Analysis of Reportable Segments
Kellanova operates in 4 segments: North America; Europe; Latin America; and Asia Middle East Africa (AMEA).
Segment Profit Margin
Kellanova, profit margin by reportable segment
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | |
|---|---|---|---|---|---|
| North America | 15.58% | 15.14% | 16.26% | 17.62% | 14.48% |
| Europe | 14.27% | 14.24% | 14.60% | 13.49% | 10.61% |
| Latin America | 10.28% | 11.04% | 10.93% | 10.61% | 9.04% |
| Asia Middle East Africa (AMEA) | 9.69% | 8.63% | 9.41% | 8.93% | 9.04% |
Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-28).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | North America | North America segment profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
| Europe | Europe segment profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. | |
| Latin America | Latin America segment profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. | |
| Asia Middle East Africa (AMEA) | Asia Middle East Africa (AMEA) segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment Profit Margin: North America
Kellanova; North America; segment profit margin calculation
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | 1,024) | 1,356) | 1,329) | 1,473) | 1,215) |
| Net sales from continuing operations | 6,574) | 8,958) | 8,174) | 8,361) | 8,390) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 15.58% | 15.14% | 16.26% | 17.62% | 14.48% |
Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-28).
1 2023 Calculation
Segment profit margin = 100 × Operating profit ÷ Net sales from continuing operations
= 100 × 1,024 ÷ 6,574 = 15.58%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | North America | North America segment profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Segment Profit Margin: Europe
Kellanova; Europe; segment profit margin calculation
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | 357) | 329) | 350) | 301) | 222) |
| Net sales from continuing operations | 2,501) | 2,310) | 2,397) | 2,232) | 2,092) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 14.27% | 14.24% | 14.60% | 13.49% | 10.61% |
Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-28).
1 2023 Calculation
Segment profit margin = 100 × Operating profit ÷ Net sales from continuing operations
= 100 × 357 ÷ 2,501 = 14.27%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Europe | Europe segment profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Segment Profit Margin: Latin America
Kellanova; Latin America; segment profit margin calculation
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | 130) | 124) | 109) | 97) | 85) |
| Net sales from continuing operations | 1,265) | 1,123) | 997) | 914) | 940) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 10.28% | 11.04% | 10.93% | 10.61% | 9.04% |
Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-28).
1 2023 Calculation
Segment profit margin = 100 × Operating profit ÷ Net sales from continuing operations
= 100 × 130 ÷ 1,265 = 10.28%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Latin America | Latin America segment profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Segment Profit Margin: Asia Middle East Africa (AMEA)
Kellanova; Asia Middle East Africa (AMEA); segment profit margin calculation
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | 270) | 253) | 246) | 202) | 195) |
| Net sales from continuing operations | 2,785) | 2,933) | 2,613) | 2,263) | 2,156) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 9.69% | 8.63% | 9.41% | 8.93% | 9.04% |
Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-28).
1 2023 Calculation
Segment profit margin = 100 × Operating profit ÷ Net sales from continuing operations
= 100 × 270 ÷ 2,785 = 9.69%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Asia Middle East Africa (AMEA) | Asia Middle East Africa (AMEA) segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment Capital Expenditures to Depreciation
Kellanova, capital expenditures to depreciation by reportable segment
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | |
|---|---|---|---|---|---|
| North America | 1.38 | 0.97 | 1.24 | 0.96 | 1.22 |
| Europe | 1.53 | 1.32 | 1.11 | 1.43 | 1.04 |
| Latin America | 2.14 | 1.41 | 1.68 | 1.03 | 1.37 |
| Asia Middle East Africa (AMEA) | 1.57 | 0.73 | 0.87 | 0.97 | 1.33 |
Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-28).
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | North America | North America segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
| Europe | Europe segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. | |
| Latin America | Latin America segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. | |
| Asia Middle East Africa (AMEA) | Asia Middle East Africa (AMEA) segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment Capital Expenditures to Depreciation: North America
Kellanova; North America; segment capital expenditures to depreciation calculation
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Additions to property | 249) | 252) | 324) | 270) | 356) |
| Depreciation and amortization | 180) | 260) | 262) | 282) | 291) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.38 | 0.97 | 1.24 | 0.96 | 1.22 |
Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-28).
