falseQ32023000005506712/3000000550672023-01-012023-09-300000055067us-gaap:CommonStockMember2023-01-012023-09-300000055067k:A1.000SeniorNotesDue2024Member2023-01-012023-09-300000055067k:A1.250SeniorNotesDue2025Member2023-01-012023-09-300000055067k:FiveZeroPercentEuroNotesDueTwentyTwentyNineMember2023-01-012023-09-3000000550672023-09-30xbrli:sharesiso4217:USD00000550672022-12-31iso4217:USDxbrli:shares00000550672023-07-022023-09-3000000550672022-07-032022-10-0100000550672022-01-022022-10-0100000550672022-10-010000055067us-gaap:CommonStockMember2023-07-010000055067us-gaap:AdditionalPaidInCapitalMember2023-07-010000055067us-gaap:RetainedEarningsMember2023-07-010000055067us-gaap:TreasuryStockCommonMember2023-07-010000055067us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-010000055067us-gaap:ParentMember2023-07-010000055067us-gaap:NoncontrollingInterestMember2023-07-0100000550672023-07-010000055067us-gaap:TreasuryStockCommonMember2023-07-022023-09-300000055067us-gaap:ParentMember2023-07-022023-09-300000055067us-gaap:RetainedEarningsMember2023-07-022023-09-300000055067us-gaap:NoncontrollingInterestMember2023-07-022023-09-300000055067us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-022023-09-300000055067us-gaap:AdditionalPaidInCapitalMember2023-07-022023-09-300000055067us-gaap:CommonStockMember2023-09-300000055067us-gaap:AdditionalPaidInCapitalMember2023-09-300000055067us-gaap:RetainedEarningsMember2023-09-300000055067us-gaap:TreasuryStockCommonMember2023-09-300000055067us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300000055067us-gaap:ParentMember2023-09-300000055067us-gaap:NoncontrollingInterestMember2023-09-300000055067us-gaap:CommonStockMember2022-12-310000055067us-gaap:AdditionalPaidInCapitalMember2022-12-310000055067us-gaap:RetainedEarningsMember2022-12-310000055067us-gaap:TreasuryStockCommonMember2022-12-310000055067us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000055067us-gaap:ParentMember2022-12-310000055067us-gaap:NoncontrollingInterestMember2022-12-310000055067us-gaap:TreasuryStockCommonMember2023-01-012023-09-300000055067us-gaap:ParentMember2023-01-012023-09-300000055067us-gaap:RetainedEarningsMember2023-01-012023-09-300000055067us-gaap:NoncontrollingInterestMember2023-01-012023-09-300000055067us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300000055067us-gaap:AdditionalPaidInCapitalMember2023-01-012023-09-300000055067us-gaap:CommonStockMember2022-07-020000055067us-gaap:AdditionalPaidInCapitalMember2022-07-020000055067us-gaap:RetainedEarningsMember2022-07-020000055067us-gaap:TreasuryStockCommonMember2022-07-020000055067us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-020000055067us-gaap:ParentMember2022-07-020000055067us-gaap:NoncontrollingInterestMember2022-07-0200000550672022-07-020000055067us-gaap:RetainedEarningsMember2022-07-032022-10-010000055067us-gaap:ParentMember2022-07-032022-10-010000055067us-gaap:NoncontrollingInterestMember2022-07-032022-10-010000055067us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-032022-10-010000055067us-gaap:AdditionalPaidInCapitalMember2022-07-032022-10-010000055067us-gaap:TreasuryStockCommonMember2022-07-032022-10-010000055067us-gaap:CommonStockMember2022-10-010000055067us-gaap:AdditionalPaidInCapitalMember2022-10-010000055067us-gaap:RetainedEarningsMember2022-10-010000055067us-gaap:TreasuryStockCommonMember2022-10-010000055067us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-10-010000055067us-gaap:ParentMember2022-10-010000055067us-gaap:NoncontrollingInterestMember2022-10-010000055067us-gaap:CommonStockMember2022-01-010000055067us-gaap:AdditionalPaidInCapitalMember2022-01-010000055067us-gaap:RetainedEarningsMember2022-01-010000055067us-gaap:TreasuryStockCommonMember2022-01-010000055067us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-010000055067us-gaap:ParentMember2022-01-010000055067us-gaap:NoncontrollingInterestMember2022-01-0100000550672022-01-010000055067us-gaap:TreasuryStockCommonMember2022-01-022022-10-010000055067us-gaap:ParentMember2022-01-022022-10-010000055067us-gaap:RetainedEarningsMember2022-01-022022-10-010000055067us-gaap:NoncontrollingInterestMember2022-01-022022-10-010000055067us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-022022-10-010000055067us-gaap:AdditionalPaidInCapitalMember2022-01-022022-10-010000055067srt:MinimumMember2023-09-300000055067srt:MaximumMember2023-09-300000055067us-gaap:CostOfSalesMember2023-07-022023-09-300000055067us-gaap:CostOfSalesMember2023-01-012023-09-300000055067us-gaap:SellingGeneralAndAdministrativeExpensesMember2023-07-022023-09-300000055067us-gaap:SellingGeneralAndAdministrativeExpensesMember2023-01-012023-09-300000055067us-gaap:SellingGeneralAndAdministrativeExpensesMember2022-07-032022-10-010000055067us-gaap:SellingGeneralAndAdministrativeExpensesMember2022-01-022022-10-010000055067srt:MaximumMemberk:MonetizationProgramMember2023-09-300000055067srt:MaximumMemberk:MonetizationProgramMember2022-12-310000055067k:AccountsReceivableSoldAndOutstandingMemberk:MonetizationProgramMember2023-09-300000055067k:AccountsReceivableSoldAndOutstandingMemberk:MonetizationProgramMember2022-12-310000055067us-gaap:OtherNonoperatingIncomeExpenseMemberk:MonetizationProgramMember2023-07-022023-09-300000055067us-gaap:OtherNonoperatingIncomeExpenseMemberk:MonetizationProgramMember2023-01-012023-09-300000055067us-gaap:OtherNonoperatingIncomeExpenseMemberk:MonetizationProgramMember2022-07-032022-10-010000055067us-gaap:OtherNonoperatingIncomeExpenseMemberk:MonetizationProgramMember2022-01-022022-10-010000055067k:KelloggForeignSubsidiariesOtherProgramMember2023-09-300000055067k:KelloggForeignSubsidiariesOtherProgramMember2022-12-310000055067country:RUk:EuropeSegmentMember2023-07-290000055067country:RUk:EuropeSegmentMember2023-07-022023-07-290000055067country:RUk:EuropeSegmentMember2023-07-022023-09-30xbrli:pure0000055067k:TolaramAfricaFoodsPteLtdMember2023-09-300000055067k:TAFInvestmentInAffiliatedFoodManufacturerMember2023-09-300000055067k:TolaramAfricaFoodsPteLtdMember2023-07-010000055067k:DecemberTwentyTwentyTwoShareRepurchaseProgramMember2022-12-310000055067k:DecemberTwentyTwentyTwoShareRepurchaseProgramMember2023-01-012023-09-300000055067k:DecemberTwentyTwentyTwoShareRepurchaseProgramMember2023-07-022023-09-300000055067k:TwentyTwentyShareRepurchaseProgramMember2022-01-022022-10-010000055067us-gaap:CommercialPaperMember2023-09-300000055067us-gaap:CommercialPaperMember2022-12-310000055067us-gaap:NotesPayableToBanksMember2023-09-300000055067us-gaap:NotesPayableToBanksMember2022-12-310000055067k:TermLoanMemberk:WKKelloggCoMemberus-gaap:LineOfCreditMember2023-09-300000055067k:WKKelloggCoMemberk:DelayedDrawTermLoanMemberus-gaap:LineOfCreditMember2023-09-300000055067us-gaap:RevolvingCreditFacilityMemberk:WKKelloggCoMemberus-gaap:LineOfCreditMember2023-09-300000055067us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberk:WKKelloggCoMemberus-gaap:LineOfCreditMember2023-09-300000055067k:WKKelloggCoMemberus-gaap:LineOfCreditMemberus-gaap:BaseRateMember2023-09-300000055067k:WKKelloggCoMember2023-01-012023-09-300000055067us-gaap:DebtInstrumentRedemptionPeriodOneMember2023-07-022023-09-300000055067us-gaap:DebtInstrumentRedemptionPeriodTwoMemberk:WKKelloggCoMemberus-gaap:LineOfCreditMember2023-07-022023-09-300000055067k:WKKelloggCoMemberus-gaap:DebtInstrumentRedemptionPeriodThreeMemberus-gaap:LineOfCreditMember2023-07-022023-09-300000055067k:WKKelloggCoMemberus-gaap:DebtInstrumentRedemptionPeriodFourMemberus-gaap:LineOfCreditMember2023-07-022023-09-300000055067k:WKKelloggCoMemberus-gaap:DebtInstrumentRedemptionPeriodFiveMemberus-gaap:LineOfCreditMember2023-07-022023-09-300000055067k:WKKelloggCoMemberus-gaap:LineOfCreditMember2023-09-300000055067us-gaap:LoansMemberk:WKKelloggCoMemberus-gaap:LineOfCreditMember2023-09-300000055067us-gaap:OtherAssetsMemberk:WKKelloggCoMemberus-gaap:LineOfCreditMember2023-09-300000055067k:FiveTwoFivePercentTenYearUsNotesDueTwentyThirtyThreeMember2023-03-010000055067k:FiveTwoFivePercentTenYearUsNotesDueTwentyThirtyThreeMember2023-03-012023-03-010000055067k:TenYear275UsDollarNoteDue2023Member2023-03-010000055067us-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMemberk:FiveTwoFivePercentTenYearUsNotesDueTwentyThirtyThreeMember2023-01-012023-04-010000055067us-gaap:PensionPlansDefinedBenefitMemberk:GlobalPlansMember2023-07-022023-09-300000055067us-gaap:PensionPlansDefinedBenefitMemberk:GlobalPlansMember2022-07-032022-10-010000055067us-gaap:PensionPlansDefinedBenefitMemberk:GlobalPlansMember2023-01-012023-09-300000055067us-gaap:PensionPlansDefinedBenefitMemberk:GlobalPlansMember2022-01-022022-10-010000055067us-gaap:PensionPlansDefinedBenefitMembercountry:US2023-01-012023-09-300000055067us-gaap:PensionPlansDefinedBenefitMembercountry:US2023-07-022023-09-300000055067us-gaap:PensionPlansDefinedBenefitMembercountry:US2022-07-032022-10-010000055067us-gaap:PensionPlansDefinedBenefitMembercountry:US2022-01-022022-10-010000055067k:OtherNonpensionPostretirementMemberk:UsAndCanadaDefinedBenefitPlansMember2023-07-022023-09-300000055067k:OtherNonpensionPostretirementMemberk:UsAndCanadaDefinedBenefitPlansMember2022-07-032022-10-010000055067k:OtherNonpensionPostretirementMemberk:UsAndCanadaDefinedBenefitPlansMember2023-01-012023-09-300000055067k:OtherNonpensionPostretirementMemberk:UsAndCanadaDefinedBenefitPlansMember2022-01-022022-10-010000055067k:GlobalPlansMemberk:PostemploymentMember2023-07-022023-09-300000055067k:GlobalPlansMemberk:PostemploymentMember2022-07-032022-10-010000055067k:GlobalPlansMemberk:PostemploymentMember2023-01-012023-09-300000055067k:GlobalPlansMemberk:PostemploymentMember2022-01-022022-10-010000055067country:GBus-gaap:PensionPlansDefinedBenefitMemberk:BuyInAnnuityContractMember2023-05-310000055067us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberk:UsAndCanadaDefinedBenefitPlansMember2023-07-022023-09-300000055067us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberk:UsAndCanadaDefinedBenefitPlansMember2022-07-032022-10-010000055067us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberk:UsAndCanadaDefinedBenefitPlansMember2023-01-012023-09-300000055067us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberk:UsAndCanadaDefinedBenefitPlansMember2022-01-022022-10-010000055067us-gaap:PensionPlansDefinedBenefitMemberk:GlobalPlansMember2023-09-300000055067us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberk:UsAndCanadaDefinedBenefitPlansMember2023-09-300000055067us-gaap:PensionPlansDefinedBenefitMemberk:GlobalPlansMember2022-01-022022