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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 02, 2021
OR
 
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                     to                     
Commission file number 1-4171
KELLOGG COMPANY
State of Incorporation—Delaware  IRS Employer Identification No.38-0710690
One Kellogg Square, P.O. Box 3599, Battle Creek, MI 49016-3599
Registrant’s telephone number: 269-961-2000
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, $.25 par value per shareKNew York Stock Exchange
0.800% Senior Notes due 2022K 22ANew York Stock Exchange
1.000% Senior Notes due 2024K 24New York Stock Exchange
1.250% Senior Notes due 2025K 25New York Stock Exchange
0.500% Senior Notes due 2029K 29New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes  ☐    No  ☒
Common Stock outstanding as of October 2, 2021 — 341,122,803 shares

KELLOGG COMPANY
INDEX
 
 Page
Financial Statements
Management’s Discussion and Analysis of Financial Condition and Results of Operations
Quantitative and Qualitative Disclosures about Market Risk
Controls and Procedures
Risk Factors
Unregistered Sales of Equity Securities and Use of Proceeds
Exhibits

Part I – FINANCIAL INFORMATION
Item 1. Financial Statements.
Kellogg Company and Subsidiaries
CONSOLIDATED BALANCE SHEET
(millions, except per share data)
October 2,
2021 (unaudited)		January 2,
2021
Current assets
Cash and cash equivalents$440 $435 
Accounts receivable, net1,680 1,537 
Inventories1,378 1,284 
Other current assets301 226 
Total current assets3,799 3,482 
Property, net3,753 3,713 
Operating lease right-of-use assets651 658 
Goodwill5,794 5,799 
Other intangibles, net2,441 2,491 
Investments in unconsolidated entities423 391 
Other assets1,546 1,462 
Total assets$18,407 $17,996 
Current liabilities
Current maturities of long-term debt$16 $627 
Notes payable497 102 
Accounts payable2,526 2,471 
Current operating lease liabilities128 117 
Accrued advertising and promotion834 776 
Accrued salaries and wages283 378 
Other current liabilities745 767 
Total current liabilities5,029 5,238 
Long-term debt7,020 6,746 
Operating lease liabilities503 520 
Deferred income taxes613 562 
Pension liability738 769 
Other liabilities495 525 
Commitments and contingencies
Equity
Common stock, $.25 par value
105 105 
Capital in excess of par value1,005 972 
Retained earnings8,796 8,326 
Treasury stock, at cost(4,729)(4,559)
Accumulated other comprehensive income (loss)(1,693)(1,732)
Total Kellogg Company equity3,484 3,112 
Noncontrolling interests525 524 
Total equity4,009 3,636 
Total liabilities and equity$18,407 $17,996 
See accompanying Notes to Consolidated Financial Statements.

3
Kellogg Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
(millions, except per share data)
 Quarter endedYear-to-date period ended
(unaudited)October 2,
2021		September 26,
2020		October 2,
2021		September 26,
2020
Net sales$3,622 $3,429 $10,761 $10,306 
Cost of goods sold2,457 2,228 7,206 6,764 
Selling, general and administrative expense718 790 2,132 2,166 
Operating profit447 411 1,423 1,376 
Interest expense55 63 172 196 
Other income (expense), net— 70 155 151 
Income before income taxes392 418 1,406 1,331 
Income taxes92 65 345 268 
Earnings (loss) from unconsolidated entities5 (1)— (7)
Net income305 352 1,061 1,056 
Net income (loss) attributable to noncontrolling interests(2)4 6 10 
Net income attributable to Kellogg Company$307 $348 $1,055 $1,046 
Per share amounts:
Basic earnings$0.90 $1.02 $3.09 $3.05 
Diluted earnings$0.89 $1.01 $3.07 $3.03 
Average shares outstanding:
Basic341 343 341 343 
Diluted343 346 343 345 
Actual shares outstanding at period end341 344 
See accompanying Notes to Consolidated Financial Statements.

