items presented in the Consolidated Income Statement in which the effects of fair value or cash flow hedges are recorded | | | | $ | 245 | | | | | $ | 149 | | | Gain (loss) on fair value hedging relationships: | | | | | | | | | | Interest contracts: | | | | | | | | | | Hedged items | | | | (5) | | | | | 89 | | | Derivatives designated as hedging instruments | | | | 8 | | | | | (85) | | | | | | | | | | | | | | Gain (loss) on cash flow hedging relationships: | | | | | | | | | | Interest contracts: | | | | | | | | | | Amount of gain (loss) reclassified from AOCI into income | | | | (7) | | | | | 6 | |
|
| Schedule of Available-for-sale Securities Reconciliation |
| | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | | Unrealized | | | | Unrealized | | | (millions) | Cost | Gain (Loss) | Market Value | | Cost | Gain (Loss) | Market Value | | Corporate bonds | $ | 50 | | $ | (4) | | $ | 46 | | | $ | 52 | | $ | (5) | | $ | 47 | |
|
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v3.23.3
Reportable Segments (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Segment Reporting [Abstract] |
|
| Schedule of Reportable Segment Information |
Reportable segment results were as follows: | | | | | | | | | | | | | | | | | | | | Quarter ended | | Year-to-date period ended | | (millions) | September 30,
2023 | October 1,
2022 | | September 30,
2023 | October 1,
2022 | | Net sales | | | | | | | North America | $ | 2,329 | | $ | 2,338 | | | $ | 7,042 | | $ | 6,696 | | | Europe | 616 | | 562 | | | 1,888 | | 1,749 | | | Latin America | 338 | | 282 | | | 966 | | 826 | | | AMEA | 657 | | 767 | | | 2,139 | | 2,217 | | | Total Reportable Segments | 3,940 | | 3,949 | | | 12,035 | | 11,488 | | | Corporate | (1) | | (3) | | | (2) | | (6) | | | Consolidated | $ | 3,939 | | $ | 3,946 | | | $ | 12,033 | | $ | 11,482 | | | Operating profit | | | | | | | North America | $ | 312 | | $ | 322 | | | $ | 1,048 | | $ | 1,043 | | | Europe | 97 | | 75 | | | 293 | | 280 | | | Latin America | 42 | | 29 | | | 105 | | 82 | | | AMEA | 63 | | 64 | | | 204 | | 192 | | | Total Reportable Segments | 514 | | 490 | | | 1,650 | | 1,597 | | | Corporate | (32) | | (122) | | | (219) | | (297) | | | Consolidated | $ | 482 | | $ | 368 | | | $ | 1,431 | | $ | 1,300 | |
|
| Revenue from External Customers by Products and Services |
Supplemental product information is provided below for net sales to external customers: | | | | | | | | | | | | | | | | | | | | | | | Quarter ended | | Year-to-date period ended | | (millions) | | September 30,
2023 | October 1,
2022 | | September 30,
2023 | October 1,
2022 | | Snacks | | $ | 2,040 | | $ | 1,943 | | | $ | 6,114 | | $ | 5,635 | | | Cereal | | 1,368 | | 1,355 | | | 4,155 | | 3,978 | | | Frozen | | 281 | | 281 | | | 838 | | 829 | | | Noodles and other | | 250 | | 367 | | | 926 | | 1,040 | | | Consolidated | | $ | 3,939 | | $ | 3,946 | | | $ | 12,033 | | $ | 11,482 | |
|
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v3.23.3
Supplemental Financial Statement Data (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Supplemental Financial Data Consolidated Balance Sheet [Table Text Block] |
