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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 01, 2022
OR
 
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                     to                     
Commission file number 1-4171
KELLOGG COMPANY
State of Incorporation—Delaware  IRS Employer Identification No.38-0710690
One Kellogg Square, P.O. Box 3599, Battle Creek, MI 49016-3599
Registrant’s telephone number: 269-961-2000
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, $.25 par value per shareKNew York Stock Exchange
0.800% Senior Notes due 2022K 22ANew York Stock Exchange
1.000% Senior Notes due 2024K 24New York Stock Exchange
1.250% Senior Notes due 2025K 25New York Stock Exchange
0.500% Senior Notes due 2029K 29New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes  ☐    No  ☒
Common Stock outstanding as of October 1, 2022 — 341,281,145 shares

Table of Contents

KELLOGG COMPANY
INDEX
 
 Page
Financial Statements
Management’s Discussion and Analysis of Financial Condition and Results of Operations
Quantitative and Qualitative Disclosures about Market Risk
Controls and Procedures
Risk Factors
Unregistered Sales of Equity Securities and Use of Proceeds
Exhibits

Table of Contents

Part I – FINANCIAL INFORMATION
Item 1. Financial Statements.
Kellogg Company and Subsidiaries
CONSOLIDATED BALANCE SHEET
(millions, except per share data)
October 1,
2022 (unaudited)		January 1,
2022
Current assets
Cash and cash equivalents$373 $286 
Accounts receivable, net1,985 1,489 
Inventories1,682 1,398 
Other current assets404 221 
Total current assets4,444 3,394 
Property, net3,564 3,827 
Operating lease right-of-use assets608 640 
Goodwill5,691 5,771 
Other intangibles, net2,302 2,409 
Investments in unconsolidated entities427 424 
Other assets1,980 1,713 
Total assets$19,016 $18,178 
Current liabilities
Current maturities of long-term debt$816 $712 
Notes payable174 137 
Accounts payable2,871 2,573 
Current operating lease liabilities111 116 
Accrued advertising and promotion813 714 
Accrued salaries and wages317 300 
Other current liabilities931 763 
Total current liabilities6,033 5,315 
Long-term debt5,697 6,262 
Operating lease liabilities478 502 
Deferred income taxes923 722 
Pension liability603 706 
Other liabilities544 456 
Commitments and contingencies
Equity
Common stock, $.25 par value
105 105 
Capital in excess of par value1,027 1,023 
Retained earnings9,499 9,028 
Treasury stock, at cost(4,750)(4,715)
Accumulated other comprehensive income (loss)(1,598)(1,721)
Total Kellogg Company equity4,283 3,720 
Noncontrolling interests455 495 
Total equity4,738 4,215 
Total liabilities and equity$19,016 $18,178 
See accompanying Notes to Consolidated Financial Statements.

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Kellogg Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
(millions, except per share data)
 Quarter endedYear-to-date period ended
(unaudited)October 1,
2022		October 2,
2021		October 1,
2022		October 2,
2021
Net sales$3,946 $3,622 $11,482 $10,761 
Cost of goods sold2,793 2,457 8,027 7,206 
Selling, general and administrative expense785 718 2,155 2,132 
Operating profit368 447 1,300 1,423 
Interest expense39 55 149 172 
Other income (expense), net54 — 188 155 
Income before income taxes383 392 1,339 1,406 
Income taxes74 92 283 345 
Earnings (loss) from unconsolidated entities3 5 6 — 
Net income312 305 1,062 1,061 
Net income (loss) attributable to noncontrolling interests2 (2)4 6 
Net income attributable to Kellogg Company$310 $307 $1,058 $1,055 
Per share amounts:
Basic earnings$0.91 $0.90 $3.11 $3.09 
Diluted earnings$0.90 $0.89 $3.09 $3.07 
Average shares outstanding:
Basic341 341 340 341 
Diluted344 343 343 343 
Actual shares outstanding at period end341 341 
See accompanying Notes to Consolidated Financial Statements.

