Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Statement of Comprehensive Income
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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Kellanova, common-size consolidated balance sheet: liabilities and stockholders’ equity (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).
- Current liabilities trends
- Current liabilities as a percentage of total liabilities and equity exhibit some volatility between 2019 and 2024, ranging roughly from 25% to 36%. Notably, there is a gradual upward trend starting in late 2021 through early 2024, peaking above 36% in March 2024 before declining slightly. Among components, accounts payable steadily increase from approximately 13% in 2019 to nearly 15% by mid-2024, reflecting a consistent rise. Accrued advertising and promotion liabilities start appearing from late 2019 and show a moderate upward trajectory, stabilizing around 4.5% to 5% in recent periods. Accrued salaries and wages appear from late 2021, increasing to around 1.3%-1.8% with some fluctuations. Notes payable and current maturities of long-term debt fluctuate without a clear trend but contribute variably within single-digit percentages.
- Non-current liabilities developments
- The proportion of non-current liabilities has gradually decreased from above 56% in early 2019 to approximately 42%-46% during 2022 through 2024, indicating a structural shift in the composition of liabilities. Long-term debt (excluding current maturities) declines significantly from around 44% in early 2019 to below 30% in 2022 and ranges between 28% and 33% subsequently, suggesting the company is reducing its long-term debt burden relative to total liabilities and equity. Non-current operating lease liabilities see a mild increase, rising from under 2% in early 2019 to about 3.3%-3.5% by 2024. Other non-current liabilities and pension liabilities remain fairly stable, showing minor variations around 2%-4%, and deferred income taxes hold steady near 3%-4%.
- Equity trends
- Total equity as a percentage of total liabilities and equity rose steadily from below 17% in early 2019 to above 24% in late 2022, before receding toward the low 20% range by mid-2024. Common stock and capital in excess of par value remain relatively stable, with capital in excess of par value increasing modestly, peaking over 7% in 2023–2024. Retained earnings substantially increase over the period, from around 42% in early 2019 to a peak near 59% by mid-2024, indicating the accumulation of profits or reserves. Treasury stock shows increasing negative values, especially pronounced after 2021, deepening the negative equity impact to around -30% by 2024, suggesting significant repurchases or holdings of treasury shares. Accumulated other comprehensive losses deepen over time, from about -8% to over -14%, reflecting increasing unrealized losses or adjustments.
- Overall capital structure and balance composition
- The overall total liabilities as a percentage of total liabilities and equity show a declining trend from above 83% in 2019 to around 77% in 2024, signaling a gradual reduction in leverage. Correspondingly, total equity proportion increases until 2022 before slightly pulling back. The declining long-term debt coupled with rising retained earnings suggests a cautious deleveraging approach with retained earnings strengthening equity. The rise in current liabilities in recent years indicates a possible shift towards more short-term obligations. Noncontrolling interests decline markedly from about 3% to under 1%, indicating reduced minority interests or subsidiaries' stake in the equity base.