| | | | | | | | | | Consolidated Balance Sheet | | | | (millions) | September 30, 2023 (unaudited) | December 31, 2022 | | Trade receivables | $ | 1,657 | | $ | 1,449 | | | Allowance for credit losses | (16) | | (13) | | | Refundable income taxes | 23 | | 82 | | | Other receivables | 212 | | 218 | | | Accounts receivable, net | $ | 1,876 | | $ | 1,736 | | | Raw materials and supplies | $ | 399 | | $ | 426 | | | Finished goods and materials in process | 1,233 | | 1,342 | | | Inventories | $ | 1,632 | | $ | 1,768 | | | Intangible assets not subject to amortization | $ | 1,854 | | $ | 1,969 | | | Intangible assets subject to amortization, net | 211 | | 327 | | | Other intangibles, net | $ | 2,065 | | $ | 2,296 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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v3.23.3
Separation transaction (Details) - USD ($)
$ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Oct. 01, 2022 |
Sep. 30, 2023 |
Oct. 01, 2022 |
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
| Separation transaction related costs |
$ 56
|
|
$ 184
|
|
| COGS |
|
|
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
| Separation transaction related costs |
3
|
|
21
|
|
| Selling, General and Administrative Expenses |
|
|
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
| Separation transaction related costs |
$ 53
|
$ 18
|
$ 163
|
$ 22
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v3.23.3
Equity - Narrative (Details) - USD ($)
shares in Millions, $ in Millions |
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2023 |
Oct. 01, 2022 |
Sep. 30, 2023 |
Oct. 01, 2022 |
Dec. 31, 2022 |
| Equity, Class of Treasury Stock [Line Items] |
|
|
|
|
|
| Anti-dilutive potential common shares excluded from reconciliation |
6
|
2
|
4
|
4
|
|
| Common stock repurchased |
$ 0
|
|
$ 60
|
$ 300
|
|
| February 2020 Share Repurchase Program |
|
|
|
|
|
| Equity, Class of Treasury Stock [Line Items] |
|
|
|
|
|
| Common stock repurchased (in shares) |
|
|
|
5
|
|
| Common stock repurchased |
|
|
|
$ 300
|
|
| December 2022 Share Repurchase Program |
|
|
|
|
|
| Equity, Class of Treasury Stock [Line Items] |
|
|
|
|
|
| Stock repurchase program, authorized amount |
|
|
|
|
$ 1,500
|
| Common stock repurchased (in shares) |
1
|
|
1
|
|
|
| Common stock repurchased |
|
|
$ 60
|
|
|
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v3.23.3
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v3.23.3
Notes payable and long-term debt - Narrative (Details) - USD ($)
$ in Millions |
|
3 Months Ended |
9 Months Ended |
|
Mar. 01, 2023 |
Sep. 30, 2023 |
Apr. 01, 2023 |
Oct. 01, 2022 |
Sep. 30, 2023 |
Oct. 01, 2022 |
Dec. 31, 2022 |
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Notional amount of derivative |
|
$ 7,378
|
|
|
$ 7,378
|
|
$ 7,372
|
| Unrealized gain (loss) on cash flow hedges, pre-tax |
|
40
|
|
$ 62
|
37
|
$ 213
|
|
| Notes Payable, Current |
|
353
|
|
|
353
|
|
467
|
| Repayments of Long-term Debt |
|
|
|
|
227
|
33
|
|
| Long-term debt |
|
5,530
|
|
|
5,530
|
|
5,317
|
| Interest Expense, Debt |
|
83
|
|
39
|
245
|
149
|
|
| Current maturities of long-term debt |
|
1,193
|
|
|
$ 1,193
|
|
$ 780
|
| WK Kellogg Co |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Line of Credit Facility, Borrowing Capacity, Description |
|
|
|
|
Under the Credit Facility, WK Kellogg Co has the right at any time, subject to customary conditions, to request incremental term loans or an increase to the revolving credit facility in an aggregate principal amount of (i) up to the greater of (x) $250 million and (y) 100% of Consolidated EBITDA, as defined in the Credit Agreement, for the preceding four fiscal quarters of WK Kellogg Co. Any such addition of or increase in loans will be subject to certain customary conditions precedent and other provisions.