-12-310000055067us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberk:UsAndCanadaDefinedBenefitPlansMember2022-01-022022-12-3100000550672022-01-022022-12-310000055067us-gaap:OtherCurrentLiabilitiesMember2023-09-300000055067us-gaap:ForeignExchangeContractMember2023-09-300000055067us-gaap:ForeignExchangeContractMember2022-12-310000055067us-gaap:CrossCurrencyInterestRateContractMember2023-09-300000055067us-gaap:CrossCurrencyInterestRateContractMember2022-12-310000055067us-gaap:InterestRateContractMember2023-09-300000055067us-gaap:InterestRateContractMember2022-12-310000055067us-gaap:CommodityContractMember2023-09-300000055067us-gaap:CommodityContractMember2022-12-310000055067us-gaap:OtherCurrentAssetsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-09-300000055067us-gaap:FairValueInputsLevel2Memberus-gaap:OtherCurrentAssetsMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-09-300000055067us-gaap:OtherCurrentAssetsMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-09-300000055067us-gaap:OtherCurrentAssetsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000055067us-gaap:FairValueInputsLevel2Memberus-gaap:OtherCurrentAssetsMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000055067us-gaap:OtherCurrentAssetsMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000055067us-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-09-300000055067us-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-09-300000055067us-gaap:OtherAssetsMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-09-300000055067us-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000055067us-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000055067us-gaap:OtherAssetsMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000055067us-gaap:OtherCurrentAssetsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2023-09-300000055067us-gaap:FairValueInputsLevel2Memberus-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2023-09-300000055067us-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2023-09-300000055067us-gaap:OtherCurrentAssetsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2022-12-310000055067us-gaap:FairValueInputsLevel2Memberus-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2022-12-310000055067us-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2022-12-310000055067us-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2023-09-300000055067us-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2023-09-300000055067us-gaap:OtherAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2023-09-300000055067us-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2022-12-310000055067us-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2022-12-310000055067us-gaap:OtherAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2022-12-310000055067us-gaap:FairValueInputsLevel1Memberus-gaap:DesignatedAsHedgingInstrumentMember2023-09-300000055067us-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMember2023-09-300000055067us-gaap:DesignatedAsHedgingInstrumentMember2023-09-300000055067us-gaap:FairValueInputsLevel1Memberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000055067us-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000055067us-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000055067us-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-09-300000055067us-gaap:FairValueInputsLevel2Memberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-09-300000055067us-gaap:OtherCurrentLiabilitiesMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-09-300000055067us-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000055067us-gaap:FairValueInputsLevel2Memberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000055067us-gaap:OtherCurrentLiabilitiesMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000055067us-gaap:FairValueInputsLevel1Memberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-09-300000055067us-gaap:FairValueInputsLevel2Memberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-09-300000055067us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-09-300000055067us-gaap:FairValueInputsLevel1Memberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000055067us-gaap:FairValueInputsLevel2Memberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000055067us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000055067us-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2023-09-300000055067us-gaap:FairValueInputsLevel2Memberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2023-09-300000055067us-gaap:OtherCurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2023-09-300000055067us-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2022-12-310000055067us-gaap:FairValueInputsLevel2Memberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2022-12-310000055067us-gaap:OtherCurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2022-12-310000055067us-gaap:FairValueInputsLevel1Memberus-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2023-09-300000055067us-gaap:FairValueInputsLevel2Memberus-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2023-09-300000055067us-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2023-09-300000055067us-gaap:FairValueInputsLevel1Memberus-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