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Kellogg Company and Subsidiaries
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(millions)
Quarter endedYear-to-date period ended
October 1, 2022October 1, 2022
(unaudited)Pre-tax
amount		Tax (expense)
benefit		After-tax
amount		Pre-tax
amount		Tax (expense)
benefit		After-tax
amount
Net income$312 $1,062 
Other comprehensive income (loss):
Foreign currency translation adjustments:
Foreign currency translation adjustments during period$(249)$4 (245)$(509)$6 (503)
Net investment hedges:
Net investment hedges gain (loss)260 (68)192 616 (162)454 
Cash flow hedges:
Unrealized gain (loss) 62 (16)46 213 (56)157 
Reclassification to net income(14)3 (11)(6)1 (5)
Postretirement and postemployment benefits:
Reclassification to net income:
   Net experience (gain) loss— — — (2)1 (1)
Available-for-sale securities:
Unrealized gain (loss) (2)— (2)(6)— (6)
Reclassification to net income1 — 1 1 — 1 
Other comprehensive income (loss) $58 $(77)$(19)$307 $(210)$97 
Comprehensive income$293 $1,159 
Net Income attributable to noncontrolling interests2 4 
Other comprehensive income (loss) attributable to noncontrolling interests(22)(26)
Comprehensive income attributable to Kellogg Company$313 $1,181 
Quarter endedYear-to-date period ended
 October 2, 2021October 2, 2021
(unaudited)Pre-tax
amount		Tax (expense)
benefit		After-tax
amount		Pre-tax
amount		Tax (expense)
benefit		After-tax
amount
Net income$305 $1,061 
Other comprehensive income (loss):
Foreign currency translation adjustments:
Foreign currency translation adjustments during period$(103)$2 (101)$(150)$2 (148)
Net investment hedges:
Net investment hedges gain (loss)87 (23)64 175 (46)129 
Cash flow hedges:
Unrealized gain (loss) on cash flow hedges3 (1)2 42 (11)31 
Reclassification to net income4 (1)3 19 (5)14 
Postretirement and postemployment benefits:
Reclassification to net income:
Net experience (gain) loss— — — (2)1 (1)
Available-for-sale securities:
Unrealized gain (loss)— — — (1)— (1)
Reclassification to net income(2)— (2)(2)— (2)
Other comprehensive income (loss)$(11)$(23)$(34)$81 $(59)$22 
Comprehensive income$271 $1,083 
Net Income attributable to noncontrolling interests(2)6 
Other comprehensive income (loss) attributable to noncontrolling interests(4)(17)
Comprehensive income attributable to Kellogg Company$277 $1,094 
See accompanying Notes to Consolidated Financial Statements.
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Table of Contents

Kellogg Company and Subsidiaries
CONSOLIDATED STATEMENT OF EQUITY
(millions)
 
Quarter ended October 1, 2022
 
 
Common
stock
Capital in
excess of
par value		Retained
earnings
 
Treasury
stock
Accumulated
other
comprehensive
income (loss)		Total Kellogg
Company
equity		Non-controlling
interests		Total
equity
(unaudited)sharesamountsharesamount
Balance, July 2, 2022421 $105 $1,008 $9,387 81 $(4,817)$(1,601)$4,082 $476 $4,558 
Net income310 310 2 312 
Dividends declared ($0.59 per share)
(202)(202)(202)
Distributions to noncontrolling interest— (1)(1)
Other comprehensive income3 3 (22)(19)
Stock compensation21 21 21 
Stock options exercised and other(2)4 (1)67 69 69 
Balance, October 1, 2022421 $105 $1,027 $9,499 80 $(4,750)$(1,598)$4,283 $455 $4,738 
Year-to-date period ended October 1, 2022
 
 
Common
stock
Capital in
excess of
par value		Retained
earnings
 
Treasury
stock
Accumulated
other
comprehensive
income (loss)		Total Kellogg
Company
equity		Non-controlling
interests		Total
equity
(unaudited)sharesamountsharesamount
Balance, January 1, 2022421 $105 $1,023 $9,028 80 $(4,715)$(1,721)$3,720 $495 $4,215 
Common stock repurchases5 (300)(300)(300)
Net income1,058 1,058 4 1,062 
Dividends declared ($1.75 per share)
(596)(596)(596)
Distributions to noncontrolling interest— (18)(18)
Other comprehensive income123 123 (26)97 
Stock compensation56 56 56 
Stock options exercised and other(52)9 (5)265 222 222 
Balance, October 1, 2022421 $105 $1,027 $9,499 80 $(4,750)$(1,598)$4,283 $455 $4,738 
See accompanying Notes to Consolidated Financial Statements.