4
Kellogg Company and Subsidiaries
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(millions)
Quarter endedYear-to-date period ended
October 2, 2021October 2, 2021
(unaudited)Pre-tax
amount		Tax (expense)
benefit		After-tax
amount		Pre-tax
amount		Tax (expense)
benefit		After-tax
amount
Net income$305 $1,061 
Other comprehensive income (loss):
Foreign currency translation adjustments:
Foreign currency translation adjustments during period$(16)$(21)(37)$25 $(44)(19)
Cash flow hedges:
Unrealized gain (loss) 3 (1)2 42 (11)31 
Reclassification to net income4 (1)3 19 (5)14 
Postretirement and postemployment benefits:
Reclassification to net income:
   Net experience (gain) loss— — — (2)1 (1)
Available-for-sale securities:
Unrealized gain (loss) — — — (1)— (1)
Reclassification to net income(2)— (2)(2)— (2)
Other comprehensive income (loss)
$(11)$(23)$(34)$81 $(59)$22 
Comprehensive income$271 $1,083 
Net Income attributable to noncontrolling interests(2)6 
Other comprehensive income (loss) attributable to noncontrolling interests(4)(17)
Comprehensive income attributable to Kellogg Company$277 $1,094 
Quarter endedYear-to-date period ended
 September 26, 2020September 26, 2020
(unaudited)Pre-tax
amount		Tax (expense)
benefit		After-tax
amount		Pre-tax
amount		Tax (expense)
benefit		After-tax
amount
Net income$352 $1,056 
Other comprehensive income (loss):
Foreign currency translation adjustments:
Foreign currency translation adjustments during period$(91)$39 (52)$(352)$29 (323)
Cash flow hedges:
Unrealized gain (loss) on cash flow hedges15 (4)11 (38)10 (28)
Reclassification to net income4 (1)3 11 (3)8 
Postretirement and postemployment benefits:
Reclassification to net income:
Net experience (gain) loss— — — (2)1 (1)
Prior service cost— — — (1)— (1)
Available-for-sale securities:
Unrealized gain (loss)
— — — 2 — 2 
Other comprehensive income (loss)$(72)$34 $(38)$(380)$37 $(343)
Comprehensive income$314 $713 
Net Income attributable to noncontrolling interests4 10 
Other comprehensive income (loss) attributable to noncontrolling interests2 (34)
Comprehensive income attributable to Kellogg Company$308 $737 
See accompanying Notes to Consolidated Financial Statements.
5
Kellogg Company and Subsidiaries
CONSOLIDATED STATEMENT OF EQUITY
(millions)
 
Quarter ended October 2, 2021
 
 
Common
stock
Capital in
excess of
par value		Retained
earnings
 
Treasury
stock
Accumulated
other
comprehensive
income (loss)		Total Kellogg
Company
equity		Non-controlling
interests		Total
equity
(unaudited)sharesamountsharesamount
Balance, July 3, 2021421 $105 $973 $8,688 80 $(4,741)$(1,663)$3,362 $518 $3,880 
Net income307 307 (2)305 
Acquisition of noncontrolling interest and other22 22 30 52 
Dividends declared ($0.58 per share)
(198)(198)(198)
Distributions to noncontrolling interest— (17)(17)
Other comprehensive income(30)(30)(4)(34)
Stock compensation11 11 11 
Stock options exercised and other(1)(1)— 12 10 10 
Balance, October 2, 2021421 $105 $1,005 $8,796 80 $(4,729)$(1,693)$3,484 $525 $4,009 
Year-to-date period ended October 2, 2021
 