2022-12-310000055067us-gaap:FairValueInputsLevel2Memberus-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2022-12-310000055067us-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2022-12-310000055067us-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel1Member2023-09-300000055067us-gaap:FairValueInputsLevel2Memberus-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2023-09-300000055067us-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2023-09-300000055067us-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel1Member2022-12-310000055067us-gaap:FairValueInputsLevel2Memberus-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2022-12-310000055067us-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2022-12-310000055067us-gaap:OtherAssetsMemberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel1Member2023-09-300000055067us-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2023-09-300000055067us-gaap:OtherAssetsMemberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2023-09-300000055067us-gaap:OtherAssetsMemberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel1Member2022-12-310000055067us-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2022-12-310000055067us-gaap:OtherAssetsMemberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2022-12-310000055067us-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateContractMember2023-09-300000055067us-gaap:FairValueInputsLevel2Memberus-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:InterestRateContractMember2023-09-300000055067us-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:InterestRateContractMember2023-09-300000055067us-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateContractMember2022-12-310000055067us-gaap:FairValueInputsLevel2Memberus-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:InterestRateContractMember2022-12-310000055067us-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:InterestRateContractMember2022-12-310000055067us-gaap:OtherAssetsMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateContractMember2023-09-300000055067us-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMemberus-gaap:InterestRateContractMember2023-09-300000055067us-gaap:OtherAssetsMemberus-gaap:NondesignatedMemberus-gaap:InterestRateContractMember2023-09-300000055067us-gaap:OtherAssetsMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateContractMember2022-12-310000055067us-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMemberus-gaap:InterestRateContractMember2022-12-310000055067us-gaap:OtherAssetsMemberus-gaap:NondesignatedMemberus-gaap:InterestRateContractMember2022-12-310000055067us-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel1Member2023-09-300000055067us-gaap:FairValueInputsLevel2Memberus-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:CommodityContractMember2023-09-300000055067us-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:CommodityContractMember2023-09-300000055067us-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel1Member2022-12-310000055067us-gaap:FairValueInputsLevel2Memberus-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:CommodityContractMember2022-12-310000055067us-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:CommodityContractMember2022-12-310000055067us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel1Member2023-09-300000055067us-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMember2023-09-300000055067us-gaap:NondesignatedMember2023-09-300000055067us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel1Member2022-12-310000055067us-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMember2022-12-310000055067us-gaap:NondesignatedMember2022-12-310000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel1Member2023-09-300000055067us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMember2023-09-300000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMember2023-09-300000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel1Member2022-12-310000055067us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMember2022-12-310000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMember2022-12-310000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel1Memberus-gaap:OtherLiabilitiesMember2023-09-300000055067us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2023-09-300000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2023-09-300000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel1Memberus-gaap:OtherLiabilitiesMember2022-12-310000055067us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2022-12-310000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2022-12-310000055067us-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateContractMember2023-09-300000055067us-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:InterestRateContractMember2023-09-300000055067us-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:InterestRateContractMember2023-09-300000055067us-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateContractMember2022-12-310000055067us-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:InterestRateContractMember2022-12-310000055067us-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:InterestRateContractMember