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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 June 29, 2024
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
Kellanova.jpg
Kellanova
State of Incorporation—Delaware  IRS Employer Identification No.38-0710690
412 N. Wells Street, Chicago , IL 60654
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
1.250% Senior Notes due 2025K 25New York Stock Exchange
0.500% Senior Notes due 2029K 29New York Stock Exchange
3.750% Senior Notes due 2034K 34New 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 June 29, 2024 — 342,287,795 shares

Table of Contents

KELLANOVA
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.
Kellanova and Subsidiaries
CONSOLIDATED BALANCE SHEET
(in millions of U.S. dollars, except per share data)
(Unaudited)
June 29,
2024		December 30,
2023
Current assets
Cash and cash equivalents$272 $274 
Accounts receivable, net1,654 1,568 
Inventories1,185 1,243 
Other current assets359 245 
Total current assets3,470 3,330 
Property, net3,118 3,212 
Operating lease right-of-use assets640 661 
Goodwill5,043 5,160 
Other intangibles, net1,804 1,930 
Investments in unconsolidated entities107 184 
Other assets1,117 1,144 
Total assets$15,299 $15,621 
Current liabilities
Current maturities of long-term debt$650 $663 
Notes payable206 121 
Accounts payable2,267 2,314 
Current operating lease liabilities128 121 
Accrued advertising and promotion697 766 
Accrued salaries and wages202 278 
Other current liabilities624 797 
Total current liabilities4,774 5,060 
Long-term debt5,007 5,089 
Operating lease liabilities510 532 
Deferred income taxes526 497 
Pension liability580 613 
Other liabilities475 461 
Commitments and contingencies
Equity
Common stock, $.25 par value
105 105 
Capital in excess of par value1,082 1,101 
Retained earnings9,027 8,804 
Treasury stock, at cost(4,699)(4,794)
Accumulated other comprehensive income (loss)(2,208)(2,041)
Total Kellanova equity3,307 3,175 
Noncontrolling interests120 194 
Total equity3,427 3,369 
Total liabilities and equity$15,299 $15,621 
See accompanying Notes to Consolidated Financial Statements.


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Kellanova and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
(in millions of U.S. dollars, except per share data)
(Unaudited)
 Quarter endedYear-to-date period ended
June 29,
2024		July 1,
2023		June 29,
2024		July 1,
2023
Net sales$3,192 $3,351 $6,392 $6,693 
Cost of goods sold2,031 2,257 4,200 4,615 
Selling, general and administrative expense668 677 1,306 1,315 
Operating profit493 417 886 763 
Interest expense83 73 166 143 
Other income (expense), net33 28 76 45 
Income from continuing operations before income taxes443 372 796 665 
Income taxes97 77 179 138 
Earnings (loss) from unconsolidated entities1 3 1 5 
Net income from continuing operations347 298 618 532 
Net income (loss) attributable to noncontrolling interests3 5 7 9 
Income (loss) from discontinued operations, net of taxes— 64 — 132 
Net income attributable to Kellanova$344 $357 $611 $655 
Per share amounts:
Earnings per common share - basic
Earnings (loss) from continuing operations$1.01 $0.85 $1.79 $1.53 
Earnings (loss) from discontinued operations$— $0.19 $— $0.38 
Net earnings (loss) per common share - basic$1.01 $1.04 $1.79 $1.91 
Earnings per common share - diluted
Earnings (loss) from continuing operations$1.00 $0.85 $1.78 $1.52 
Earnings (loss) from discontinued operations$— $0.18 $— $0.38 
Net earnings (loss) per common share - diluted$1.00 $1.03 $1.78 $1.90 
Average shares outstanding:
Basic342 343 342 342 
Diluted345 345 344 345 
Actual shares outstanding at period end342 342 
See accompanying Notes to Consolidated Financial Statements.