|
|
|
| Line of Credit | WK Kellogg Co |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Long-Term Line of Credit |
|
164
|
|
|
$ 164
|
|
|
| Debt Issuance Costs, Gross |
|
7
|
|
|
7
|
|
|
| Current maturities of long-term debt |
|
9
|
|
|
9
|
|
|
| Cash Flow Hedging | Interest expense |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Unrealized gain (loss) on cash flow hedges, pre-tax |
|
$ 14
|
|
$ 83
|
$ 85
|
$ 165
|
|
| Debt Instrument, Redemption, Period One |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed |
|
2.50%
|
|
|
|
|
|
| Debt Instrument, Redemption, Period Two | Line of Credit | WK Kellogg Co |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed |
|
5.00%
|
|
|
|
|
|
| Debt Instrument, Redemption, Period Three | Line of Credit | WK Kellogg Co |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed |
|
5.00%
|
|
|
|
|
|
| Debt Instrument, Redemption, Period Four | Line of Credit | WK Kellogg Co |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed |
|
7.50%
|
|
|
|
|
|
| Debt Instrument, Redemption, Period Five | Line of Credit | WK Kellogg Co |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed |
|
10.00%
|
|
|
|
|
|
| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Line of Credit | WK Kellogg Co |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Debt Instrument, Interest Rate, Stated Percentage |
|
1.75%
|
|
|
1.75%
|
|
|
| Base Rate | Line of Credit | WK Kellogg Co |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Debt Instrument, Interest Rate, Stated Percentage |
|
0.75%
|
|
|
0.75%
|
|
|
| 5.25% 10-year U.S. Dollar Notes Due 2033 |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Debt Instrument, Face Amount |
$ 400
|
|
|
|
|
|
|
| Debt Instrument, Interest Rate, Stated Percentage |
5.25%
|
|
|
|
|
|
|
| Net proceeds after discount and underwriting commissions |
$ 396
|
|
|
|
|
|
|
| Notional amount of derivative |
$ 400
|
|
|
|
|
|
|
| Debt Instrument, Interest Rate, Effective Percentage |
3.06%
|
|
|
|
|
|
|
| 5.25% 10-year U.S. Dollar Notes Due 2033 | Cash Flow Hedging | Interest expense |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Unrealized gain (loss) on cash flow hedges, pre-tax |
|
|
$ 47
|
|
|
|
|
| Cumulative unrealized gain (loss) on cash flow hedge settlement, pre-tax |
|
|
$ 91
|
|
|
|
|
| 2.75% 10-year U.S. Dollar Notes Due 2023 |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Debt Instrument, Face Amount |
$ 210
|
|
|
|
|
|
|
| Debt Instrument, Interest Rate, Stated Percentage |
2.75%
|
|
|
|
|
|
|
| U.S. commercial paper |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Debt Instrument, Interest Rate, Effective Percentage |
|
5.44%
|
|
|
5.44%
|
|
4.46%
|
| Notes Payable, Current |
|
$ 0
|
|
|
$ 0
|
|
$ 330
|
| Bank borrowings |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Notes Payable, Current |
|
353
|
|
|
353
|
|
$ 137
|
| Other assets | Line of Credit | WK Kellogg Co |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Debt Issuance Costs, Gross |
|
2
|
|
|
2
|
|
|
| Loans | Line of Credit | WK Kellogg Co |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Debt Issuance Costs, Gross |
|
5
|
|
|
5
|
|
|
| Revolving Credit Facility | Line of Credit | WK Kellogg Co |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Long-Term Line of Credit |
|
350
|
|
|
350
|
|
|
| Term Loan | Line of Credit | WK Kellogg Co |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Long-term debt |
|
500
|
|
|
500
|
|
|
| Delayed Draw Term Loan [Member] | Line of Credit | WK Kellogg Co |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Line of Credit Facility, Maximum Borrowing Capacity |
|
250
|
|
|
250
|
|
|
| Long-term debt |
|
$ 250
|
|
|
$ 250
|
|
|
| Credit Agreement as a percentage of EBITDA |
|
100.00%
|
|
|
100.00%
|
|
|
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|
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|
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-Topic 835
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-Section 50
-Paragraph 1
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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| X |
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v3.23.3
Income Taxes - Narrative (Details) - USD ($)
$ in Millions |
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
|
Jul. 29, 2023 |
Sep. 30, 2023 |
Oct. 01, 2022 |
Sep. 30, 2023 |
Oct. 01, 2022 |