2022-12-310000055067us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel1Memberus-gaap:OtherLiabilitiesMemberus-gaap:InterestRateContractMember2023-09-300000055067us-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMemberus-gaap:InterestRateContractMember2023-09-300000055067us-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMemberus-gaap:InterestRateContractMember2023-09-300000055067us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel1Memberus-gaap:OtherLiabilitiesMemberus-gaap:InterestRateContractMember2022-12-310000055067us-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMemberus-gaap:InterestRateContractMember2022-12-310000055067us-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMemberus-gaap:InterestRateContractMember2022-12-310000055067us-gaap:NondesignatedMemberus-gaap:CommodityContractMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel1Member2023-09-300000055067us-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMemberus-gaap:CommodityContractMemberus-gaap:OtherCurrentLiabilitiesMember2023-09-300000055067us-gaap:NondesignatedMemberus-gaap:CommodityContractMemberus-gaap:OtherCurrentLiabilitiesMember2023-09-300000055067us-gaap:NondesignatedMemberus-gaap:CommodityContractMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel1Member2022-12-310000055067us-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMemberus-gaap:CommodityContractMemberus-gaap:OtherCurrentLiabilitiesMember2022-12-310000055067us-gaap:NondesignatedMemberus-gaap:CommodityContractMemberus-gaap:OtherCurrentLiabilitiesMember2022-12-310000055067us-gaap:NetInvestmentHedgingMember2022-12-310000055067us-gaap:NetInvestmentHedgingMember2023-09-300000055067us-gaap:FairValueHedgingMemberk:CarryingAmountOfHedgedLiabilityMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2023-09-300000055067us-gaap:FairValueHedgingMemberk:CarryingAmountOfHedgedLiabilityMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2022-12-310000055067k:CumulativeFairValueAdjustmentMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2023-09-300000055067k:CumulativeFairValueAdjustmentMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2022-12-310000055067k:DiscontinuedHedgingMemberk:HedgingAdjustmentMemberus-gaap:InterestRateContractMember2023-09-300000055067k:DiscontinuedHedgingMemberk:HedgingAdjustmentMemberus-gaap:InterestRateContractMember2022-12-310000055067us-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2023-07-022023-09-300000055067us-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2023-01-012023-09-300000055067us-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2022-07-032022-10-010000055067us-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2022-01-022022-10-010000055067us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2023-07-022023-09-300000055067us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2023-01-012023-09-300000055067us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2022-01-022022-10-010000055067k:ForeignCurrencyDenominatedLongTermDebtMemberus-gaap:NetInvestmentHedgingMember2023-07-022023-09-300000055067k:ForeignCurrencyDenominatedLongTermDebtMemberus-gaap:NetInvestmentHedgingMember2022-07-032022-10-010000055067us-gaap:InterestExpenseMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2023-07-022023-09-300000055067us-gaap:InterestExpenseMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2022-07-032022-10-010000055067us-gaap:NetInvestmentHedgingMember2023-07-022023-09-300000055067us-gaap:NetInvestmentHedgingMember2022-07-032022-10-010000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:CostOfSalesMember2023-07-022023-09-300000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:CostOfSalesMember2022-07-032022-10-010000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberk:OtherIncomeExpenseNetMember2023-07-022023-09-300000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberk:OtherIncomeExpenseNetMember2022-07-032022-10-010000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2023-07-022023-09-300000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2022-07-032022-10-010000055067us-gaap:InterestExpenseMemberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2023-07-022023-09-300000055067us-gaap:InterestExpenseMemberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2022-07-032022-10-010000055067us-gaap:NondesignatedMemberus-gaap:CommodityContractMemberus-gaap:CostOfSalesMember2023-07-022023-09-300000055067us-gaap:NondesignatedMemberus-gaap:CommodityContractMemberus-gaap:CostOfSalesMember2022-07-032022-10-010000055067us-gaap:NondesignatedMember2023-07-022023-09-300000055067us-gaap:NondesignatedMember2022-07-032022-10-010000055067k:ForeignCurrencyDenominatedLongTermDebtMemberus-gaap:NetInvestmentHedgingMember2023-01-012023-09-300000055067k:ForeignCurrencyDenominatedLongTermDebtMemberus-gaap:NetInvestmentHedgingMember2022-01-022022-10-010000055067us-gaap:InterestExpenseMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2023-01-012023-09-300000055067us-gaap:InterestExpenseMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2022-01-022022-10-010000055067us-gaap:NetInvestmentHedgingMember2023-01-012023-09-300000055067us-gaap:NetInvestmentHedgingMember2022-01-022022-10-010000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