 
Common
stock
Capital in
excess of
par value		Retained
earnings
 
Treasury
stock
Accumulated
other
comprehensive
income (loss)		Total Kellogg
Company
equity		Non-controlling
interests		Total
equity
(unaudited)sharesamountsharesamount
Balance, January 2, 2021421 $105 $972 $8,326 77 $(4,559)$(1,732)$3,112 $524 $3,636 
Common stock repurchases4 (240)(240)(240)
Net income1,055 1,055 6 1,061 
Acquisition of noncontrolling interest and other22 22 30 52 
Dividends declared ($1.73 per share)
(590)(590)(590)
Distributions to noncontrolling interest— (18)(18)
Other comprehensive income39 39 (17)22 
Stock compensation50 50 50 
Stock options exercised and other(39)5 (1)70 36 36 
Balance, October 2, 2021421 $105 $1,005 $8,796 80 $(4,729)$(1,693)$3,484 $525 $4,009 
See accompanying Notes to Consolidated Financial Statements.


6
Kellogg Company and Subsidiaries
CONSOLIDATED STATEMENT OF EQUITY (cont.)
(millions)
Quarter ended September 26, 2020
 
 
Common
stock
Capital in
excess of
par value		Retained
earnings
 
Treasury
stock
Accumulated
other
comprehensive
income (loss)		Total Kellogg
Company
equity		Non-controlling
interests		Total
equity
(unaudited)sharesamountsharesamount
Balance, June 27, 2020421 $105 $929 $8,166 78 $(4,613)$(1,717)$2,870 $536 $3,406 
Net income348 348 4 352 
Dividends declared ($0.57 per share)
(196)(196)(196)
Other comprehensive income(40)(40)2 (38)
Stock compensation18 18 18 
Stock options exercised and other1 — (1)43 44 44 
Balance, September 26, 2020421 $105 $948 $8,318 77 $(4,570)$(1,757)$3,044 $542 $3,586 
Year-to-date period ended September 26, 2020
 
 
Common
stock
Capital in
excess of
par value		Retained
earnings
 
Treasury
stock
Accumulated
other
comprehensive
income (loss)		Total Kellogg
Company
equity		Non-controlling
interests		Total
equity
(unaudited)sharesamountsharesamount
Balance, December 28, 2019421 $105 $921 $7,859 79 $(4,690)$(1,448)$2,747 $567 $3,314 
Net income1,046 1,046 10 1,056 
Dividends declared ($1.71 per share)
(586)(586)(586)
Distributions to noncontrolling interest— (1)(1)
Other comprehensive income(309)(309)(34)(343)
Stock compensation55 55 55 
Stock options exercised and other(28)(1)(2)120 91 91 
Balance, September 26, 2020421 $105 $948 $8,318 77 $(4,570)$(1,757)$3,044 $542 $3,586 
See accompanying Notes to Consolidated Financial Statements.
7
Kellogg Company and Subsidiaries
CONSOLIDATED STATEMENT OF CASH FLOWS
(millions)
 Year-to-date period ended
(unaudited)October 2,
2021		September 26,
2020
Operating activities
Net income$1,061 $1,056 
Adjustments to reconcile net income to operating cash flows:
Depreciation and amortization346 355 
Postretirement benefit plan expense (benefit)(112)(113)
Deferred income taxes4 57 
Stock compensation50 55 
Multi-employer pension plan exit liability— (5)
Other(29)(34)
Postretirement benefit plan contributions(15)(19)
Changes in operating assets and liabilities, net of acquisitions:
Trade receivables(196)(113)
Inventories(103)(57)
Accounts payable198 108 
All other current assets and liabilities(59)303 
Net cash provided by (used in) operating activities1,145 1,593 
Investing activities
Additions to properties(408)(326)
Issuance of notes receivable(29)(19)
Repayments from notes receivable28 6 
Purchase of marketable securities— (250)
Investments in unconsolidated entities(10)— 
Purchases of available for sale securities(56)(75)
Sales of available for sale securities69 13 
Other21 2 
Net cash provided by (used in) investing activities(385)(649)
Financing activities
Net issuances (reductions) of notes payable343 9 
Issuances of long-term debt361 554 
Reductions of long-term debt(646)(45)
Net issuances of common stock50 105 
Common stock repurchases(240)— 
Cash dividends(590)(586)
Other(18)(16)
Net cash provided by (used in) financing activities(740)21 
Effect of exchange rate changes on cash and cash equivalents(15)(33)
Increase (decrease) in cash and cash equivalents5 932 
Cash and cash equivalents at beginning of period435 397 
Cash and cash equivalents at end of period$440 $1,329 
Supplemental cash flow disclosures of non-cash investing activities:
   Additions to properties included in accounts payable$91 $108 
See accompanying Notes to Consolidated Financial Statements.
8
Notes to Consolidated Financial Statements
for the quarter ended October 2, 2021 (unaudited)
Note 1 Accounting policies