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Kellanova and Subsidiaries
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(in millions of U.S. dollars) (Unaudited)
Quarter endedYear-to-date period ended
June 29, 2024June 29, 2024
Pre-tax
amount		Tax (expense)
benefit		After-tax
amount		Pre-tax
amount		Tax (expense)
benefit		After-tax
amount
Net income$347 $618 
Other comprehensive income (loss):
Foreign currency translation adjustments:
Foreign currency translation adjustments during period$(78)$— (78)$(350)$— (350)
Net investment hedges:
Net investment hedges gain (loss)28 (7)21 99 (25)74 
Cash flow hedges:
Net deferred gain (loss) on cash flow hedges 17 (4)13 39 (10)29 
Reclassification to net income1 (1)— 3 (1)2 
Postretirement and postemployment benefits:
Amount arising during the period:
Prior service cost— — — 1 — 1 
Reclassification to net income:
   Net experience (gain) loss(1)— (1)(1)— (1)
Other comprehensive income (loss) $(33)$(12)$(45)$(209)$(36)$(245)
Comprehensive income$302 $373 
Net Income attributable to noncontrolling interests3 7 
Other comprehensive income (loss) attributable to noncontrolling interests(8)(78)
Comprehensive income attributable to Kellanova$307 $444 
Quarter endedYear-to-date period ended
 July 1, 2023July 1, 2023
Pre-tax
amount		Tax (expense)
benefit		After-tax
amount		Pre-tax
amount		Tax (expense)
benefit		After-tax
amount
Net income$362 $664 
Other comprehensive income (loss):
Foreign currency translation adjustments:
Foreign currency translation adjustments during period$(383)$(1)(384)$(341)$2 (339)
Net investment hedges:
Net investment hedges gain (loss)(37)7 (30)(94)22 (72)
Cash flow hedges:
Net deferred gain (loss) on cash flow hedges15 (4)11 (3)1 (2)
Reclassification to net income2 — 2 5 (1)4 
Postretirement and postemployment benefits:
Reclassification to net income:
Net experience (gain) loss— — — (1)— (1)
Available-for-sale securities:
Unrealized gain (loss)— — — 1 — 1 
Other comprehensive income (loss)$(403)$2 $(401)$(433)$24 $(409)
Comprehensive income$(39)$255 
Net Income attributable to noncontrolling interests5 9 
Other comprehensive income (loss) attributable to noncontrolling interests(171)(174)
Comprehensive income attributable to Kellanova$127 $420 
See accompanying Notes to Consolidated Financial Statements.

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Kellanova and Subsidiaries
CONSOLIDATED STATEMENT OF EQUITY
(in millions of U.S. dollars, except per share data)
(Unaudited) 
Quarter ended June 29, 2024
 
 
Common
stock
Capital in
excess of
par value		Retained
earnings
 
Treasury
stock
Accumulated
other
comprehensive
income (loss)		Total Kellanova
equity		Non-controlling
interests		Total
equity
sharesamountsharesamount
Balance, March 30, 2024421 $105 $1,063 $8,878 80 $(4,723)$(2,171)$3,152 $126 $3,278 
Net income344 344 3 347 
Dividends declared ($0.56 per share)
(192)(192)(192)
Distributions to noncontrolling interest— (1)(1)
Other comprehensive income (loss)(37)(37)(8)(45)
Stock compensation20 20 20 
Stock options exercised, issuance of other stock awards and other(1)(3)(1)24 20 20 
Balance, June 29, 2024421 $105 $1,082 $9,027 79 $(4,699)$(2,208)$3,307 $120 $3,427 

Year-to-date period ended June 29, 2024
 
 
Common
stock
Capital in
excess of
par value		Retained
earnings
 
Treasury
stock
Accumulated
other
comprehensive
income (loss)		Total Kellanova
equity		Non-controlling
interests		Total
equity
sharesamountsharesamount
Balance, December 30, 2023421 $105 $1,101 $8,804 81 $(4,794)$(2,041)$3,175 $194 $3,369 
Net income611 611 7 618 
Dividends declared ($1.12 per share)
(383)(383)(383)
Distributions to noncontrolling interest— (3)(3)
Other comprehensive income (loss)(167)(167)(78)(245)
Stock compensation41 41 41 
Stock options exercised, issuance of other stock awards and other(60)(5)(2)95 30 30 
Balance, June 29, 2024421 $105 $1,082 $9,027 79 $(4,699)$(2,208)$3,307 $120 $3,427 
See accompanying Notes to Consolidated Financial Statements.



