Common-Size Balance Sheet: Assets
Quarterly Data
Kellanova, common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30).
The asset composition of the company is characterized by a heavy concentration in non-current assets, particularly intangible assets, with a gradual shift toward a higher proportion of current assets over the analyzed period. While total assets are consistently balanced at 100%, the internal distribution reveals evolving operational priorities and asset valuations.
- Current Asset Trends
- Current assets have shown a general increase in their relative weight, moving from approximately 18.27% in early 2019 to 22.68% by June 2024. This growth is primarily driven by accounts receivable and inventories. Accounts receivable, net, demonstrated a consistent upward trajectory, rising from 8.84% to 10.81%, suggesting a greater proportion of capital is tied up in credit extensions. Inventories also saw a general increase, peaking at 9.56% in December 2022 before stabilizing around 7.75% in mid-2024. Cash and cash equivalents remained relatively low and volatile, with significant temporary spikes in September 2020 (7.02%) and September 2023 (5.88%), likely reflecting short-term liquidity management or specific funding events.
- Intangible Asset Analysis
- Intangible assets constitute the largest portion of the balance sheet. Goodwill has remained relatively stable, fluctuating between 29.40% and 33.09%, indicating that the company's acquired premiums have maintained a constant relative weight. In contrast, other net intangibles have undergone a steady decline, dropping from 18.14% in March 2019 to 11.79% in June 2024. This persistent downward trend is consistent with the systemic amortization of intangible assets over time.
- Non-Current Asset Composition
- Non-current assets as a percentage of total assets decreased from 81.73% in 2019 to 77.32% in 2024. Property, net, has remained remarkably stable, generally hovering around the 20% mark. Operating lease right-of-use assets saw a slight increase toward the end of the period, reaching 4.18% by June 2024. A notable reduction is observed in investments in unconsolidated entities, which fell from 2.22% to 0.70%, indicating a strategic divestment or a decrease in the relative value of these holdings.
- Overall Structural Shift
- The data indicates a structural transition where the company has reduced its reliance on non-current assets—specifically amortizable intangibles and unconsolidated investments—while increasing its current asset base. This shift suggests an increase in working capital requirements and a gradual reduction in the relative impact of historical acquisitions on the total asset base.
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