Statement of Comprehensive Income
Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Net Profit Margin since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Kellanova, consolidated statement of comprehensive income
US$ in millions
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 financial data over the five-year period reveals several notable trends in profitability, foreign currency translation, hedging activities, benefit plans, and comprehensive income components.
- Net Income
- Net income showed a general upward trend from 2019 through 2021, increasing from 977 million USD to 1495 million USD. However, in 2022 and 2023, net income declined significantly, stabilizing near 960 million USD, which is roughly 35% lower than the peak in 2021.
- Foreign Currency Translation Adjustments
- This item shifted from a positive adjustment of 81 million USD in 2019 to increasingly large negative adjustments in subsequent years, reaching -444 million USD in 2023. This indicates growing adverse effects of currency translation on equity.
- Net Investment Hedges
- Net investment hedges experienced volatility with a large negative adjustment of -242 million USD in 2020, followed by positive gains in 2021 and 2022 (174 million USD and 215 million USD respectively), then a negative adjustment again in 2023 (-96 million USD). This volatility suggests fluctuating effectiveness or volumes of hedge positions tied to foreign investments.
- Cash Flow Hedges
- Cash flow hedges moved from a low positive amount in 2019 (7 million USD) and 2020 (3 million USD), to a significant gain in 2022 (163 million USD), before dropping sharply to a small loss (-7 million USD) in 2023. The net deferred gains followed a similar pattern, rising strongly through 2022 before reversing in 2023.
- Postretirement and Postemployment Benefits
- Amounts recognized related to net experience gains/losses and prior service costs mostly reflected small negative effects with minor fluctuations. Overall, the net figures remained negative or near zero in most years, with a small positive shift only in 2022.
- Available-for-Sale Securities
- This category showed negligible and inconsistent impacts across the years, ranging from minor negatives to positives and ending with a small gain (4 million USD) in 2023.
- Other Comprehensive Income (Loss)
- Other comprehensive income/loss was mostly negative throughout the timeframe, with a significant loss in 2020 (-336 million USD) and an even larger loss in 2023 (-552 million USD). This decline contributed negatively to overall equity changes beyond net income effects.
- Comprehensive Income
- Comprehensive income followed a pattern similar to net income, growing from 1051 million USD in 2019 to 1476 million USD in 2021, then declining sharply to 412 million USD by 2023. The reduction in comprehensive income in recent years was exacerbated by increasingly negative other comprehensive income components and growing comprehensive income losses attributable to noncontrolling interests, which rose significantly to 216 million USD in 2023.
- Comprehensive Income Attributable to Kellanova
- The amount attributable to Kellanova’s shareholders peaked in 2021 at 1499 million USD before declining to 628 million USD in 2023, mirroring the downward pressure on total comprehensive income during this period.
In summary, the financial data indicates a peak in profitability and comprehensive earnings in 2021, followed by a notable downturn in 2022 and 2023. This downward shift is influenced primarily by adverse foreign currency translation adjustments, increased comprehensive losses, and fluctuations in hedging outcomes. Benefit-related costs remained relatively stable but did not significantly affect the overall financial trend. The volatility in net investment and cash flow hedges suggests challenges in managing currency and interest rate risks in recent years. The rising comprehensive income losses attributed to noncontrolling interests in the last years also indicate changing dynamics in ownership or subsidiary performance contributing to reduced net comprehensive income available to Kellanova’s shareholders.