Jul. 01, 2023 |
Dec. 31, 2022 |
| Income Tax Contingency [Line Items] |
|
|
|
|
|
|
|
| Effective income tax rate |
|
28.00%
|
19.00%
|
24.00%
|
21.00%
|
|
|
| Income taxes |
|
$ 104
|
$ 74
|
$ 294
|
$ 283
|
|
|
| Unrecognized tax benefits |
|
34
|
|
34
|
|
|
|
| Projected additions to unrecognized tax benefits |
|
3
|
|
3
|
|
|
|
| Unrecognized tax benefits that would affect the effective income tax rate |
|
28
|
|
28
|
|
|
|
| Loss on Russia divestiture - other income/(expense) |
|
|
|
113
|
0
|
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
|
|
| Loss on Russia divestiture - other income/(expense) |
|
|
|
113
|
$ 0
|
|
|
| Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax |
|
(2,401)
|
|
(2,401)
|
|
|
$ (2,111)
|
| RUSSIAN FEDERATION | Europe |
|
|
|
|
|
|
|
| Income Tax Contingency [Line Items] |
|
|
|
|
|
|
|
| Loss on Russia divestiture - other income/(expense) |
$ (113)
|
(113)
|
|
|
|
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
|
|
| Loss on Russia divestiture - other income/(expense) |
$ (113)
|
(113)
|
|
|
|
|
|
| Other current liabilities |
|
|
|
|
|
|
|
| Income Tax Contingency [Line Items] |
|
|
|
|
|
|
|
| Unrecognized tax benefits |
|
11
|
|
11
|
|
|
|
| Tolaram Africa Foods Pte Ltd [Member] |
|
|
|
|
|
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
|
|
| Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax |
|
$ 129
|
|
$ 129
|
|
$ 113
|
|
| X |
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v3.23.3
Derivative Instruments and Fair Value Measurements - Narrative (Details) - USD ($)
$ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Oct. 01, 2022 |
Sep. 30, 2023 |
Oct. 01, 2022 |
| Derivative [Line Items] |
|
|
|
|
| Net deferred losses reported in AOCI to be reclassified into income in the next twelve months |
|
|
$ (10)
|
|
| Gain (loss) recognized in AOCI |
$ 111
|
$ 260
|
17
|
$ 616
|
| Unrealized gain (loss) on cash flow hedges, pre-tax |
40
|
62
|
37
|
213
|
| Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure |
|
|
43
|
|
| Reclassification to net income, pre-tax |
(2)
|
14
|
(7)
|
6
|
| Net Investment Hedging |
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
| Gain (loss) recognized in AOCI |
111
|
260
|
17
|
616
|
| Cross currency interest rate contract | Net Investment Hedging |
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
| Gain (loss) recognized in AOCI |
12
|
|
29
|
37
|
| Accounts Receivable, Net | Exchange-traded commodity |
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
| Margin deposits |
22
|
|
22
|
|
| Interest expense | Cash Flow Hedging |
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
| Unrealized gain (loss) on cash flow hedges, pre-tax |
14
|
83
|
85
|
165
|
| Reclassification to net income, pre-tax |
|
18
|
|
|
| Interest expense | Cross currency interest rate contract | Net Investment Hedging |
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
| Gain (loss) recognized in AOCI |
$ 67
|
$ 123
|
$ 7
|
$ 277
|
| X |
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-Section S99
-Paragraph 1
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-Topic 220
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.3
Derivative Instruments and Fair Value Measurements - Schedule of Total Notional Amounts of Derivative Instruments (Details) - USD ($)
$ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Derivatives, Fair Value [Line Items] |
|
|
| Notional amount of derivative |
$ 7,378
|
$ 7,372
|
| Foreign currency exchange contracts |
|
|
| Derivatives, Fair Value [Line Items] |
|
|
| Notional amount of derivative |
2,826
|
2,502
|
| Cross currency interest rate contract |
|
|
| Derivatives, Fair Value [Line Items] |
|
|
| Notional amount of derivative |
1,925
|
1,983
|
| Interest rate contracts |
|
|
| Derivatives, Fair Value [Line Items] |
|
|
| Notional amount of derivative |
2,251
|
2,657
|
| Commodity contracts |
|
|
| Derivatives, Fair Value [Line Items] |
|
|
| Notional amount of derivative |
$ 376
|
$ 230
|
| X |
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-Topic 815
-SubTopic 10
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-Section 50
-Paragraph 1B
-Publisher FASB
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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v3.23.3
Derivative Instruments and Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Derivatives, Fair Value [Line Items] |