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Table of Contents

Kellogg Company and Subsidiaries
CONSOLIDATED STATEMENT OF EQUITY (cont.)
(millions)
Quarter ended October 2, 2021
 
 
Common
stock
Capital in
excess of
par value		Retained
earnings
 
Treasury
stock
Accumulated
other
comprehensive
income (loss)		Total Kellogg
Company
equity		Non-controlling
interests		Total
equity
(unaudited)sharesamountsharesamount
Balance, July 3, 2021421 $105 $973 $8,688 80 $(4,741)$(1,663)$3,362 $518 $3,880 
Net income307 307 (2)305 
Acquisition of noncontrolling interest and other22 22 30 52 
Dividends declared ($0.58 per share)
(198)(198)(198)
Distributions to noncontrolling interest— (17)(17)
Other comprehensive income(30)(30)(4)(34)
Stock compensation11 11 11 
Stock options exercised and other(1)(1)— 12 10 10 
Balance, October 2, 2021421 $105 $1,005 $8,796 80 $(4,729)$(1,693)$3,484 $525 $4,009 
Year-to-date period ended October 2, 2021
 
 
Common
stock
Capital in
excess of
par value		Retained
earnings
 
Treasury
stock
Accumulated
other
comprehensive
income (loss)		Total Kellogg
Company
equity		Non-controlling
interests		Total
equity
(unaudited)sharesamountsharesamount
Balance, January 2, 2021421 $105 $972 $8,326 77 $(4,559)$(1,732)$3,112 $524 $3,636 
Common stock repurchases4 (240)(240)(240)
Net income1,055 1,055 6 1,061 
Acquisition of noncontrolling interest and other22 22 30 52 
Dividends declared ($1.73 per share)
(590)(590)(590)
Distributions to noncontrolling interest— (18)(18)
Other comprehensive income39 39 (17)22 
Stock compensation50 50 50 
Stock options exercised and other(39)5 (1)70 36 36 
Balance, October 2, 2021421 $105 $1,005 $8,796 80 $(4,729)$(1,693)$3,484 $525 $4,009 
See accompanying Notes to Consolidated Financial Statements.
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Kellogg Company and Subsidiaries
CONSOLIDATED STATEMENT OF CASH FLOWS
(millions)
 Year-to-date period ended
(unaudited)October 1,
2022		October 2,
2021
Operating activities
Net income$1,062 $1,061 
Adjustments to reconcile net income to operating cash flows:
Depreciation and amortization351 346 
Postretirement benefit plan expense (benefit)(189)(112)
Deferred income taxes26 4 
Stock compensation56 50 
Other(16)(29)
Postretirement benefit plan contributions(17)(15)
Changes in operating assets and liabilities, net of acquisitions:
Trade receivables(526)(196)
Inventories(343)(103)
Accounts payable501 198 
All other current assets and liabilities275 (59)
Net cash provided by (used in) operating activities1,180 1,145 
Investing activities
Additions to properties(350)(408)
Issuance of notes receivable— (29)
Repayments from notes receivable10 28 
Investments in unconsolidated entities— (10)
Purchases of available for sale securities(15)(56)
Sales of available for sale securities14 69 
Settlement of net investment hedges37 10 
Collateral paid on derivatives(10)(9)
Other2 20 
Net cash provided by (used in) investing activities(312)(385)
Financing activities
Net issuances (reductions) of notes payable37 343 
Issuances of long-term debt— 361 
Reductions of long-term debt(33)(646)
Net issuances of common stock244 50 
Common stock repurchases(300)(240)
Cash dividends(596)(590)
Other(17)(18)
Net cash provided by (used in) financing activities(665)(740)
Effect of exchange rate changes on cash and cash equivalents(116)(15)
Increase (decrease) in cash and cash equivalents87 5 
Cash and cash equivalents at beginning of period286 435 
Cash and cash equivalents at end of period$373 $440 
Supplemental cash flow disclosures of non-cash investing activities:
   Additions to properties included in accounts payable$75 $91 
See accompanying Notes to Consolidated Financial Statements.
8

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Notes to Consolidated Financial Statements
for the quarter ended October 1, 2022 (unaudited)
Note 1 Accounting policies

Basis of presentation
The unaudited interim financial information of Kellogg Company (the Company) included in this report reflects all adjustments, all of which are of a normal and recurring nature, that management believes are necessary for a fair statement of the results of operations, comprehensive income, financial position, equity and cash flows for the periods presented. This interim information should be read in conjunction with the financial statements and accompanying footnotes within the Company’s 2021 Annual Report on Form 10-K.