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Kellanova and Subsidiaries
CONSOLIDATED STATEMENT OF EQUITY (Cont.)
(in millions of U.S. dollars, except per share data)
(Unaudited) 
Quarter ended July 1, 2023
 
 
Common
stock
Capital in
excess of
par value		Retained
earnings
 
Treasury
stock
Accumulated
other
comprehensive
income (loss)		Total 
Kellanova
equity		Non-controlling
interests		Total
equity
sharesamountsharesamount
Balance, April 1, 2023421 $105 $1,033 $9,293 78 $(4,666)$(1,713)$4,052 $427 $4,479 
Common stock repurchases1 (60)(60)(60)
Net income357 357 5 362 
Dividends declared ($0.59 per share)
(202)(202)(202)
Distributions to noncontrolling interest— (5)(5)
Other comprehensive income(230)(230)(171)(401)
Stock compensation21 21 21 
Stock options exercised and other2 (1)— 26 27 27 
Balance, July 1, 2023421 $105 $1,056 $9,447 79 $(4,700)$(1,943)$3,965 $256 $4,221 
Year-to-date period ended July 1, 2023
 
 
Common
stock
Capital in
excess of
par value		Retained
earnings
 
Treasury
stock
Accumulated
other
comprehensive
income (loss)		Total
 Kellanova
equity		Non-controlling
interests		Total
equity
sharesamountsharesamount
Balance, December 31, 2022421 $105 $1,068 $9,197 79 $(4,721)$(1,708)$3,941 $434 $4,375 
Common stock repurchases1 (60)(60)(60)
Net income655 655 9 664 
Dividends declared ($1.18 per share)
(404)(404)(404)
Distributions to noncontrolling interest— (13)(13)
Other comprehensive income(235)(235)(174)(409)
Stock compensation43 43 43 
Stock options exercised and other(55)(1)(1)81 25 25 
Balance, July 1, 2023421 $105 $1,056 $9,447 79 $(4,700)$(1,943)$3,965 $256 $4,221 
See accompanying Notes to Consolidated Financial Statements.

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Kellanova and Subsidiaries
CONSOLIDATED STATEMENT OF CASH FLOWS
(in millions of U.S. dollars)
(Unaudited)
 Year-to-date period ended
June 29,
2024		July 1,
2023
Operating activities
Net income$618 $664 
Adjustments to reconcile net income to operating cash flows:
Depreciation and amortization181 226 
Impairment of property60 — 
Postretirement benefit plan expense (benefit)(26)(32)
Deferred income taxes30 (9)
Stock compensation41 43 
Other18 (10)
Distribution from postretirement benefit plan175 — 
Postretirement benefit plan contributions(32)(11)
Changes in operating assets and liabilities, net of acquisitions:
Trade receivables(177)(193)
Inventories5 17 
Accounts payable63 (39)
All other current assets and liabilities(216)(12)
Net cash provided by (used in) operating activities740 644 
Investing activities
Additions to properties(297)(339)
Issuance of notes receivable— (4)
Purchases of marketable securities(177)— 
Sales of marketable securities13 — 
Purchases of available for sale securities— (9)
Sales of available for sale securities— 10 
Settlement of net investment hedges(7)17 
Collateral paid on derivatives— (18)
Other14 (1)
Net cash provided by (used in) investing activities(454)(344)
Financing activities
Net issuances (reductions) of notes payable85 (7)
Issuances of long-term debt619 401 
Reductions of long-term debt(652)(221)
Net issuances of common stock45 45 
Common stock repurchases— (60)
Cash dividends(383)(404)
Other(4)(53)
Net cash provided by (used in) financing activities(290)(299)
Effect of exchange rate changes on cash and cash equivalents2 8 
Increase (decrease) in cash and cash equivalents(2)9 
Cash and cash equivalents at beginning of period274 299 
Cash and cash equivalents at end of period$272 $308 
Supplemental cash flow disclosures of non-cash investing activities:
   Additions to properties included in accounts payable$99 $98 
See accompanying Notes to Consolidated Financial Statements.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
for the quarter ended June 29, 2024 (unaudited)
NOTE 1 ACCOUNTING POLICIES
Basis of presentation
The unaudited interim financial information of Kellanova (the Company), formerly Kellogg 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 2023 Annual Report on Form 10-K.
During the fourth quarter of 2023, the Company completed the separation of its North America cereal business resulting in two independent companies, Kellanova and WK Kellogg Co. In accordance with applicable accounting guidance, the results of WK Kellogg Co are presented as discontinued operations in the consolidated statements of operations and, as such, have been excluded from both continuing operations and segment results for all periods presented. The consolidated statements of comprehensive income, equity and cash flows are presented on a consolidated basis for both continuing operations and discontinued operations. All amounts, percentages and disclosures for all periods presented reflect only the continuing operations of Kellanova unless otherwise noted. See Note 2 for additional information.
The balance sheet information at December 30, 2023 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 June 29, 2024 are not necessarily indicative of the results to be expected for other interim periods or the full year.
Certain prior period amounts have been reclassified to conform with current period presentation.
Accounts payable - Supplier Finance Programs
The Company establishes competitive market-based terms with our suppliers, regardless of whether they participate in supplier finance programs, which generally range from 0 to 150 days dependent on their respective industry and geography.
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 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 June 29, 2024, $835 million of the Company’s outstanding payment obligations had been placed in the accounts payable tracking system. As of December 30, 2023, $825 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
Income Taxes: Improvements to Income Tax Disclosures. In December 2023, the FASB issued ASU 2023-09 to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. It will take effect for public entities fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently assessing the impact of any incremental disclosures required by this ASU and the planned timing of adoption.
Segment Reporting: Improvements to Reportable Segment Disclosures. In November 2023, the FASB issued ASU 2023-07, which focuses on enhancing reportable segment disclosures under Segment Reporting (Topic 280). This new standard is designed to enhance the transparency of significant segment expenses on an interim and annual basis. It will take effect for public entities fiscal years beginning after December 15, 2023, and interim periods within the fiscal year beginning after December 15, 2024, with the option for earlier adoption at any time before the specified date. The Company is currently assessing the impact of any incremental disclosures required by this ASU. The Company expects to adopt this amendment in the fourth quarter of 2024.