:CostOfSalesMember2023-01-012023-09-300000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:CostOfSalesMember2022-01-022022-10-010000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberk:OtherIncomeExpenseNetMember2023-01-012023-09-300000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberk:OtherIncomeExpenseNetMember2022-01-022022-10-010000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2023-01-012023-09-300000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2022-01-022022-10-010000055067us-gaap:InterestExpenseMemberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2023-01-012023-09-300000055067us-gaap:InterestExpenseMemberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2022-01-022022-10-010000055067us-gaap:NondesignatedMemberus-gaap:CommodityContractMemberus-gaap:CostOfSalesMember2023-01-012023-09-300000055067us-gaap:NondesignatedMemberus-gaap:CommodityContractMemberus-gaap:CostOfSalesMember2022-01-022022-10-010000055067us-gaap:NondesignatedMember2023-01-012023-09-300000055067us-gaap:NondesignatedMember2022-01-022022-10-010000055067us-gaap:InterestExpenseMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2023-07-022023-09-300000055067us-gaap:InterestExpenseMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2022-07-032022-10-010000055067us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2023-07-022023-09-300000055067us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2022-07-032022-10-010000055067us-gaap:InterestExpenseMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2023-01-012023-09-300000055067us-gaap:InterestExpenseMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2022-01-022022-10-010000055067us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2023-01-012023-09-300000055067us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2022-01-022022-10-010000055067us-gaap:CorporateDebtSecuritiesMember2023-09-300000055067us-gaap:CorporateDebtSecuritiesMember2023-01-012023-09-300000055067us-gaap:CorporateDebtSecuritiesMember2022-12-310000055067us-gaap:CorporateDebtSecuritiesMember2022-01-022022-12-310000055067us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2023-01-012023-09-300000055067us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2022-01-022022-10-010000055067us-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel2Member2022-12-310000055067us-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel2Member2023-09-300000055067us-gaap:CommodityContractMemberus-gaap:AccountsReceivableMember2023-09-300000055067k:NorthAmericaSegmentMemberus-gaap:OperatingSegmentsMember2023-07-022023-09-300000055067k:NorthAmericaSegmentMemberus-gaap:OperatingSegmentsMember2022-07-032022-10-010000055067k:NorthAmericaSegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300000055067k:NorthAmericaSegmentMemberus-gaap:OperatingSegmentsMember2022-01-022022-10-010000055067us-gaap:OperatingSegmentsMemberk:EuropeSegmentMember2023-07-022023-09-300000055067us-gaap:OperatingSegmentsMemberk:EuropeSegmentMember2022-07-032022-10-010000055067us-gaap:OperatingSegmentsMemberk:EuropeSegmentMember2023-01-012023-09-300000055067us-gaap:OperatingSegmentsMemberk:EuropeSegmentMember2022-01-022022-10-010000055067k:LatinAmericaSegmentMemberus-gaap:OperatingSegmentsMember2023-07-022023-09-300000055067k:LatinAmericaSegmentMemberus-gaap:OperatingSegmentsMember2022-07-032022-10-010000055067k:LatinAmericaSegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300000055067k:LatinAmericaSegmentMemberus-gaap:OperatingSegmentsMember2022-01-022022-10-010000055067k:AMEAMemberus-gaap:OperatingSegmentsMember2023-07-022023-09-300000055067k:AMEAMemberus-gaap:OperatingSegmentsMember2022-07-032022-10-010000055067k:AMEAMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300000055067k:AMEAMemberus-gaap:OperatingSegmentsMember2022-01-022022-10-010000055067us-gaap:OperatingSegmentsMember2023-07-022023-09-300000055067us-gaap:OperatingSegmentsMember2022-07-032022-10-010000055067us-gaap:OperatingSegmentsMember2023-01-012023-09-300000055067us-gaap:OperatingSegmentsMember2022-01-022022-10-010000055067us-gaap:CorporateNonSegmentMember2023-07-022023-09-300000055067us-gaap:CorporateNonSegmentMember2022-07-032022-10-010000055067us-gaap:CorporateNonSegmentMember2023-01-012023-09-300000055067us-gaap:CorporateNonSegmentMember2022-01-022022-10-010000055067k:RetailChannelSnacksMember2023-07-022023-09-300000055067k:RetailChannelSnacksMember2022-07-032022-10-010000055067k:RetailChannelSnacksMember2023-01-012023-09-300000055067k:RetailChannelSnacksMember2022-01-022022-10-010000055067k:RetailChannelCerealMember2023-07-022023-09-300000055067k:RetailChannelCerealMember2022-07-032022-10-010000055067k:RetailChannelCerealMember2023-01-012023-09-300000055067k:RetailChannelCerealMember2022-01-022022-10-010000055067k:FrozenAndSpecialtyChannelsMember2023-07-022023-09-300000055067k:FrozenAndSpecialtyChannelsMember2022-07-032022-10-010000055067k:FrozenAndSpecialtyChannelsMember2023-01-012023-09-300000055067k:FrozenAndSpecialtyChannelsMember2022-01-022022-10-010000055067k:NoodlesandOtherMember2023-07-022023-09-300000055067k:NoodlesandOtherMember2022-07-032022-10-010000055067k:NoodlesandOtherMember2023-01-012023-09-300000055067k:NoodlesandOtherMember2022-01-022022-10-01

