Analysis of Inventory
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- Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- 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
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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Inventory Disclosure
Kellanova, balance sheet: inventory
US$ in millions
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Raw materials, spare parts, and supplies | |||||||||||
| Finished goods and materials in process | |||||||||||
| Inventories |
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 financial data reveals several notable trends in the inventory components over the five-year period.
- Raw materials, spare parts, and supplies
- This category displayed a general upward trend from 2019 to 2022, increasing from 303 million US dollars to a peak of 426 million US dollars. However, there was a significant decline in 2023, bringing the value back down to the initial 303 million US dollars, indicating a reduction in raw material holdings at the end of the latest period.
- Finished goods and materials in process
- This item consistently increased from 923 million US dollars in 2019 to a peak of 1342 million US dollars in 2022. In 2023, it dropped sharply to 940 million US dollars, almost reverting to the 2020 level. This considerable decline in 2023 suggests a reduction in inventory of goods not yet sold or completed.
- Inventories (total)
- Total inventories followed a similar pattern, rising steadily from 1226 million US dollars in 2019 to 1768 million US dollars in 2022, reflecting an accumulation of inventory assets. The sharp decrease to 1243 million US dollars in 2023 implies a notable inventory drawdown or write-down during that year.
Overall, the data indicates a steady accumulation of inventories through 2022, followed by a pronounced contraction in 2023 across all inventory components. This reversal may reflect changes in procurement strategy, production adjustments, sales fluctuations, or inventory management policies. The reversion of raw materials and finished goods inventories to near 2019-2020 levels could suggest efforts to optimize inventory levels or respond to market conditions.