|
|
|
| Fair Value Of Related Hedge Portion Of Long Term Debt |
|
$ 1,000
|
$ 1,100
|
| Long-term debt total, carrying value |
|
5,500
|
5,300
|
| Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Assets |
|
125
|
194
|
| Liabilities |
|
(78)
|
(86)
|
| Not Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Assets |
|
87
|
110
|
| Liabilities |
|
(89)
|
(86)
|
| Level 1 | Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Assets |
|
0
|
0
|
| Liabilities |
|
0
|
0
|
| Level 1 | Not Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Assets |
|
4
|
4
|
| Liabilities |
|
(12)
|
(2)
|
| Level 2 | Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Assets |
|
125
|
194
|
| Liabilities |
|
(78)
|
(86)
|
| Level 2 | Not Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Assets |
|
83
|
106
|
| Liabilities |
|
(77)
|
(84)
|
| Cross currency interest rate contract | Other current assets | Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Assets |
|
77
|
88
|
| Cross currency interest rate contract | Other current assets | Level 1 | Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Assets |
|
0
|
0
|
| Cross currency interest rate contract | Other current assets | Level 2 | Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Assets |
|
77
|
88
|
| Cross currency interest rate contract | Other assets | Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Assets |
|
25
|
36
|
| Cross currency interest rate contract | Other assets | Level 1 | Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Assets |
|
0
|
0
|
| Cross currency interest rate contract | Other assets | Level 2 | Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Assets |
|
25
|
36
|
| Cross currency interest rate contract | Other current liabilities | Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Liabilities |
|
0
|
0
|
| Cross currency interest rate contract | Other current liabilities | Level 1 | Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Liabilities |
|
0
|
0
|
| Cross currency interest rate contract | Other current liabilities | Level 2 | Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Liabilities |
|
0
|
0
|
| Cross currency interest rate contract | Other liabilities | Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Liabilities |
|
0
|
0
|
| Cross currency interest rate contract | Other liabilities | Level 1 | Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Liabilities |
|
0
|
0
|
| Cross currency interest rate contract | Other liabilities | Level 2 | Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Liabilities |
|
0
|
0
|
| Foreign currency exchange contracts | Other current assets | Not Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Assets |
|
56
|
74
|
| Foreign currency exchange contracts | Other current assets | Level 1 | Not Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Assets |
|
0
|
0
|
| Foreign currency exchange contracts | Other current assets | Level 2 | Not Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Assets |
|
56
|
74
|
| Foreign currency exchange contracts | Other assets | Not Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Assets |
|
7
|
14
|
| Foreign currency exchange contracts | Other assets | Level 1 | Not Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Assets |
|
0
|
0
|
| Foreign currency exchange contracts | Other assets | Level 2 | Not Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Assets |
|
7
|
14
|
| Foreign currency exchange contracts | Other current liabilities | Not Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Liabilities |
|
(49)
|
(50)
|
| Foreign currency exchange contracts | Other current liabilities | Level 1 | Not Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Liabilities |
|
0
|
0
|
| Foreign currency exchange contracts | Other current liabilities | Level 2 | Not Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Liabilities |
|
(49)
|
(50)
|
| Foreign currency exchange contracts | Other liabilities | Not Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Liabilities |
|
(3)
|
(9)
|
| Foreign currency exchange contracts | Other liabilities | Level 1 | Not Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Liabilities |
|
0
|
0
|
| Foreign currency exchange contracts | Other liabilities | Level 2 | Not Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Liabilities |
|
(3)
|
(9)
|
| Interest rate contracts | Other current assets | Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Assets |
