Kellanova, balance sheet: property, plant and equipment

US$ in millions

	Dec 30, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 28, 2019
Land	107)	108)	123)	120)	116)
Buildings	1,722)	2,274)	2,238)	2,135)	2,021)
Machinery and equipment	4,690)	6,339)	6,277)	6,080)	5,852)
Capitalized software	435)	500)	594)	543)	496)
Construction in progress	591)	660)	623)	641)	566)
Property, gross	7,545)	9,881)	9,855)	9,519)	9,051)
Accumulated depreciation	(4,333)	(6,092)	(6,028)	(5,806)	(5,439)
Property, net	3,212)	3,789)	3,827)	3,713)	3,612)

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Item	Description	The company
Property, gross	Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	Kellanova property, gross increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Property, net	Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	Kellanova property, net decreased from 2021 to 2022 and from 2022 to 2023.

Kellanova, asset age ratios

		Dec 30, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 28, 2019
	Average age ratio	58.25%	62.34%	61.94%	61.77%	60.87%

Asset age ratio	Description	The company
Average age ratio	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient.	Kellanova average age ratio of depreciable property, plant and equipment deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

	Dec 30, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 28, 2019
Selected Financial Data (US$ in millions)
Accumulated depreciation	4,333)	6,092)	6,028)	5,806)	5,439)
Property, gross	7,545)	9,881)	9,855)	9,519)	9,051)
Land	107)	108)	123)	120)	116)
Asset Age Ratio
Average age¹	58.25%	62.34%	61.94%	61.77%	60.87%

2023 Calculations

¹ Average age = 100 × Accumulated depreciation ÷ (Property, gross – Land)
= 100 × 4,333 ÷ (7,545 – 107) = 58.25%

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Asset age ratio	Description	The company
Average age	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient.	Kellanova average age ratio of depreciable property, plant and equipment deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Kellanova (NYSE:K)

Analysis of Property, Plant and Equipment