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NOTE 2 DISCONTINUED OPERATIONS
During the fourth quarter of 2023, the Company completed the separation of its North America cereal business resulting in two independent companies, Kellanova and WK Kellogg Co.
In accordance with applicable accounting guidance, the results of WK Kellogg Co are presented as discontinued operations in the Consolidated Statement of Income and, as such, have been excluded from both continuing operations and segment results for all periods presented. The consolidated statements of cash flows are presented on a consolidated basis for both continuing operations and discontinued operations.
The following table presents key components of “Income from discontinued operations, net of income taxes” for the quarter and year-to-date period ended July 1, 2023:
(millions)Quarter-endedYear-to-date period ended
Net sales$690 $1,401 
Cost of goods sold451 936 
Selling, general and administrative expense147 280 
Operating profit$92 $185 
Interest expense9 19 
Other income (expense), net8 17 
Income from discontinued operations before income taxes$91 $183 
Income taxes27 51 
Net income from discontinued operations, net of tax$64 $132 
The following table presents significant cash flow items from discontinued operations for the year-to-date period ended July 1, 2023:
(millions)
Depreciation and amortization$35 
Additions to properties$76 
Postretirement benefit plan expense (benefit)$(14)
In connection with the separation, WK Kellogg Co ("WKKC") entered into several agreements with Kellanova that govern the relationship of the parties following the spin-off including a Separation and Distribution Agreement, a Manufacturing and Supply Agreement (“Supply Agreement”), a Tax Matters Agreement, Employee Matters Agreement, Transition Services Agreement (“TSA”), and various lease agreements.
Pursuant to the TSA, both Kellanova and WK Kellogg Co agreed to provide certain services to each other, on an interim, transitional basis from and after the separation and the distribution for a duration of up to 2 years following the spin-off. The TSA covers various services such as supply chain, IT, commercial, sales, Finance, HR, R&D and other Corporate. The remuneration to be paid for such services is generally intended to allow the company providing the services to recover all of its costs and expenses of providing such services. The costs and reimbursements related to services provided by Kellanova under the TSA are recorded in continuing operations within the Consolidated Statement of Income. Kellanova recorded approximately $44 million and $91 million of cost reimbursements related to the TSA for the quarter and year-to-date period ended June 29, 2024, respectively, of which $29 million and $62 million is recognized in COGS, respectively, and $15 million and $29 million in SGA, respectively, in the Consolidated Statement of Income. These reimbursements are a direct offset within the Consolidated Statement of Income to the costs incurred related to providing services under the TSA.
Pursuant to the Supply Agreement, Kellanova will continue to supply certain inventory to WKKC for a period of up to 3 years following the spin-off. During the quarter and year-to-date period ended June 29, 2024, the Company recognized net sales to WKKC of $11 million and $26 million, respectively, and cost of sales of $10 million and $23 million, respectively. 