|
23
|
45
|
| Interest rate contracts | Other current assets | Not Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Assets |
|
9
|
4
|
| Interest rate contracts | Other current assets | Level 1 | Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Assets |
|
0
|
0
|
| Interest rate contracts | Other current assets | Level 1 | Not Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Assets |
|
0
|
0
|
| Interest rate contracts | Other current assets | Level 2 | Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Assets |
|
23
|
45
|
| Interest rate contracts | Other current assets | Level 2 | Not Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Assets |
|
9
|
4
|
| Interest rate contracts | Other assets | Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Assets |
|
0
|
25
|
| Interest rate contracts | Other assets | Not Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Assets |
|
11
|
14
|
| Interest rate contracts | Other assets | Level 1 | Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Assets |
|
0
|
0
|
| Interest rate contracts | Other assets | Level 1 | Not Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Assets |
|
0
|
0
|
| Interest rate contracts | Other assets | Level 2 | Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Assets |
|
0
|
25
|
| Interest rate contracts | Other assets | Level 2 | Not Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Assets |
|
11
|
14
|
| Interest rate contracts | Other current liabilities | Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Liabilities |
|
(16)
|
0
|
| Interest rate contracts | Other current liabilities | Not Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Liabilities |
|
(11)
|
(7)
|
| Interest rate contracts | Other current liabilities | Level 1 | Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Liabilities |
|
0
|
0
|
| Interest rate contracts | Other current liabilities | Level 1 | Not Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Liabilities |
|
0
|
0
|
| Interest rate contracts | Other current liabilities | Level 2 | Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Liabilities |
[1] |
(16)
|
0
|
| Interest rate contracts | Other current liabilities | Level 2 | Not Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Liabilities |
|
(11)
|
(7)
|
| Interest rate contracts | Other liabilities | Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Liabilities |
|
(62)
|
(86)
|
| Interest rate contracts | Other liabilities | Not Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Liabilities |
|
(14)
|
(18)
|
| Interest rate contracts | Other liabilities | Level 1 | Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Liabilities |
|
0
|
0
|
| Interest rate contracts | Other liabilities | Level 1 | Not Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Liabilities |
|
0
|
0
|
| Interest rate contracts | Other liabilities | Level 2 | Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Liabilities |
[1] |
(62)
|
(86)
|
| Interest rate contracts | Other liabilities | Level 2 | Not Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Liabilities |
|
(14)
|
(18)
|
| Commodity contracts | Other current assets | Not Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Assets |
|
4
|
4
|
| Commodity contracts | Other current assets | Level 1 | Not Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Assets |
|
4
|
4
|
| Commodity contracts | Other current assets | Level 2 | Not Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Assets |
|
0
|
0
|
| Commodity contracts | Other current liabilities | Not Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Liabilities |
|
(12)
|
(2)
|
| Commodity contracts | Other current liabilities | Level 1 | Not Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Liabilities |
|
(12)
|
(2)
|
| Commodity contracts | Other current liabilities | Level 2 | Not Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Liabilities |
|
0
|
0
|
| Net Investment Hedging |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Long-term debt total, carrying value |
|
$ 1,600
|
$ 1,600
|
|
|
| X |
- DefinitionFair value, before effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets elected not to be offset. Excludes assets not subject to a master netting arrangement. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 22
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483466/210-20-50-3