(Mark One)

 

412 N. Wells Street, Chicago , IL 60654

Registrant’s telephone number: 269-961-2000

Securities registered pursuant to Section 12(b) of the Act:

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.

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).

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.

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 28, 2023 — 342,519,743 shares

 

(Unaudited)

(Unaudited)

(in millions of U.S. dollars) (Unaudited)

(Unaudited)

 

(Unaudited)

(in millions of U.S. dollars)

(Unaudited)

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. The accompanying unaudited financial statements also include the historical results of WK Kellogg Co, as the separation was completed on October 2, 2023. This interim information should be read in conjunction with the financial statements and accompanying footnotes within the Company’s 2022 Annual Report on Form 10-K.

The balance sheet information at December 31, 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 September 30, 2023 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.

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 September 30, 2023, $1.0 billion of the Company’s outstanding payment obligations had been placed in the accounts payable tracking system. As of December 31, 2022, $1.1 billion of the Company’s outstanding payment obligations had been placed in the accounts payable tracking system.

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 adopted the ASU in the first quarter of 2023 and plans to include the rollforward information in the first quarter of 2024.

During 2022, Kellogg Company announced its intent to separate its North American cereal business, via tax-free spin-off, resulting in two independent public companies, Kellanova (formerly Kellogg Company) and WK Kellogg Co.

In preparation of the separation, the Company incurred pre-tax charges related to the separation of $56 million and $184 million for the quarter and year-to-date period ended September 30, 2023, respectively, including $3 million and $21 million recorded in COGS, respectively, and $53 million and $163 million recorded in SG&A, respectively. The Company incurred pre-tax charges of $18 million and $22 million for the quarter and year-to-date period ended October 1, 2022, respectively, all of which were recorded in SG&A. These charges were primarily related to legal and consulting costs.

In connection with the separation, WK Kellogg Co 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, a Tax Matters Agreement, Employee Matters Agreement, Transition Services Agreement, and various lease agreements

On October 2, 2023, the Company completed the separation of its North America cereal business resulting in two independent companies, Kellanova and WK Kellogg Co. As a result of the distribution, Kellanova shareholders of record on September 21, 2023, received one share of WK Kellogg Co common stock for every four shares of Kellanova common stock. On October 2, 2023, WK Kellogg Co began trading as an independent publicly traded company under the stock symbol “KLG” on the New York Stock Exchange and Kellanova continued trading under the stock symbol "K".

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 $1.1 billion. During 2023 the Company amended the agreements to increase the previous maximum receivables sold limit from approximately $920 million as of December 31, 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 September 30, 2023 and December 31, 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 $957 million and $865 million remained outstanding under these arrangements as of September 30, 2023 and December 31, 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 $14 million and $40 million for the quarter and year-to-date period ended September 30, 2023, respectively and was $6 million and $11 million for the quarter and year-to-date period ended October 1, 2022. The recorded loss is included in Other income and expense (OIE).

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 $40 million and $31 million remained outstanding under these programs as of September 30, 2023 and December 31, 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.

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.

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 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.

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 6 million and 4 million anti-dilutive potential common shares excluded from the calculation for the quarter and year-to-date periods ended September 30, 2023, respectively. 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, respectively. Please refer to the Consolidated Statement of Income for basic and diluted earnings per share for the quarter and year-to-date periods ended September 30, 2023 and October 1, 2022.

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 year-to-date period ended September 30, 2023, the Company repurchased approximately 1 million shares of common stock for a total of $60 million. 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.

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 September 30, 2023 and December 31, 2022 consisted of the following:

The following table presents the components of Notes payable at September 30, 2023 and December 31, 2022:

			September 30, 2023									December 31, 2022
(millions)			Principal amount			Effective interest rate						Principal amount			Effective interest rate
U.S. commercial paper			$	—		5.44		%				$	330		4.46		%
Bank borrowings			353									137
Total			$	353								$	467

On September 29, 2023, in connection with the planned separation, WK Kellogg Co entered into a Credit Agreement (the “Credit Agreement”), consisting of a $500 million (the "Term Loan"), $250 million delayed draw term loan, and $350 million equivalent multicurrency revolving credit facility (collectively, the “Credit Facility”).

The Credit Facility has an initial term of five years and matures on September 29, 2028. Interest on the loans under the Credit Agreement are to be calculated by reference to Secured Overnight Financing Rate (“SOFR”) or an alternative base rate, plus an interest rate margin equal to (x) in the case of SOFR loans, 1.75% and (y) in the case of alternate base rate loans, 0.75%, each with related step-ups and step-downs based on WK Kellogg Co’s consolidated net leverage ratio as defined by the Credit Agreement. Interest expense for the quarter and year-to-date period ended September 30, 2023 was immaterial.

Under the Credit Facility, WK Kellogg Co has the right at any time, subject to customary conditions, to request incremental term loans or an increase to the revolving credit facility in an aggregate principal amount of (i) up to the greater of (x) $250 million and (y) 100% of Consolidated EBITDA, as defined in the Credit Agreement, for the preceding four fiscal quarters of WK Kellogg Co. Any such addition of or increase in loans will be subject to certain customary conditions precedent and other provisions.

The Credit Facility also contains customary mandatory prepayments, including with respect to asset sale proceeds and proceeds from certain occurrences of indebtedness. WK Kellogg Co may voluntarily repay outstanding loans under the Credit Facility at any time without premium or penalty.

The Term Loan amortizes in equal quarterly installments in an aggregate annual amount equal to 2.50% in year one, 5.00% in year two and three, 7.50% in year four and 10.00% in year five, of the original principal amount thereon, with the balance being payable on the date that is five years after the closing of the Credit Facility.

