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Kellogg Co (K) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

Kellogg Co

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CIK: 350907 Ticker: K

Exhibit 99.1
     kellogglogo2015a04a.jpg
Kellogg Company
Financial News Release
Analyst Contact:
John Renwick, CFA (269) 961-9050
Jamie Duies, CFA (269) 961-2486
Media Contact:
Kris Bahner, (269) 961-3799
Kellogg Company Reports Strong 2022 Results and Provides 2023 Financial Guidance
BATTLE CREEK, Mich. - February 9, 2023
 - Kellogg Company (NYSE: K) today announced fourth quarter and full year 2022 results and provided a financial outlook for 2023.

Highlights:

•The Company delivered full-year financial results that exceeded its twice-raised guidance for currency-neutral growth in net sales, operating profit, and earnings per share, in spite of a challenging operating environment that featured high cost inflation and worldwide supply disruptions.

•Strong net sales growth in the quarter and the full year was driven by revenue growth management actions, momentum in snacks and emerging markets, and North America cereal's continued recovery from the prior year's fire and strike.

•Reflecting its current business momentum, the Company issued 2023 financial guidance that calls for another year of strong currency-neutral growth in net sales and adjusted-basis operating profit.

•The Company continues to work towards its previously announced spin-off of its North America cereal business by year end. After exploring strategic options, the Company has decided to retain its plant-based business, which represents 2% of net sales and offers strong long-term growth prospects.

"Reflecting on 2022, I could not be more proud of our organization’s focus and determination to work through challenges and deliver on our financial commitments," said Steve Cahillane, Kellogg Company's Chairman and Chief Executive Officer. "Facing significant cost inflation, worldwide bottlenecks and shortages, and a significant inventory rebuild in North America cereal following last year's fire and strike, the team executed with grit and agility to deliver another year of better-than-expected results, while at the same time making progress toward our planned transformation."

Mr. Cahillane added, "We enter 2023 in solid financial condition with strong momentum around the world. And we remain as convinced as ever that the pending separation of our company will create value for all stakeholders."