The condensed balance sheet information at January 1, 2022 was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States. The results of operations for the quarter ended October 1, 2022 are not necessarily indicative of the results to be expected for other interim periods or the full year.

Accounts payable - Supplier Finance Programs
The Company has agreements with third parties to provide accounts payable tracking systems which facilitate participating suppliers’ ability to monitor and, if elected, sell payment obligations from the Company to designated third-party financial institutions. Participating suppliers may, at their sole discretion, make offers to sell one or more payment obligations of the Company prior to their scheduled due dates at a discounted price to participating financial institutions. The Company’s goal is to capture overall supplier savings, in the form of payment terms or vendor funding, and the agreements facilitate the suppliers’ ability to sell payment obligations, while providing them with greater working capital flexibility. The Company has no economic interest in the sale of these suppliers’ receivables and no direct financial relationship with the financial institutions concerning these services. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers’ decisions to sell amounts under the arrangements. However, the Company’s right to offset balances due from suppliers against payment obligations is restricted by the agreements for those payment obligations that have been sold by suppliers. The payment of these obligations by the Company is included in cash used in operating activities in the Consolidated Statement of Cash Flows. As of October 1, 2022, $1.1 billion of the Company’s outstanding payment obligations had been placed in the accounts payable tracking system. As of January 1, 2022, $905 million of the Company’s outstanding payment obligations had been placed in the accounts payable tracking system.

Accounting standards to be adopted in future periods

Supplier Finance Programs: Disclosure of Supplier Finance Program Obligations. In September 2022, the FASB issued an ASU to improve the disclosures of supplier finance programs. Specifically, the ASU requires disclosure of key terms of the supplier finance programs and a rollforward of the related obligations. The amendments in this ASU do not affect the recognition, measurement, or financial statement presentation of obligations covered by supplier finance programs. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2022, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. The Company has historically presented information regarding the nature and amount of outstanding Accounts Payable obligations confirmed into supplier finance programs within the Accounting Policies note of the financial statements. The Company is currently assessing the impact of any incremental disclosures required by this ASU and the planned timing of adoption.

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Note 2 Proposed separation transactions
On June 21, 2022, the Company announced its intent to separate its North American cereal and plant-based foods businesses, via tax-free spin-offs, with a target to complete the transactions by the end of 2023, resulting in three independent public companies, each better positioned to unlock their full standalone potential. While we announced a plan to separate our plant-based food business through a tax free spin-off, we are also exploring other strategic alternatives, including a possible sale. We cannot assure that the transactions will be completed on the anticipated timeline or at all or that the terms of the separations will not change. The transactions will follow the satisfaction of customary conditions, including reviews and final approval by Kellogg’s Board of Directors, receipt of an Internal Revenue Service ruling and relevant tax opinions with respect to the tax-free nature of the transactions, effectiveness of appropriate filings with the U.S. Securities and Exchange Commission, and the completion of audited financials of the new independent companies.

The Company incurred charges related to the proposed separations of $18 million and $22 million for the quarter and year-to-date periods ended October 1, 2022, respectively, primarily related to legal and consulting costs.

Note 3 Sale of accounts receivable
The Company has a program in which a discrete group of customers are allowed to extend their payment terms in exchange for the elimination of early payment discounts (Extended Terms Program).

The Company has two Receivable Sales Agreements (Monetization Programs) described below, which are intended to directly offset the impact the Extended Terms Program would have on the days-sales-outstanding (DSO) metric that is critical to the effective management of the Company's accounts receivable balance and overall working capital. The Monetization Programs sell, on a revolving basis, certain trade accounts receivable invoices to third party financial institutions. Transfers under these agreements are accounted for as sales of receivables resulting in the receivables being de-recognized from the Consolidated Balance Sheet. The Monetization Programs provide for the continuing sale of certain receivables on a revolving basis until terminated by either party; however the maximum receivables that may be sold at any time is approximately $745 million. During 2022 the Company amended the agreements to decrease the previous maximum receivables sold limit from approximately $1.1 billion as of January 1, 2022. 

