Stock Analysis on Net
Stock Analysis on Net

Kellanova (NYSE:K)

$22.49

This company has been moved to the archive! The financial data has not been updated since August 1, 2024.

Analysis of Income Taxes

Microsoft Excel

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Income Tax Expense (Benefit)

Kellanova, income tax expense (benefit), continuing operations

US$ in millions

Microsoft Excel
12 months ended: Dec 30, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 28, 2019
Federal
State
Foreign
Currently payable
Federal
State
Foreign
Deferred
Income taxes

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).

Effective Income Tax Rate (EITR)

Kellanova, effective income tax rate (EITR) reconciliation

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 28, 2019
U.S. statutory income tax rate
Foreign rates varying from U.S. statutory rate
State income taxes, net of federal benefit
Cost (benefit) of remitted and unremitted foreign earnings
Revaluation of investment in foreign subsidiary
Net change in valuation allowance
Statutory rate changes, deferred tax impact
U.S. deemed repatriation tax
Foreign derived intangible income
Divestiture
Out-of-period adjustment
Other
Effective income tax rate

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).

Components of Deferred Tax Assets and Liabilities

Kellanova, components of deferred tax assets and liabilities

US$ in millions

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 28, 2019
U.S. state income taxes
Advertising and promotion-related
Wages and payroll taxes
Inventory valuation
Employee benefits
Operating loss, credit and other carryforwards
Research and development capitalization
Hedging transactions
Operating lease liabilities
Deferred compensation
Stock options
Other
Deferred tax assets
Valuation allowance
Deferred tax assets, less valuation allowance
U.S. state income taxes
Hedging transactions
Depreciation and asset disposals
Operating lease right-of-use assets
Trademarks and other intangibles
Deferred tax liabilities
Net deferred tax asset (liability)

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).

Deferred Tax Assets and Liabilities, Classification

Kellanova, deferred tax assets and liabilities, classification

US$ in millions

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 28, 2019
Deferred tax assets
Deferred tax liabilities

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).

Adjustments to Financial Statements: Removal of Deferred Taxes

Kellanova, adjustments to financial statements

US$ in millions

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 28, 2019
Adjustment to Total Assets
Total assets (as reported)
Less: Noncurrent deferred tax assets, net
Total assets (adjusted)
Adjustment to Total Liabilities
Total liabilities (as reported)
Less: Noncurrent deferred tax liabilities, net
Total liabilities (adjusted)
Adjustment to Total Kellanova Equity
Total Kellanova equity (as reported)
Less: Net deferred tax assets (liabilities)
Total Kellanova equity (adjusted)
Adjustment to Net Income Attributable To Kellanova
Net income attributable to Kellanova (as reported)
Add: Deferred income tax expense (benefit)
Net income attributable to Kellanova (adjusted)

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).

Kellanova, Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Kellanova, adjusted financial ratios

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 28, 2019
Net Profit Margin
Reported net profit margin
Adjusted net profit margin
Total Asset Turnover
Reported total asset turnover
Adjusted total asset turnover
Financial Leverage
Reported financial leverage
Adjusted financial leverage
Return on Equity (ROE)
Reported ROE
Adjusted ROE
Return on Assets (ROA)
Reported ROA
Adjusted ROA

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).

Kellanova, Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 28, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Kellanova
Net sales
Profitability Ratio
Net profit margin1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Kellanova
Net sales
Profitability Ratio
Adjusted net profit margin2

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).

2023 Calculations

1 Net profit margin = 100 × Net income attributable to Kellanova ÷ Net sales
= 100 × ÷ =

2 Adjusted net profit margin = 100 × Adjusted net income attributable to Kellanova ÷ Net sales
= 100 × ÷ =

Adjusted Total Asset Turnover

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 28, 2019
As Reported
Selected Financial Data (US$ in millions)
Net sales
Total assets
Activity Ratio
Total asset turnover1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Net sales
Adjusted total assets
Activity Ratio
Adjusted total asset turnover2

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).

2023 Calculations

1 Total asset turnover = Net sales ÷ Total assets
= ÷ =

2 Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= ÷ =

Adjusted Financial Leverage

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 28, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets
Total Kellanova equity
Solvency Ratio
Financial leverage1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets
Adjusted total Kellanova equity
Solvency Ratio
Adjusted financial leverage2

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).

2023 Calculations

1 Financial leverage = Total assets ÷ Total Kellanova equity
= ÷ =

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Kellanova equity
= ÷ =

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 28, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Kellanova
Total Kellanova equity
Profitability Ratio
ROE1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Kellanova
Adjusted total Kellanova equity
Profitability Ratio
Adjusted ROE2

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).

2023 Calculations

1 ROE = 100 × Net income attributable to Kellanova ÷ Total Kellanova equity
= 100 × ÷ =

2 Adjusted ROE = 100 × Adjusted net income attributable to Kellanova ÷ Adjusted total Kellanova equity
= 100 × ÷ =

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 28, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Kellanova
Total assets
Profitability Ratio
ROA1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Kellanova
Adjusted total assets
Profitability Ratio
Adjusted ROA2

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).

2023 Calculations

1 ROA = 100 × Net income attributable to Kellanova ÷ Total assets
= 100 × ÷ =

2 Adjusted ROA = 100 × Adjusted net income attributable to Kellanova ÷ Adjusted total assets
= 100 × ÷ =