Name: Kellanova (NYSE:K) | Liabilities and Stockholders’ Equity
Creator: Stock Analysis on Net

Balance Sheet: Liabilities and Stockholders’ Equity

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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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Kellanova, consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Dec 30, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 28, 2019
Current maturities of long-term debt	663)	780)	712)	627)	620)
Notes payable	121)	467)	137)	102)	107)
Accounts payable	2,314)	2,973)	2,573)	2,471)	2,387)
Current operating lease liabilities	121)	121)	116)	117)	114)
Accrued advertising and promotion	766)	766)	714)	776)	641)
Accrued salaries and wages	278)	370)	300)	378)	290)
Accrued income taxes	57)	49)	49)	58)	42)
Customer deposits	85)	150)	138)	—)	—)
Other current liabilities	655)	673)	576)	709)	577)
Other current liabilities	797)	872)	763)	767)	619)
Current liabilities	5,060)	6,349)	5,315)	5,238)	4,778)
Long-term debt, excluding current maturities	5,089)	5,317)	6,262)	6,746)	7,195)
Non-current operating lease liabilities	532)	486)	502)	520)	433)
Deferred income taxes	497)	760)	722)	562)	596)
Pension liability	613)	709)	706)	769)	705)
Income taxes payable	40)	37)	40)	56)	81)
Nonpension postretirement benefits	22)	22)	32)	34)	33)
Other	399)	441)	384)	435)	429)
Other liabilities	461)	500)	456)	525)	543)
Non-current liabilities	7,192)	7,772)	8,648)	9,122)	9,472)
Total liabilities	12,252)	14,121)	13,963)	14,360)	14,250)
Common stock, $0.25 par value	105)	105)	105)	105)	105)
Capital in excess of par value	1,101)	1,068)	1,023)	972)	921)
Retained earnings	8,804)	9,197)	9,028)	8,326)	7,859)
Treasury stock, at cost	(4,794)	(4,721)	(4,715)	(4,559)	(4,690)
Accumulated other comprehensive loss	(2,041)	(1,708)	(1,721)	(1,732)	(1,448)
Total Kellanova equity	3,175)	3,941)	3,720)	3,112)	2,747)
Noncontrolling interests	194)	434)	495)	524)	567)
Total equity	3,369)	4,375)	4,215)	3,636)	3,314)
Total liabilities and equity	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).

The balance sheet exhibits a notable contraction in total liabilities and equity during the 2023 fiscal year, following a period of gradual growth between 2019 and 2022. Total liabilities and equity decreased from 18,496 million US$ in 2022 to 15,621 million US$ in 2023. This overall reduction is primarily driven by a simultaneous decrease in both total liabilities and total equity.

Liability Structure and Debt Trends: A consistent downward trajectory is observed in non-current liabilities, which declined from 9,472 million US$ in 2019 to 7,192 million US$ in 2023. This trend is largely attributable to the steady reduction in long-term debt, excluding current maturities, which fell from 7,195 million US$ to 5,089 million US$ over the five-year period. Current liabilities showed more volatility, peaking at 6,349 million US$ in 2022 before dropping to 5,060 million US$ in 2023. This 2022 peak was driven largely by a surge in accounts payable and notes payable, both of which corrected significantly by the end of 2023.
Equity and Shareholder Value: Total equity grew steadily from 3,314 million US$ in 2019 to a peak of 4,375 million US$ in 2022, before declining to 3,369 million US$ in 2023. Retained earnings followed a similar pattern, increasing from 7,859 million US$ in 2019 to 9,197 million US$ in 2022, followed by a reduction to 8,804 million US$ in 2023. The company maintained a consistent program of share repurchases, as evidenced by treasury stock costs increasing from 4,690 million US$ in 2019 to 4,794 million US$ in 2023. Additionally, accumulated other comprehensive losses widened to 2,041 million US$ in 2023, contributing to the overall reduction in total equity.
Capitalization and Leverage Observations: The leverage profile improved between 2019 and 2022 as the ratio of total liabilities to total equity decreased. However, this trend reversed in 2023 due to a sharper decline in total equity relative to the decrease in total liabilities. Noncontrolling interests also experienced a significant reduction, falling from 567 million US$ in 2019 to 194 million US$ in 2023, suggesting changes in the ownership structure of subsidiary entities.

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