Analysis of Debt
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- Income Statement
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- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
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- Price to Operating Profit (P/OP) since 2005
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Total Debt (Carrying Amount)
Kellanova, balance sheet: debt
US$ in millions
Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-28).
The analysis of the reported debt data reveals several key trends over the observed period from 2019 to 2023.
- Current Maturities of Long-Term Debt
- The current maturities of long-term debt showed a general upward trend from 620 million US dollars in 2019 to a peak of 780 million US dollars in 2022. However, there was a decline to 663 million US dollars in 2023. This indicates variability in the short-term portions of long-term obligations, with a notable reduction in the most recent year.
- Notes Payable
- Notes payable exhibited fluctuations across the years, with values mostly ranging between 100 and 140 million US dollars. A significant spike to 467 million US dollars occurred in 2022, followed by a sharp decrease to 121 million US dollars in 2023. This suggests an unusual increase in short-term borrowing or refinancing activity in 2022 that was largely reversed the following year.
- Long-Term Debt, Excluding Current Maturities
- The long-term debt excluding current maturities consistently decreased year over year, starting from 7,195 million US dollars in 2019 down to 5,089 million US dollars in 2023. This steady decline reflects a strategic reduction in long-term obligations, potentially improving the debt structure or lowering financial leverage.
- Total Notes Payable and Long-Term Debt (Carrying Amount)
- The total carrying amount of notes payable and long-term debt mirrored the downward trend observed in long-term debt. It decreased from 7,922 million US dollars in 2019 to 5,873 million US dollars in 2023. This reduction indicates an overall deleveraging effort, with total debt levels being systematically lowered over the five-year period.
In summary, the data underscores a comprehensive reduction in total and long-term debt, paired with notable fluctuations in short-term liabilities, especially notes payable. The pronounced increase and subsequent decrease in notes payable around 2022 may reflect specific financing or refinancing actions undertaken during that period. Overall, the debt profile suggests a focus on lowering leverage and managing maturity profiles effectively.
Total Debt (Fair Value)
| Dec 30, 2023 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Notes payable | |
| Current maturities of long-term debt | |
| Long-term debt, excluding current maturities | |
| Total notes payable and long-term debt (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2023-12-30).
Weighted-average Interest Rate on Debt
Weighted-average effective interest rate on Notes:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2023-12-30).
1 US$ in millions
2 Weighted-average interest rate = 100 × ÷ =