1 2023 Calculation
Segment capital expenditures to depreciation = Additions to property ÷ Depreciation and amortization
= 249 ÷ 180 = 1.38
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | North America | North America segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment Capital Expenditures to Depreciation: Europe
Kellanova; Europe; segment capital expenditures to depreciation calculation
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Additions to property | 122) | 107) | 102) | 120) | 83) |
| Depreciation and amortization | 80) | 81) | 92) | 84) | 80) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.53 | 1.32 | 1.11 | 1.43 | 1.04 |
Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-28).
1 2023 Calculation
Segment capital expenditures to depreciation = Additions to property ÷ Depreciation and amortization
= 122 ÷ 80 = 1.53
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Europe | Europe segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: Latin America
Kellanova; Latin America; segment capital expenditures to depreciation calculation
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Additions to property | 75) | 48) | 42) | 31) | 41) |
| Depreciation and amortization | 35) | 34) | 25) | 30) | 30) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 2.14 | 1.41 | 1.68 | 1.03 | 1.37 |
Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-28).
1 2023 Calculation
Segment capital expenditures to depreciation = Additions to property ÷ Depreciation and amortization
= 75 ÷ 35 = 2.14
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Latin America | Latin America segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment Capital Expenditures to Depreciation: Asia Middle East Africa (AMEA)
Kellanova; Asia Middle East Africa (AMEA); segment capital expenditures to depreciation calculation
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Additions to property | 102) | 69) | 73) | 77) | 101) |
| Depreciation and amortization | 65) | 94) | 84) | 79) | 76) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.57 | 0.73 | 0.87 | 0.97 | 1.33 |
Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-28).
1 2023 Calculation
Segment capital expenditures to depreciation = Additions to property ÷ Depreciation and amortization
= 102 ÷ 65 = 1.57
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Asia Middle East Africa (AMEA) | Asia Middle East Africa (AMEA) segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Net sales from continuing operations
Kellanova, net sales from continuing operations by reportable segment
US$ in millions
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | |
|---|---|---|---|---|---|
| North America | 6,574) | 8,958) | 8,174) | 8,361) | 8,390) |
| Europe | 2,501) | 2,310) | 2,397) | 2,232) | 2,092) |
| Latin America | 1,265) | 1,123) | 997) | 914) | 940) |
| Asia Middle East Africa (AMEA) | 2,785) | 2,933) | 2,613) | 2,263) | 2,156) |
| Corporate | (3) | (9) | —) | —) | —) |
| Consolidated | 13,122) | 15,315) | 14,181) | 13,770) | 13,578) |
Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-28).
Operating profit
Kellanova, operating profit by reportable segment
US$ in millions
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | |
|---|---|---|---|---|---|
| North America | 1,024) | 1,356) | 1,329) | 1,473) | 1,215) |
| Europe | 357) | 329) | 350) | 301) | 222) |
| Latin America | 130) | 124) | 109) | 97) | 85) |
| Asia Middle East Africa (AMEA) | 270) | 253) | 246) | 202) | 195) |
| Corporate | (276) | (427) | (282) | (312) | (316) |
| Consolidated | 1,505) | 1,635) | 1,752) | 1,761) | 1,401) |
Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-28).
Depreciation and amortization
Kellanova, depreciation and amortization by reportable segment
US$ in millions
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | |
|---|---|---|---|---|---|
| North America | 180) | 260) | 262) | 282) | 291) |
| Europe | 80) | 81) | 92) | 84) | 80) |
| Latin America | 35) | 34) | 25) | 30) | 30) |
| Asia Middle East Africa (AMEA) | 65) | 94) | 84) | 79) | 76) |
| Corporate | 6) | 9) | 4) | 4) | 7) |
| Consolidated | 366) | 478) | 467) | 479) | 484) |
Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-28).
Additions to property
Kellanova, additions to property by reportable segment
US$ in millions
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | |
|---|---|---|---|---|---|
| North America | 249) | 252) | 324) | 270) | 356) |
| Europe | 122) | 107) | 102) | 120) | 83) |
| Latin America | 75) | 48) | 42) | 31) | 41) |
| Asia Middle East Africa (AMEA) | 102) | 69) | 73) | 77) | 101) |
| Corporate | 21) | 12) | 12) | 7) | 5) |
| Consolidated | 569) | 488) | 553) | 505) | 586) |
Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-28).