Basis of presentation
The unaudited interim financial information of Kellogg Company (the Company) included in this report reflects all adjustments, all of which are of a normal and recurring nature, that management believes are necessary for a fair statement of the results of operations, comprehensive income, financial position, equity and cash flows for the periods presented. This interim information should be read in conjunction with the financial statements and accompanying footnotes within the Company’s 2020 Annual Report on Form 10-K.

The condensed balance sheet information at January 2, 2021 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 October 2, 2021 are not necessarily indicative of the results to be expected for other interim periods or the full year.

Accounts payable
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’s goal is to capture overall supplier savings, in the form of payment terms or vendor funding, and the agreements facilitate the suppliers’ ability to sell payment obligations, while providing them with greater working capital flexibility. 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 October 2, 2021, $914 million of the Company’s outstanding payment obligations had been placed in the accounts payable tracking system, and participating suppliers had sold $650 million of those payment obligations to participating financial institutions. As of January 2, 2021, $909 million of the Company’s outstanding payment obligations had been placed in the accounts payable tracking system, and participating suppliers had sold $670 million of those payment obligations to participating financial institutions.

Note 2 Sale of accounts receivable
The Company has a program in which a discrete group of customers are allowed to extend their payment terms in exchange for the elimination of early payment discounts (Extended Terms Program).

The Company has two Receivable Sales Agreements (Monetization Programs) described below, which are intended to directly offset the impact the Extended Terms Program would have on the days-sales-outstanding (DSO) metric that is critical to the effective management of the Company's accounts receivable balance and overall working capital. The Monetization Programs sell, on a revolving basis, certain trade accounts receivable invoices to third party financial institutions. Transfers under these agreements are accounted for as sales of receivables resulting in the receivables being de-recognized from the Consolidated Balance Sheet. The Monetization Programs provide for the continuing sale of certain receivables on a revolving basis until terminated by either party; however the maximum receivables that may be sold at any time is approximately $1.1 billion. 

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 October 2, 2021 and January 2, 2021 for these agreements as the fair value of these servicing arrangements as well as the fees earned were not material to the financial statements.
9
Accounts receivable sold of $611 million and $783 million remained outstanding under these arrangements as of October 2, 2021 and January 2, 2021, 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 $2 million and $6 million for the quarter and year-to-date periods ended October 2, 2021, respectively and was $3 million and $11 million for the quarter and year-to-date periods ended September 26, 2020, respectively. The recorded loss is included in Other income and expense, net (OIE).

Other programs
Additionally, from time to time certain of the Company's foreign subsidiaries will transfer, without recourse, accounts receivable invoices of certain customers to financial institutions. These transactions are accounted for as sales of the receivables resulting in the receivables being de-recognized from the Consolidated Balance Sheet. Accounts receivable sold of $18 million and $55 million remained outstanding under these programs as of October 2, 2021 and January 2, 2021, respectively. The proceeds from these sales of receivables are included in cash from operating activities in the Consolidated Statement of Cash Flows in the period of sale. The recorded net loss on the sale of these receivables is included in OIE and is not material.
Note 3 Restructuring programs
The Company views its restructuring programs as part of its operating principles to provide greater visibility in achieving its long-term profit growth targets. Initiatives undertaken are currently expected to recover cash implementation costs within a 3 to 5-year period subsequent to completion. Completion (or as each major stage is completed in the case of multi-year programs), is when the project begins to deliver cash savings and/or reduced depreciation.

