Name: Kellanova (NYSE:K) | Balance Sheet: Assets
Creator: Stock Analysis on Net

Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Assets: Selected Items

Download chart

Current Assets: Selected Items

Download chart

Kellanova, consolidated balance sheet: assets

US$ in millions

	Dec 30, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 28, 2019
Cash and cash equivalents	274)	299)	286)	435)	397)
Accounts receivable, net	1,568)	1,736)	1,489)	1,537)	1,576)
Inventories	1,243)	1,768)	1,398)	1,284)	1,226)
Other current assets	245)	383)	221)	226)	232)
Current assets	3,330)	4,186)	3,394)	3,482)	3,431)
Property, net	3,212)	3,789)	3,827)	3,713)	3,612)
Operating lease right-of-use assets	661)	617)	640)	658)	541)
Goodwill	5,160)	5,686)	5,771)	5,799)	5,861)
Other intangibles, net	1,930)	2,296)	2,409)	2,491)	2,576)
Investment in unconsolidated entities	184)	432)	424)	391)	404)
Pension	201)	320)	448)	324)	241)
Deferred income taxes	183)	190)	215)	254)	231)
Nonpension post retirement benefits	311)	437)	577)	369)	283)
Other	449)	543)	473)	515)	384)
Other assets	1,144)	1,490)	1,713)	1,462)	1,139)
Non-current assets	12,291)	14,310)	14,784)	14,514)	14,133)
Total assets	15,621)	18,496)	18,178)	17,996)	17,564)

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).

Total assets exhibited a period of relative stability and modest growth from 2019 through 2022, followed by a significant contraction in 2023. Total assets rose from 17,564 million USD in 2019 to a peak of 18,496 million USD in 2022, before declining to 15,621 million USD by the end of 2023. This overall trajectory indicates a strategic reduction in the asset base during the final year of the period analyzed.

Current Asset Volatility: Current assets remained largely range-bound between 3,330 million USD and 3,482 million USD, with a notable exception in 2022 when they peaked at 4,186 million USD. This spike was primarily driven by a surge in inventories, which reached 1,768 million USD in 2022 compared to an average of approximately 1,300 million USD in previous years. By 2023, inventories returned to historical norms of 1,243 million USD. Cash and cash equivalents demonstrated a consistent downward trend, decreasing from 397 million USD in 2019 to 274 million USD in 2023.
Intangible Asset Attrition: A persistent decline is observed in the valuation of intangible assets. Goodwill decreased steadily from 5,861 million USD in 2019 to 5,160 million USD in 2023. Similarly, other net intangibles saw a continuous reduction, falling from 2,576 million USD in 2019 to 1,930 million USD in 2023. These trends suggest ongoing amortization or periodic impairment charges affecting the company's non-physical asset base.
Non-Current Asset Contraction: Non-current assets, which comprise the bulk of the balance sheet, declined sharply in 2023 to 12,291 million USD from 14,310 million USD in 2022. This reduction is attributable to several factors: a decrease in net property from 3,789 million USD to 3,212 million USD, and a substantial drop in investments in unconsolidated entities, which fell from 432 million USD to 184 million USD. Pension and non-pension post-retirement benefit assets also saw declines in 2023 after peaking in 2021.
Asset Composition Shift: The proportional weight of the balance sheet has shifted toward a leaner structure. While current assets fluctuated, the significant reduction in non-current assets—particularly in property, goodwill, and intangibles—contributed to a total asset reduction of approximately 15.5% between 2022 and 2023. The stability of accounts receivable, which ended 2023 at 1,568 million USD, suggests that the contraction was not driven by a collapse in trade credit but rather by write-downs or divestments of long-term assets.

AI Ask an analyst for more

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.

How can I help you?