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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 $975 million.
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 June 29, 2024 and December 30, 2023 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 $765 million and $697 million remained outstanding under these arrangements as of June 29, 2024 and December 30, 2023, 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 $11 million for both quarters ended June 29, 2024 and July 1, 2023. The recorded net loss on sale of receivables was $22 million and $19 million for the year-to-date period ended June 29, 2024 and July 1, 2023, respectively. The recorded loss is included in Other income and expense (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 $19 million and $8 million remained outstanding under these programs as of June 29, 2024 and December 30, 2023, 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.
NOTE 4 RESTRUCTURING
The Company views its restructuring programs as part of its operating principles to provide greater visibility in achieving its long-term profit growth and margin targets. Initiatives undertaken are generally expected to recover cash implementation costs within a 1 to 5-year period subsequent to completion. Completion (or as each major stage is completed in the case of multi-year programs) is when the project begins to deliver cash savings and/or reduced depreciation.
In the first quarter of 2024, the Company announced a reconfiguration of the North America frozen supply chain network, designed to drive increased productivity. The project is expected to be substantially completed by late 2024, with cost savings beginning to contribute to gross margin improvements in the second half of 2024 and reaching full-run rate in 2025. The overall project is expected to result in cumulative pretax charges of approximately $50 million, which include employee-related costs of $10 million, other cash costs of $10 million, and non-cash costs, primarily consisting of asset impairment, accelerated depreciation, and asset disposals of $30 million. Charges incurred related to this restructuring program were $9 million and $40 million during the quarter and year-to-date period ended June 29, 2024, respectively. These charges primarily related to severance costs and asset impairment, and were recorded in COGS.

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In the first quarter of 2024, the Company proposed a reconfiguration of the European cereal supply chain network and completed collective bargaining obligations and consultation with impacted employees during the quarter ended June 29, 2024. The project, designed to drive efficiencies, is expected to be substantially completed by late 2026, with resulting efficiencies expected to begin contributing to gross margin improvements in late 2026. The overall project is expected to result in cumulative pretax charges of approximately $120 million, which include employee-related costs of $50 million, other cash costs of $30 million, and non-cash costs, primarily consisting of asset impairment, accelerated depreciation, and asset disposals of $40 million. Charges incurred related to this restructuring program were immaterial during the quarter ended June 29, 2024 and were $69 million during the year-to-date period ended June 29, 2024. These charges primarily related to severance costs and asset impairment and were recorded in COGS.

The tables below provide the details for charges incurred during the quarter and year-to-date period ended June 29, 2024.
 Quarter endedYear-to-date period endedProgram costs to date
(millions)June 29, 2024June 29, 2024June 29, 2024
Employee related costs$— $37 $37 
Asset related costs4 8 8 
Asset impairment— 60 60 
Other costs4 4 4 
Total$8 $109 $109 
 Quarter endedYear-to-date period endedProgram costs to date
(millions)June 29, 2024June 29, 2024June 29, 2024
North America$9 $40 $40 
Europe(1)69 69 
Total$8 $109 $109 
All other restructuring projects were immaterial during the periods presented.
At June 29, 2024, total project reserves for the European and North American reorganizations were $30 million and $4 million, respectively. The reserves were related to severance payments and other costs of which a substantial portion will not be paid during the current year. The following table provides details for exit cost reserves related to the European and North American reorganizations described above.
Employee
Related
Costs 		Asset
Impairment		Asset
Related
Costs		Other
Costs		Total
Liability as of December 30, 2023$— $— $— $— $— 
2024 restructuring charges37 60 8 4 109 
Cash payments(2)— — (4)(6)
Non-cash charges and other(1)(60)(8)— (69)
Liability as of June 29, 2024$34 $— $— $— $34 
NOTE 5 DIVESTITURES
Russia
In July 2023 the Company completed the sale of its Russian business. As a result of completing the transaction, the Company derecognized net assets of approximately $65 million and recorded a non-cash loss on the transaction of approximately $113 million in OIE, primarily related to the release of historical currency translation adjustments. The business was part of the Europe reportable segment and the sale resulted in a complete exit from the Russian market. The business in Russia represented approximately 1% of consolidated Kellanova net sales.