The obligations under the Credit Facility (collectively, “Credit Facility Obligations”) are guaranteed (the “Credit Facility Guarantees”) exclusively by the existing and future direct and indirect subsidiaries of WK Kellogg Co (in such capacity, the “Credit Facility Guarantors”). The Credit Facility Obligations are expected to be secured by first priority liens on substantially all assets, subject to customary exceptions, of WK Kellogg Co and the Credit Facility Guarantors. The Credit Facility Guarantee and security interest of a Credit Facility Guarantor may be released where such Credit Facility Guarantor ceases to be a consolidated subsidiary of WK Kellogg Co pursuant to a transaction permitted under the Credit Facility. The Credit Facility contains various covenants, including, for example, those that restrict WK Kellogg Co's ability and the ability of their consolidated subsidiaries to incur certain types of indebtedness or to grant certain liens on their respective property or assets.

WK Kellogg Co incurred $7 million of debt issuance costs, of which $5 million is related to the term loan and is reflected as a reduction in long-term debt, and $2 million is related to the revolving credit facility and is reflected in other assets.

As of September 30, 2023, WK Kellogg Co borrowings under the Credit Facility included a $500 million term loan, of which $9 million represents the current portion, and $164 million of borrowings under the revolving credit facility was recognized as notes payable.

During the first quarter of 2023, Kellanova issued $400 million of ten-year 5.25% Notes due 2033, resulting in net proceeds after discount and underwriting commissions of $396 million. The proceeds from these notes were used for general corporate purposes, including the payment of offering related fees and expenses, repayment of the $210 million 2.75% Notes when they matured on March 1, 2023, and repayment of a portion of commercial paper borrowings. 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.

In connection with the debt issuance, Kellanova terminated forward starting interest rate swaps with notional amounts totaling $400 million, resulting in a gain of $47 million in the first quarter of 2023. These derivatives were accounted for as cash flow hedges. The total net gain of $91 million, including those realized in prior periods, were recorded in accumulated other comprehensive income and will be amortized to interest expense over the term of the Notes. The effective interest rate on the Notes, reflecting issuance discount and hedge settlement is 3.06% at April 1, 2023.

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 2022 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.

In connection with the planned separation transaction, the company amended and legally split certain pension and postretirement benefit plans, several remeasurements occurred during the third quarter of 2023.

For the quarter and year-to-date periods ended September 30, 2023, the Company recognized a loss of $10 million related to the remeasurement of a U.S. pension plan. The remeasurement was due to the amendment of the plan to split the pension plan in anticipation of the separation transaction. The remeasurement recognized was due primarily to a lower than expected return on plan assets.

For the quarter and year-to-date periods ended October 1, 2022, the Company recognized a gain of $15 million and $46 million, respectively, related to the remeasurement of two U.S. pension plans. These remeasurements were the result of distributions that exceeded service and interest costs resulting in settlement accounting for those specific plans. The remeasurements recognized were due primarily to an increase in the discount rate relative to the previous remeasurement date partially offset by lower than expected return on plan assets.

For the quarter and year-to-date periods ended September 30, 2023, the Company recognized a gain of $67 million related to the remeasurement of other postretirement benefit plans. These remeasurements were the result of separating the other postretirement benefit plans impacted by the separation transaction. The remeasurements recognized were due primarily to a higher than expected return on plan assets.

For the quarter and year-to-date periods ended September 30, 2023, the Company recognized a gain of $1 million and $2 million, respectively, related to the remeasurement of a U.S. postemployment benefit plan. The remeasurement was the result of separating the postemployment plan impacted by the separation transaction. The remeasurement recognized was due primarily to a higher than expected return on plan assets.

In May 2023, the Company purchased a group annuity to cover pension benefit obligations of certain participants of the United Kingdom defined benefit pension plan for approximately $590 million. This transaction represents an annuity buy-in, under which the Company retains both the fair value of the annuity contract (within plan assets) and the pension benefit obligation related to these participants.

Company contributions to employee benefit plans are summarized as follows:

Plan funding strategies may be modified in response to management's evaluation of tax deductibility, market conditions, and competing investment alternatives.

The consolidated effective tax rate for the quarters ended September 30, 2023 and October 1, 2022 was 28% and 19%, respectively. The consolidated effective tax rates for the year-to-date periods ended September 30, 2023 and October 1, 2022 was 24% and 21%, respectively.

As of September 30, 2023, the Company classified $11 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 September 30, 2023 was $34 million. Of this balance, $28 million represents the amount that, if recognized, would affect the Company’s effective income tax rate in future periods.

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 September 30, 2023 and December 31, 2022 were as follows:

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 September 30, 2023 and December 31, 2022, 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.

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 September 30, 2023 or December 31, 2022.

The following table presents assets and liabilities that were measured at fair value in the Consolidated Balance Sheet on a recurring basis as of September 30, 2023 and December 31, 2022:

(a) The fair value of the related hedged portion of the Company's long-term debt, a level 2 liability, was $1.0 billion as of September 30, 2023 and $1.1 billion as of December 31, 2022.