The Company has no retained interest in the receivables sold, however the Company does have collection and administrative responsibilities for the sold receivables. The Company has not recorded any servicing assets or liabilities as of October 1, 2022 and January 1, 2022 for these agreements as the fair value of these servicing arrangements as well as the fees earned were not material to the financial statements.
Accounts receivable sold of $632 million and $549 million remained outstanding under these arrangements as of October 1, 2022 and January 1, 2022, respectively. The proceeds from these sales of receivables are included in cash from operating activities in the Consolidated Statement of Cash Flows in the period of sale. The recorded net loss on sale of receivables was $6 million and $11 million for the quarter and year-to-date period ended October 1, 2022, respectively and was $2 million and $6 million for the quarter and year-to-date period ended October 2, 2021. The recorded loss is included in Other income and expense, net (OIE).

Other programs
Additionally, from time to time certain of the Company's foreign subsidiaries will transfer, without recourse, accounts receivable invoices of certain customers to financial institutions. These transactions are accounted for as sales of the receivables resulting in the receivables being de-recognized from the Consolidated Balance Sheet. Accounts receivable sold of $36 million and $66 million remained outstanding under these programs as of October 1, 2022 and January 1, 2022, respectively. The proceeds from these sales of receivables are included in cash from operating activities in the Consolidated Statement of Cash Flows in the period of sale. The recorded net loss on the sale of these receivables is included in OIE and is not material.
10

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Note 4 Equity

Earnings per share
Basic earnings per share is determined by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is similarly determined, except that the denominator is increased to include the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued. Dilutive potential common shares consist principally of employee stock options issued by the Company, restricted stock units, and certain contingently issuable performance shares. There were approximately 2 million and 4 million anti-dilutive potential common shares excluded from the calculation for the quarter and year-to-date periods ended October 1, 2022. There were approximately 8 million and 11 million anti-dilutive potential common shares excluded from the calculation for the quarter and year-to-date periods ended October 2, 2021. Please refer to the Consolidated Statement of Income for basic and diluted earnings per share for the quarter and year-to-date periods ended October 1, 2022 and October 2, 2021.

Share repurchases
In February 2020, the board of directors approved an authorization to repurchase up to $1.5 billion of our common stock through December 2022. During the year-to-date period ended October 1, 2022, the Company repurchased approximately 5 million shares of common stock for a total of $300 million. During the year-to-date period October 2, 2021, the Company repurchased approximately 4 million shares of common stock for a total of $240 million.

Comprehensive income
Comprehensive income includes net income and all other changes in equity during a period except those resulting from investments by or distributions to shareholders. Other comprehensive income consists of foreign currency translation adjustments, fair value adjustments associated with cash flow hedges, adjustments for net experience losses and prior service cost related to employee benefit plans, and adjustments for unrealized gains and losses on available-for-sale securities, net of related tax effects.

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Reclassifications out of Accumulated other comprehensive income (AOCI) for the quarter and year-to-date periods ended October 1, 2022 and October 2, 2021, consisted of the following:
(millions)
  
  
  
Details about AOCI
components		Amount reclassified
from AOCI		Line item impacted
within Income Statement
 Quarter ended
October 1, 2022		Year-to-date period ended
October 1, 2022
  
(Gains) losses on cash flow hedges:
Interest rate contracts (a)$(14)$(6)Interest expense
$(14)$(6)Total before tax
3 1 Tax expense (benefit)
$(11)$(5)Net of tax
Amortization of postretirement and postemployment benefits:
Net experience (gain) loss (b)$— $(2)OIE
$— $(2)Total before tax
— 1 Tax expense (benefit)
$— $(1)Net of tax
(Gains) losses on available-for-sale securities:
Corporate bonds (a)$1 $1 OIE
$1 $1 Total before tax
— — Tax expense (benefit)
$1 $1 Net of tax
Total reclassifications$(10)$(5)Net of tax
(millions)      
Details about AOCI
components		Amount reclassified
from AOCI		Line item impacted
within Income Statement
 Quarter ended
October 2, 2021		Year-to-date period ended
October 2, 2021		  
(Gains) losses on cash flow hedges:
Interest rate contracts (a)$4 $19 Interest expense
$4 $19 Total before tax
(1)(5)Tax expense (benefit)
$3 $14 Net of tax
Amortization of postretirement and postemployment benefits:
Net experience (gain) loss (b)$— $(2)OIE
$— $(2)Total before tax
— 1 Tax expense (benefit)
$— $(1)