Stock Analysis on Net
Stock Analysis on Net

Kellanova (NYSE:K)

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

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

Kellanova, common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 30, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 28, 2019
Current maturities of long-term debt 4.24 4.22 3.92 3.48 3.53
Notes payable 0.77 2.52 0.75 0.57 0.61
Accounts payable 14.81 16.07 14.15 13.73 13.59
Current operating lease liabilities 0.77 0.65 0.64 0.65 0.65
Accrued advertising and promotion 4.90 4.14 3.93 4.31 3.65
Accrued salaries and wages 1.78 2.00 1.65 2.10 1.65
Accrued income taxes 0.36 0.26 0.27 0.32 0.24
Customer deposits 0.54 0.81 0.76 0.00 0.00
Other current liabilities 4.19 3.64 3.17 3.94 3.29
Other current liabilities 5.10% 4.71% 4.20% 4.26% 3.52%
Current liabilities 32.39% 34.33% 29.24% 29.11% 27.20%
Long-term debt, excluding current maturities 32.58 28.75 34.45 37.49 40.96
Non-current operating lease liabilities 3.41 2.63 2.76 2.89 2.47
Deferred income taxes 3.18 4.11 3.97 3.12 3.39
Pension liability 3.92 3.83 3.88 4.27 4.01
Income taxes payable 0.26 0.20 0.22 0.31 0.46
Nonpension postretirement benefits 0.14 0.12 0.18 0.19 0.19
Other 2.55 2.38 2.11 2.42 2.44
Other liabilities 2.95% 2.70% 2.51% 2.92% 3.09%
Non-current liabilities 46.04% 42.02% 47.57% 50.69% 53.93%
Total liabilities 78.43% 76.35% 76.81% 79.80% 81.13%
Common stock, $0.25 par value 0.67 0.57 0.58 0.58 0.60
Capital in excess of par value 7.05 5.77 5.63 5.40 5.24
Retained earnings 56.36 49.72 49.66 46.27 44.74
Treasury stock, at cost -30.69 -25.52 -25.94 -25.33 -26.70
Accumulated other comprehensive loss -13.07 -9.23 -9.47 -9.62 -8.24
Total Kellanova equity 20.33% 21.31% 20.46% 17.29% 15.64%
Noncontrolling interests 1.24 2.35 2.72 2.91 3.23
Total equity 21.57% 23.65% 23.19% 20.20% 18.87%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00%

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).

Current liabilities
Current liabilities as a percentage of total liabilities and equity increased from 27.20% in 2019 to a peak of 34.33% in 2022, before slightly decreasing to 32.39% in 2023. This upward trend was primarily driven by increases in accounts payable and accrued advertising and promotion. Accounts payable rose from 13.59% in 2019 to a high of 16.07% in 2022, then declined to 14.81% in 2023. Similarly, accrued advertising and promotion increased steadily, reaching 4.90% in 2023.
Short-term debt components
Current maturities of long-term debt showed a gradual increase from 3.53% in 2019 to 4.24% in 2023. Notes payable displayed more variability, rising sharply to 2.52% in 2022 from under 1% in previous years, before settling back near 0.77% in 2023. This suggests some temporary increased reliance on short-term borrowings around 2022.
Accrued expenses and other current liabilities
Accrued salaries and wages fluctuated, increasing from 1.65% in 2019 to 2.10% in 2020, then declining to 1.78% in 2023. Other current liabilities demonstrated a gradual increase overall, with values around 3.3-5.1%, indicating a rising commitment to miscellaneous short-term obligations. Similar growth is observed in other current liabilities subcategories, reinforcing this trend.
Non-current liabilities
Non-current liabilities declined steadily from 53.93% in 2019 to 42.02% in 2022, before recovering to 46.04% in 2023. A significant driver was the reduction in long-term debt (excluding current maturities), which dropped from 40.96% in 2019 to a low of 28.75% in 2022 but increased again to 32.58% in 2023. Non-current operating lease liabilities declined modestly between 2019 and 2022, then increased noticeably to 3.41% in 2023. Deferred income taxes and pension liabilities remained relatively stable with minor fluctuations.
Total liabilities
Total liabilities as a percentage of total liabilities and equity decreased from 81.13% in 2019 to 76.35% in 2022, but then rose to 78.43% in 2023. This pattern reflects the movements in both current and non-current liabilities, showing a general effort to manage and somewhat reduce liabilities over the period with a slight reversal in the latest year.
Equity composition
Total equity increased from 18.87% in 2019 to a peak of 23.65% in 2022, before falling slightly to 21.57% in 2023. Within equity, retained earnings showed a consistent and significant increase, growing from 44.74% in 2019 to 56.36% in 2023 (as a percentage of total liabilities and equity), indicating accumulation of profits over time. Capital in excess of par value rose steadily from 5.24% to 7.05%, and common stock remained relatively stable around 0.6%. Treasury stock increased in negative magnitude, indicating rising cost of repurchased shares, from -26.70% to -30.69%. Accumulated other comprehensive loss deepened notably from -8.24% to -13.07%, suggesting growing unrealized losses or adjustments outside net income.
Noncontrolling interests
Noncontrolling interests steadily decreased from 3.23% in 2019 to 1.24% in 2023, suggesting diminishing minority ownership stake in the consolidated entity.
Overall trends
The data exhibit a gradual shift with liabilities reducing as a portion of total financing until 2022 followed by a slight rebound in 2023. The company appears to have strengthened equity, notably through retained earnings and additional paid-in capital, while increasing treasury stock repurchases and absorbing greater comprehensive losses. The uptick in current liabilities, especially accounts payable and accrued expenses, in recent years may indicate operational changes or liquidity management adjustments. Long-term debt reduction followed by a partial increase reflects active debt management over the period.