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483444/210-20-55-7
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Subparagraph (a),(c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (c)(2)
-SubTopic 20
-Topic 860
-Publisher FASB
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
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-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
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-Subparagraph (b)(3)
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v3.23.3
Derivative Instruments and Fair Value Measurements - Schedule of Cumulative Basis Adjustments for Fair Value Hedges (Details) - USD ($)
$ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Derivatives, Fair Value [Line Items] |
|
|
|
| Current maturities of long-term debt |
|
$ 1,193
|
$ 780
|
| Long-term debt |
|
5,530
|
5,317
|
| Carrying amount of hedged liability | Fair Value Hedges | Interest rate contracts | Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Current maturities of long-term debt |
|
897
|
483
|
| Long-term debt |
|
1,623
|
2,250
|
| Cumulative fair value adjustment | Fair Value Hedges | Interest rate contracts | Designated as Hedging Instrument |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Current maturities of long-term debt |
[1] |
3
|
(3)
|
| Long-term debt |
[1] |
(59)
|
(74)
|
| Hedging adjustment | Discontinued Hedges | Interest rate contracts |
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
| Current maturities of long-term debt |
|
3
|
(3)
|
| Long-term debt |
|
$ 3
|
$ 13
|
|
|
| X |
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(20))
-Publisher FASB
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-Publisher FASB
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| Balance Type: |
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| Period Type: |
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v3.23.3
Derivative Instruments and Fair Value Measurements - Schedule of Offsetting Assets and Liabilities (Details) - USD ($)
$ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Offsetting [Abstract] |
|
|
| Asset derivatives, Amounts Presented in the Consolidated Balance Sheet |
$ 212
|
$ 304
|
| Asset derivatives, Financial Instruments, Gross Amounts Not Offset in the Consolidated Balance Sheet |
(138)
|
(153)
|
| Asset derivatives, Cash Collateral Posted, Gross Amounts Not Offset in the Consolidated Balance Sheet |
25
|
(33)
|
| Asset derivatives, Net Amount |
99
|
118
|
| Liability derivatives, Amounts Presented in the Consolidated Balance Sheet |
(167)
|
(172)
|
| Liability derivatives, Financial Instruments, Gross Amounts Not Offset in the Consolidated Balance Sheet |
138
|
153
|
| Liability derivatives, Cash Collateral Received, Gross Amounts Not Offset in the Consolidated Balance Sheet |
29
|
19
|
| Liability derivatives, net amount |
$ 0
|
$ 0
|
| X |
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v3.23.3
Derivative Instruments and Fair Value Measurements - Effect of Derivative Instruments on the Consolidated Statements of Income and Comprehensive Income (Details) - USD ($)
$ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Oct. 01, 2022 |
Sep. 30, 2023 |
Oct. 01, 2022 |
| Derivative Instruments, Gain (Loss) [Line Items] |
|
|
|
|
| Gain (loss) recognized in AOCI |
$ 111
|
$ 260
|
$ 17
|
$ 616
|
| Not Designated as Hedging Instrument |
|
|
|
|
| Derivative Instruments, Gain (Loss) [Line Items] |
|
|
|
|
| Gain (loss) recognized in income |
(12)
|
8
|
(104)
|
60
|
| Not Designated as Hedging Instrument | Foreign currency exchange contracts | COGS |
|
|
|
|
| Derivative Instruments, Gain (Loss) [Line Items] |
|
|
|
|
| Gain (loss) recognized in income |
10
|
14
|
(4)
|
34
|
| Not Designated as Hedging Instrument | Foreign currency exchange contracts | Selling, General and Administrative Expenses |
|
|
|
|
| Derivative Instruments, Gain (Loss) [Line Items] |
|
|
|
|
| Gain (loss) recognized in income |
1
|
3
|
(4)
|
8
|
| Not Designated as Hedging Instrument | Foreign currency exchange contracts | Interest expense |
|
|
|
|
| Derivative Instruments, Gain (Loss) [Line Items] |
|
|
|
|
| Gain (loss) recognized in income |
0
|
1
|
0
|
3
|
| Not Designated as Hedging Instrument | Foreign currency exchange contracts | Other income (expense), net |
|
|
|
|
| Derivative Instruments, Gain (Loss) [Line Items] |
|
|
|