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NOTE 6 INVESTMENTS IN UNCONSOLIDATED ENTITIES
The Company holds a 50% ownership interest in Tolaram Africa Foods, PTE LTD (TAF), a holding company with a 49% interest in Dufil Prima Foods, Plc, a food manufacturer in West Africa. The carrying value of the investment in TAF at June 29, 2024 and December 30, 2023 was $91 million and $173 million, respectively. The investment in TAF is accounted for under the equity method of accounting and is evaluated for indicators of other than temporary impairment. The company records the activity of TAF on a one-month lag due to the timing required to obtain the financial statements from TAF management.
During the second quarter of 2023, the Company recorded an out-of-period adjustment to correct an error in the foreign currency translation of its investment in TAF. The adjustment decreased investments in unconsolidated entities and increased other comprehensive loss by $113 million, respectively. We determined the adjustment to be immaterial to our Consolidated Financial Statements for the quarter and year to date periods ended July 1, 2023 and related prior annual and quarterly periods.
NOTE 7 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 4 million and 6 million anti-dilutive potential common shares excluded from the calculation for the quarter and year-to-date periods ended June 29, 2024. There were approximately 4 million anti-dilutive potential common shares excluded from the calculation for the quarter and year-to-date periods ended July 1, 2023. Please refer to the Consolidated Statement of Income for basic and diluted earnings per share for the quarters ended June 29, 2024 and July 1, 2023.
Share repurchases
In December 2022, the Board of Directors approved an authorization to repurchase up to $1.5 billion of our common stock through December 2025. During the quarter and year-to-date periods ended June 29, 2024, the Company did not repurchase any shares of common stock. During the quarter and year-to-date periods ended July 1, 2023, the Company repurchased approximately 1 million shares of common stock for a total of $60 million.
Comprehensive income
Comprehensive income includes net income and all other changes in equity during a period except those resulting from investments by or distributions to shareholders. Other comprehensive income consists of foreign currency translation adjustments, fair value adjustments associated with cash flow hedges, which are recorded in interest expense within the statement of income, upon reclassification from Accumulated Other Comprehensive Income (AOCI), adjustments for net experience gains (losses), prior service credit (costs) related to employee benefit plans and adjustments for unrealized (gains) losses on available-for-sale securities, which are recorded in other income (expense) within the statement of income, upon reclassification from AOCI. The related tax effects of these items are recorded in income tax expense within the statement of income, upon reclassification from AOCI.
Accumulated other comprehensive income (loss), net of tax, as of June 29, 2024 and December 30, 2023 consisted of the following:
(millions)June 29,
2024		December 30,
2023
Foreign currency translation adjustments$(2,598)$(2,326)
Net investment hedges gain (loss)260 186 
Cash flow hedges — net deferred gain (loss)174 143 
Postretirement and postemployment benefits:
Net experience gain (loss)— 1 
Prior service credit (cost)(44)(45)
Total accumulated other comprehensive income (loss)$(2,208)$(2,041)



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NOTE 8 NOTES PAYABLE AND LONG-TERM DEBT
The following table presents the components of Notes payable at June 29, 2024 and December 30, 2023:
 June 29, 2024December 30, 2023
(millions)Principal
amount		Effective
interest rate 		Principal
amount		Effective
interest rate
U.S. commercial paper$79 5.49 %$— — %
Bank borrowings127 121 
Total$206 $121 
During the second quarter of 2024, Kellanova issued $300 million of thirty-year 5.75% Notes due 2054, resulting in net proceeds after discount and underwriting commissions of $296 million. In connection with the debt issuance, the Company recorded gains totaling $161 million, including approximately a $11 million gain realized in the second quarter, on forward starting swaps with a notional value of $300 million. These gains were recorded in accumulated other comprehensive income and will be amortized to interest expense over the term of the Notes. The average effective interest rate over the term of the Notes, reflecting issuance discount and hedge settlement is 4.0%.
Additionally, during the second quarter of 2024, Kellanova issued €300 million of ten-year 3.75% Notes due 2034, resulting in net proceeds after discount and underwriting commissions of €297 million. In connection with the debt issuance, the Company recorded gains totaling €51 million, including approximately a €5 million loss realized in the second quarter, on forward starting swaps with a notional value of €250 million. These gains were recorded in accumulated other comprehensive income and will be amortized to interest expense over the term of the Notes. The average effective interest rate over the term of the Notes, reflecting issuance discount and hedge settlement is 2.2%.
The proceeds from these notes were used for general corporate purposes, including the payment of offering related fees and expenses, repayment of a portion of the €600 million 1.0% Notes when they matured on May 17, 2024. The Notes contain customary covenants that limit the ability of the Company and its restricted subsidiaries (as defined) to incur certain liens or enter into certain sale and lease-back transactions, as well as a change of control provision.
NOTE 9 EMPLOYEE BENEFITS
The Company sponsors a number of U.S. and foreign pension plans as well as other nonpension postretirement and postemployment plans to provide various benefits for its employees. These plans are described within the footnotes to the Consolidated Financial Statements included in the Company’s 2023 Annual Report on Form 10-K. Components of Company benefit plan (income) expense for the periods presented are included in the tables below. Excluding the service cost component, these amounts are included within Other income (expense) in the Consolidated Statement of Income.
Pension
 Quarter endedYear-to-date period ended
(millions)June 29, 2024July 1, 2023June 29, 2024July 1, 2023
Service cost$4 $4 $8 $8 
Interest cost35 36 70 72 
Expected return on plan assets(41)(44)(82)(89)
Amortization of unrecognized prior service cost2 1 4 2 
Total pension (income) expense$— $(3)$— $(7)