During the third quarter of 2021, the Company announced a reconfiguration of the North America reportable segment supply chain network, designed to drive increased productivity. The project is expected to be substantially completed by early 2024, with related productivity improvements commencing in 2023. The overall project is expected to result in cumulative pretax charges of approximately $45 million, which include employee-related costs of $4 million, other cash costs of $21 million and non-cash costs, primarily consisting of accelerated depreciation and asset write-off's, of $20 million. Charges incurred related to this restructuring program were $4 million during the quarter and year-to-date periods ended October 2, 2021. These charges primarily related to severance costs, and were recorded in COGS expense.
All other restructuring projects were immaterial during the periods presented.
Note 4 Equity

Earnings per share
Basic earnings per share is determined by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is similarly determined, except that the denominator is increased to include the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued. Dilutive potential common shares consist principally of employee stock options issued by the Company, restricted stock units, and certain contingently issuable performance shares. There were 8 million and 11 million anti-dilutive potential common shares excluded from the calculation for the quarter and year-to-date periods ended October 2, 2021. There were 7 million anti-dilutive potential common shares excluded from the calculation for the quarter and year-to-date periods ended September 26, 2020. Please refer to the Consolidated Statement of Income for basic and diluted earnings per share for the quarter and year-to-date periods ended October 2, 2021 and September 26, 2020.

Share repurchases
In February 2020, the board of directors approved a new authorization to repurchase up to $1.5 billion of our common stock through December 2022. During the quarter ended October 2, 2021, the Company did not repurchase any shares of common stock. During the year-to-date period ended October 2, 2021, the Company repurchased approximately 4 million shares of common stock for a total of $240 million. During the quarter and year-to-date periods ended September 26, 2020, the Company did not repurchase any shares of common stock.

10
Comprehensive income
Comprehensive income includes net income and all other changes in equity during a period except those resulting from investments by or distributions to shareholders. Other comprehensive income consists of foreign currency translation adjustments, fair value adjustments associated with cash flow hedges, adjustments for net experience losses and prior service cost related to employee benefit plans, and adjustments for unrealized gains and losses on available-for-sale securities, net of related tax effects.

11
Reclassifications out of Accumulated other comprehensive income (AOCI) for the quarter and year-to-date periods ended October 2, 2021 and September 26, 2020, consisted of the following:
(millions)
  
  
  
Details about AOCI
components		Amount reclassified
from AOCI		Line item impacted
within Income Statement
 Quarter ended
October 2, 2021		Year-to-date period ended
October 2, 2021
  
(Gains) losses on cash flow hedges:
Interest rate contracts (a)$4 $19 Interest expense
$4 $19 Total before tax
(1)(5)Tax expense (benefit)
$3 $14 Net of tax
Amortization of postretirement and postemployment benefits:
Net experience (gain) loss (b)$— $(2)OIE
$— $(2)Total before tax
— 1 Tax expense (benefit)
$— $(1)Net of tax
(Gains) losses on available-for-sale securities:
Corporate bonds (a)$(2)$(2)OIE
$(2)$(2)Total before tax
— — Tax expense (benefit)
$(2)$(2)Net of tax
Total reclassifications$1 $11 Net of tax
(millions)      
Details about AOCI
components		Amount reclassified
from AOCI		Line item impacted
within Income Statement
 Quarter ended
September 26, 2020		Year-to-date period ended
September 26, 2020		  
(Gains) losses on cash flow hedges:
Interest rate contracts (a)$4 $11 Interest expense
$4 $11 Total before tax
(1)(3)Tax expense (benefit)
$3 $8 Net of tax
Amortization of postretirement and postemployment benefits:
Net experience loss (b)$— $(2)