|
| Gain (loss) recognized in income |
(1)
|
(9)
|
(11)
|
(18)
|
| Not Designated as Hedging Instrument | Commodity contracts | COGS |
|
|
|
|
| Derivative Instruments, Gain (Loss) [Line Items] |
|
|
|
|
| Gain (loss) recognized in income |
(22)
|
(1)
|
(85)
|
33
|
| Net Investment Hedging |
|
|
|
|
| Derivative Instruments, Gain (Loss) [Line Items] |
|
|
|
|
| Gain (loss) recognized in AOCI |
111
|
260
|
17
|
616
|
| Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net |
14
|
11
|
42
|
28
|
| Net Investment Hedging | Foreign currency denominated long-term debt |
|
|
|
|
| Derivative Instruments, Gain (Loss) [Line Items] |
|
|
|
|
| Gain (loss) recognized in AOCI |
44
|
137
|
10
|
339
|
| Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net |
0
|
0
|
0
|
0
|
| Net Investment Hedging | Cross currency interest rate contract |
|
|
|
|
| Derivative Instruments, Gain (Loss) [Line Items] |
|
|
|
|
| Gain (loss) recognized in AOCI |
12
|
|
29
|
37
|
| Net Investment Hedging | Cross currency interest rate contract | Interest expense |
|
|
|
|
| Derivative Instruments, Gain (Loss) [Line Items] |
|
|
|
|
| Gain (loss) recognized in AOCI |
67
|
123
|
7
|
277
|
| Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net |
$ 14
|
$ 11
|
$ 42
|
$ 28
|
| X |
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v3.23.3
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.3
Reportable Segments (Details)
$ in Millions |
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2023
USD ($)
|
Oct. 01, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
|
Oct. 01, 2022
USD ($)
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Number of operating segments |
|
|
4
|
|
| Net sales |
$ 3,939
|
$ 3,946
|
$ 12,033
|
$ 11,482
|
| Operating profit |
482
|
368
|
1,431
|
1,300
|
| Operating Segments |
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Net sales |
3,940
|
3,949
|
12,035
|
11,488
|
| Operating profit |
514
|
490
|
1,650
|
1,597
|
| Operating Segments | North America |
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Net sales |
2,329
|
2,338
|
7,042
|
6,696
|
| Operating profit |
312
|
322
|
1,048
|
1,043
|
| Operating Segments | Europe |
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Net sales |
616
|
562
|
1,888
|
1,749
|
| Operating profit |
97
|
75
|
293
|
280
|
| Operating Segments | Latin America |
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Net sales |
338
|
282
|
966
|
826
|
| Operating profit |
42
|
29
|
105
|
82
|
| Operating Segments | AMEA |
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Net sales |
657
|
767
|
2,139
|
2,217
|
| Operating profit |
63
|
64
|
204
|
192
|
| Corporate |
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Net sales |
(1)
|
(3)
|
(2)
|
(6)
|
| Operating profit |
$ (32)
|
$ (122)
|
$ (219)
|
$ (297)
|
| X |
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| Period Type: |
|
|
v3.23.3
Reportable Segments Supplemental Product Information (Details) - USD ($)
$ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Oct. 01, 2022 |
Sep. 30, 2023 |
Oct. 01, 2022 |
| Segment Reporting Information [Line Items] |
|
|
|
|
| Net sales |
$ 3,939
|
$ 3,946
|
$ 12,033
|
$ 11,482
|
| Snacks |
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Net sales |
2,040
|
1,943
|
6,114
|
5,635
|
| Cereal |
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Net sales |
1,368
|
1,355
|
4,155
|
3,978
|
| Frozen |
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Net sales |
281
|
281
|
838
|
829
|
| Noodles and other |
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Net sales |
$ 250
|
$ 367
|
$ 926
|
$ 1,040
|
| X |
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v3.23.3
Supplemental Financial Statement Data - Consolidated Balance Sheet (Unaudited) (Details) - USD ($)
$ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
| Trade receivables |
$ 1,657
|
$ 1,449
|
| Allowance for credit losses |
(16)
|
(13)
|
| Refundable income taxes |
23
|
82
|
| Other receivables |
212
|
218
|
| Accounts receivable, net |
1,876
|
1,736
|
| Raw materials and supplies |
399
|
426
|
| Finished goods and materials in process |
1,233
|
1,342
|
| Inventories |
1,632
|
1,768
|
| Intangible assets not subject to amortization |
1,854
|
1,969
|
| Intangible assets subject to amortization, net |
211
|
327
|
| Other intangibles, net |
$ 2,065
|
$ 2,296
|
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