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Other nonpension postretirement
 Quarter endedYear-to-date period ended
(millions)June 29, 2024July 1, 2023June 29, 2024July 1, 2023
Service cost$— $1 $1 $1 
Interest cost3 4 7 8 
Expected return on plan assets(9)(9)(18)(18)
Amortization of unrecognized prior service cost(2)(1)(3)(2)
Recognized net (gain) loss— — (13)— 
Total postretirement benefit (income) expense$(8)$(5)$(26)$(11)
The Company contributes to voluntary employee benefit association (VEBA) trusts to fund certain U.S. retiree health and welfare benefit obligations. During the first quarter of 2024, the Company amended the plan to create a sub-trust to permit the payment of certain benefits for active union employees using a surplus totaling $175 million from the retiree plan, which represents a portion of the plan's total surplus. This amount was converted to cash and treated as a one-time transfer to a sub-trust that was then invested in marketable securities and will be used to pay for these active union employee benefits. As a result of its designation for this purpose, the transferred amount is no longer considered an asset of the retiree plan and is included in Other current assets and Other assets dependent on the expected holding period on the Consolidated Balance Sheet as of June 29, 2024. The one-time transfer of cash from the VEBA trust to the sub-trust was treated as a distribution from the plan in operating activities on the Consolidated Statement of Cash Flows and the investment in marketable securities to fund the active union employee benefits was treated as an investing activity in the Consolidated Statement of Cash Flows.

For the year-to-date period ended June 29, 2024, the Company recognized a gain of $13 million related to the remeasurement of other postretirement benefit plans. These remeasurements were the result of the transfer of assets noted above. The remeasurements recognized were due primarily to the increase in discount rates versus the prior year-end and higher than expected return on plan assets.
Postemployment benefit plan expense for the quarters and year-to-date periods ended June 29, 2024 and July 1, 2023 were not material.
Exclusive of the negative contribution discussed above, Company contributions to employee benefit plans are summarized as follows:
(millions)PensionNonpension postretirementTotal
Quarter ended:
June 29, 2024$9 $1 $10 
July 1, 2023$— $4 $4 
Year-to-date period ended:
June 29, 2024$28 $4 $32 
July 1, 2023$— $7 $7 
Full year:
Fiscal year 2024 (projected)$46 $18 $64 
Fiscal year 2023 (actual)$25 $10 $35 
Plan funding strategies may be modified in response to management's evaluation of tax deductibility, market conditions, and competing investment alternatives.