                            1
The following information was filed by Kellogg Co (K) on Thursday, February 9, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Kellogg Co's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page Document
Consolidated Balance Sheet
Consolidated Balance Sheet (Parenthetical) Consolidated Balance Sheet
Consolidated Statement Of Cash Flows
Consolidated Statement Of Comprehensive Income
Consolidated Statement Of Equity
Consolidated Statement Of Equity (Parenthetical) Consolidated Statement Of Equity
Consolidated Statement Of Income
Accounting Policies
Accounting Policies (Details)
Accounting Policies (Policies)
Contingencies
Debt
Debt (Tables)
Debt - Components Of Notes Payable (Details)
Debt - Debt Redemption Narrative (Details)
Debt - Narrative (Details)
Debt - Schedule Of Long-Term Debt (Details)
Debt - Standby Letters Of Credit (Details)
Derivative Instruments And Fair Value Measurements
Derivative Instruments And Fair Value Measurements (Tables)
Derivative Instruments And Fair Value Measurements - Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details)
Derivative Instruments And Fair Value Measurements - Equity Investments (Details)
Derivative Instruments And Fair Value Measurements - Fair Value Of Long-Term Debt (Details)
Derivative Instruments And Fair Value Measurements - Narrative (Details)
Derivative Instruments And Fair Value Measurements - Schedule Of Carrying And Market Values Of Available-For-Sale Securities (Details)
Derivative Instruments And Fair Value Measurements - Schedule Of Cumulative Basis Adjustments For Fair Value Hedges (Details)
Derivative Instruments And Fair Value Measurements - Schedule Of Effect Of Fair Value And Cash Flow Hedge Accounting On Consolidated Statement Of Income (Details)
Derivative Instruments And Fair Value Measurements - Schedule Of Offsetting Assets And Liabilities (Details)
Derivative Instruments And Fair Value Measurements - The Effect Of Derivative Instruments On The Consolidated Statement Of Income (Details)
Derivative Instruments And Fair Value Measurements - Total Notional Amounts Of The Company's Derivative Instruments (Details)
Equity
Equity (Tables)
Equity - Narrative (Details)
Equity - Summary Of Accumulated Other Comprehensive Income (Loss) (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Annual Impairment Testing (Details)
Goodwill And Other Intangible Assets - Carrying Amount Of Goodwill (Details)
Goodwill And Other Intangible Assets - Other Intangible Assets (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Change In Valuation Allowance Against Deferred Tax Assets (Details)
Income Taxes - Deferred Tax Assets And Deferred Tax Liabilities (Details)
Income Taxes - Difference Between U.S. Federal Statutory Tax Rate And The Company's Effective Income Tax Rate (Details)
Income Taxes - Income Before Income Taxes And The Provision For U.S. Federal, State And Foreign Taxes On Earnings (Details)
Income Taxes - Narrative (Details)
Income Taxes - Unrecognized Tax Benefit Reconciliation (Details)
Investments In Unconsolidated Entities And Divestitures
Investments In Unconsolidated Entities And Divestitures - Russia Narrative (Details)
Investments In Unconsolidated Entities And Divestitures - West Africa Investments (Details)
Leases And Other Commitments
Leases And Other Commitments (Tables)
Leases And Other Commitments - Operating Leases Future Maturities Table (Details)
Leases And Other Commitments - Operating Leases Future Maturities Table Narrative (Details)
Leases And Other Commitments - Schedule Of Supplemental Operating Lease Information Narrative (Details)
Leases And Other Commitments - Supplemental Operating Leases Information Table (Details)
Multiemployer Pension And Postretirement Plans
Multiemployer Pension And Postretirement Plans - Multiemployer Pension Plans Trusts Funds Contributions (Details)
Multiemployer Pension And Postretirement Plans - Multiemployer Postretirement Plans Narrative (Details)
Nonpension Postretirement And Postemployment Benefits
Nonpension Postretirement And Postemployment Benefits (Tables)
Nonpension Postretirement And Postemployment Benefits - Accumulated Benefit Obligations (Details)
Nonpension Postretirement And Postemployment Benefits - Assumptions (Details)
Nonpension Postretirement And Postemployment Benefits - Benefit Payments (Details)
Nonpension Postretirement And Postemployment Benefits - Change In Projected Benefit Obligations, Plan Assets, And Funded Status, Postemployment (Details)
Nonpension Postretirement And Postemployment Benefits - Change In Projected Benefit Obligations, Plan Assets, And Funded Status, Postretirement (Details)
Nonpension Postretirement And Postemployment Benefits - Components Of Postretirement Expense (Details)
Nonpension Postretirement And Postemployment Benefits - Components Of Postretirement Expense, Postemployment (Details)
Nonpension Postretirement And Postemployment Benefits - Health Care Cost Trend Rates (Details)
Nonpension Postretirement And Postemployment Benefits - Plan Assets (Details)
Nonpension Postretirement And Postemployment Benefits - Veba Trusts (Details)
Pension Benefits
Pension Benefits (Tables)
Pension Benefits - Accumulated Benefit Obligations (Details)
Pension Benefits - Benefit Assumptions (Details)
Pension Benefits - Benefit Payments (Details)
Pension Benefits - Change In Projected Benefit Obligations, Plan Assets, And Funding Status (Details)
Pension Benefits - Components Of Pension Expense (Details)
Pension Benefits - Level 3 Gains And Losses (Details)
Pension Benefits - Plan Assets (Details)
Pension Benefits - Projected Benefit Obligations (Details)
Proposed Separation Transactions
Proposed Separation Transactions (Details)
Reportable Segments
Reportable Segments (Tables)
Reportable Segments - Narrative (Details)
Reportable Segments - Segments Information (Details)
Reportable Segments - Segments Net Sales To External Customers And Long-Lived Assets (Details)
Reportable Segments - Supplemental Product Information (Details)
Restructuring Programs
Restructuring Programs - Narrative (Details)
Restructuring Programs - Schedule Of Restructuring Reserves Rollforward Narrative (Details)
Sale Of Accounts Receivable
Sale Of Accounts Receivable (Details)
Stock Compensation
Stock Compensation (Tables)
Stock Compensation - Cash Used To Settle Equity Instruments (Details)
Stock Compensation - Equity Based Compensation Programs (Details)
Stock Compensation - Fair Value Assumptions (Details)
Stock Compensation - Maximum Future Value Of Performance Shares (Details)
Stock Compensation - Schedule Of Compensation Expense For Equity Programs And Related Tax Benefits (Details)
Stock Compensation - Summary Of Restricted Stock Activity (Details)
Stock Compensation - Summary Of Share-Based Compensation (Details)
Supplemental Financial Statement Data
Supplemental Financial Statement Data (Tables)
Supplemental Financial Statement Data - Allowance For Doubtful Accounts (Details)
Supplemental Financial Statement Data - Consolidated Balance Sheet (Details)
Supplemental Financial Statement Data - Consolidated Statement Of Income (Details)
Ticker: K
CIK: 55067
Form Type: 10-K Annual Report
Accession Number: 0001628280-23-004299
Submitted to the SEC: Tue Feb 21 2023 4:17:45 PM EST
Accepted by the SEC: Tue Feb 21 2023
Period: Saturday, December 31, 2022
Industry: Grain Mill Products

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