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

Microsoft Excel
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).

The capital structure of the organization is characterized by a high reliance on liabilities, which consistently represent between 76% and 81% of total assets and equity from 2019 to 2023. While there was a general decline in total liabilities from 81.13% in 2019 to a low of 76.35% in 2022, a slight reversal occurred in 2023, with total liabilities rising to 78.43%.

Current Liability Trends
An upward trend in current liabilities is observed, increasing from 27.20% in 2019 to 32.39% in 2023. This growth is primarily driven by accounts payable, which peaked at 16.07% in 2022 before settling at 14.81% in 2023. Other notable increases are seen in accrued advertising and promotion, which rose from 3.65% to 4.90% over the five-year period, suggesting an increased allocation of resources toward marketing efforts relative to the balance sheet size.
Non-Current Liability and Debt Management
A significant reduction in long-term debt is evident, dropping from 40.96% in 2019 to 28.75% in 2022, before increasing slightly to 32.58% in 2023. This indicates a strategic shift or a period of debt repayment prior to the 2023 uptick. Non-current liabilities overall declined from 53.93% in 2019 to 46.04% in 2023, reflecting a general contraction in long-term obligations.
Equity Composition and Shareholder Value
Total equity exhibited a growth trend from 18.87% in 2019 to a peak of 23.65% in 2022, ending at 21.57% in 2023. This growth is largely supported by a steady increase in retained earnings, which rose from 44.74% to 56.36%. However, this accumulation is offset by aggressive treasury stock acquisitions, with the negative impact increasing from -26.70% in 2019 to -30.69% in 2023, indicating substantial share buyback activity.
Comprehensive Loss and Other Factors
Accumulated other comprehensive loss has trended negatively, widening from -8.24% in 2019 to -13.07% in 2023. This suggests increasing unrealized losses or currency translation adjustments impacting the equity base. Additionally, noncontrolling interests have steadily diminished from 3.23% in 2019 to 1.24% in 2023, indicating a consolidation of ownership or divestment of minority interests.

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