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NOTE 10 INCOME TAXES
The consolidated effective tax rate for the quarter and year-to-date periods ended June 29, 2024 was 22%. The consolidated effective tax rate for the quarter and year-to-date periods ended July 1, 2023 was 21%.
As of June 29, 2024, the Company classified $8 million of unrecognized tax benefits as a current tax liability. Management's estimate of reasonably possible changes in unrecognized tax benefits during the next twelve months consists of the current liability expected to be settled within one year, offset by approximately $3 million of projected additions related primarily to ongoing intercompany transfer pricing activity. Management is currently unaware of any issues under review that could result in significant additional payments, accruals or other material deviation in this estimate.
The Company’s total gross unrecognized tax benefits as of June 29, 2024 was $34 million. Of this balance, $29 million represents the amount that, if recognized, would affect the Company’s effective income tax rate in future periods.
The accrual balance for tax-related interest was approximately $5 million at June 29, 2024.
NOTE 11 DERIVATIVE INSTRUMENTS AND FAIR VALUE
The Company is exposed to certain market risks such as changes in interest rates, foreign currency exchange rates, and commodity prices, which exist as a part of its ongoing business operations. Management uses derivative and nonderivative financial instruments and commodity instruments, including futures, options, and swaps, where appropriate, to manage these risks. Instruments used as hedges must be effective at reducing the risk associated with the exposure being hedged.
The Company designates derivatives and nonderivative hedging instruments as cash flow hedges, fair value hedges, net investment hedges, and uses other contracts to reduce volatility in interest rates, foreign currency and commodities. As a matter of policy, the Company does not engage in trading or speculative hedging transactions.
Derivative instruments are classified on the Consolidated Balance Sheet based on the contractual maturity of the instrument or the timing of the underlying cash flows of the instrument for derivatives with contractual maturities beyond one year.  Any collateral associated with derivative instruments is classified as other assets or other current liabilities on the Consolidated Balance Sheet depending on whether the counterparty collateral is in an asset or liability position.  Margin deposits related to exchange-traded commodities are recorded in accounts receivable, net on the Consolidated Balance Sheet.  On the Consolidated Statement of Cash Flows, cash flows associated with derivative instruments are classified according to the nature of the underlying hedged item.  Cash flows associated with collateral and margin deposits on exchange-traded commodities are classified as investing cash flows when the collateral account is in an asset position and as financing cash flows when the collateral account is in a liability position.
Total notional amounts of the Company’s derivative instruments as of June 29, 2024 and December 30, 2023 were as follows:
(millions)June 29,
2024		December 30,
2023
Foreign currency exchange contracts$3,361 $3,141 
Cross-currency contracts1,945 1,707 
Interest rate contracts1,050 2,289 
Commodity contracts308 201 
Total$6,664 $7,338 
Following is a description of each category in the fair value hierarchy and the financial assets and liabilities of the Company that were included in each category at June 29, 2024 and December 30, 2023, measured on a recurring basis.
Level 1 – Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market. For the Company, Level 1 financial assets and liabilities consist primarily of commodity derivative contracts.

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Level 2 – Financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. For the Company, Level 2 financial assets and liabilities consist of interest rate swaps, cross-currency swaps and over-the-counter commodity and currency contracts.
The Company’s calculation of the fair value of interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve. Over-the-counter commodity derivatives are valued using an income approach based on the commodity index prices less the contract rate multiplied by the notional amount. Foreign currency contracts are valued using an income approach based on forward rates less the contract rate multiplied by the notional amount. Cross-currency contracts are valued based on changes in the spot rate at the time of valuation compared to the spot rate at the time of execution, as well as the change in the interest differential between the two currencies. The Company’s calculation of the fair value of Level 2 financial assets and liabilities takes into consideration the risk of nonperformance, including counterparty credit risk.
Level 3 – Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability. The Company did not have any Level 3 financial assets or liabilities as of June 29, 2024 or December 30, 2023.
The following table presents assets and liabilities that were measured at fair value in the Consolidated Balance Sheet on a recurring basis as of June 29, 2024 and December 30, 2023:
Derivatives designated as hedging instruments
 June 29, 2024December 30, 2023
(millions)Level 1Level 2TotalLevel 1Level 2Total
Assets:
Cross-currency contracts:
Other current assets$— $16 $16 $— $12 $12 
Other assets— 31 31 — 4 4 
Interest rate contracts:
Other current assets— — — — — — 
Other assets— — — — — — 
Total assets$— $47 $47 $— $16 $16 
Liabilities:
Cross-currency contracts:
Other current liabilities$— $(5)$(5)$— $(17)$(17)
   Other liabilities— (3)(3)— (15)(15)
Interest rate contracts(a):
Other current liabilities— — — — (44)(44)
Other liabilities— (48)(48)— (45)(45)
Total liabilities$— $(56)$(56)$— $(121)$(121)
(a) The fair value of the related hedged portion of the Company's long-term debt, a Level 2 liability, was $0.4 billion as of June 29, 2024 and $1.1 billion as of December 30, 2023, respectively.








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Derivatives not designated as hedging instruments
 June 29, 2024December 30, 2023
(millions)Level 1Level 2TotalLevel 1Level 2Total
Assets:
Foreign currency exchange contracts:
Other current assets$— $44 $44 $— $51 $51 
Other assets— 6 6 — 4 4 
Interest rate contracts:
Other current assets— 9 9 — 9 9 
Other assets— 3 3 — 4 4 
Commodity contracts:
Other current assets6 — 6 2 — 2 
Total assets$6 $