The company incurred $101 million in pre-tax charges related to network optimization, primarily related to severance and asset impairment. These initiatives are designed to increase productivity and efficiency of the supply chain.

The company successfully completed the separation transaction on October 2, 2023. The company incurred pre-tax charges related to the separation of $12 million for the quarter ended March 30, 2024.

The Kellanova Board of Directors announced plans to increase the quarterly dividend to $0.57 per share beginning with the third quarter of 2024.

Reported gross margin increased 280 basis points versus the prior year due primarily to favorable mark-to-market, reimbursement for transition services provided to WK Kellogg Co, last year's revenue growth management actions, improved supply environment, a resumed higher level of productivity, and country mix resulting from currency devaluations.

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 generally expected to recover cash implementation costs within a 1 to 5-year period subsequent to completion.

The chief executive officer and chief financial officer concluded that the company's disclosure controls and procedures were effective at the reasonable assurance level.

The Nigerian government removed certain currency restrictions over the Nigerian Naira leading to a significant decline in the exchange rate of the Naira to the U.S. dollar on the official market in Nigeria. This impacts the U.S. dollar value of the assets, liabilities, expenses and revenues of our Nigerian business in our consolidated financial statements.

Geopolitical instability, including wars and conflicts (including conflicts in Ukraine and the Middle East), actual and potential shifts in U.S. and foreign, trade, economic and other policies as well as other global events, have resulted in certain impacts to the global economy, including market disruptions, supply chain challenges, and inflationary pressures.

The company is exposed to credit loss in the event of nonperformance by counterparties on derivative financial and commodity contracts. Management believes a concentration of credit risk with respect to derivative counterparties is limited due to the credit ratings and use of master netting and reciprocal collateralization agreements with the counterparties and the use of exchange-traded commodity contracts.

Snacks net sales were flat as unfavorable foreign currency and the divestiture were offset by sustained organic growth across the region, led by Pringles, which gained share in key markets.

Cereal net sales declined as unfavorable foreign currency and the divestiture more than offset by organic growth, led by the UK.

Snacks net sales increased due to favorable foreign currency and organic growth led by Pringles in Mexico and Brazil.

The company incurred $101 million in pre-tax charges related to network optimization, primarily related to severance and asset impairment. These initiatives are designed to increase productivity and efficiency of the supply chain.

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 generally expected to recover cash implementation costs within a 1 to 5-year period subsequent to completion.

The chief executive officer and chief financial officer concluded that the company's disclosure controls and procedures were effective at the reasonable assurance level.

The document does not contain any significant information on Innovation & Technology

The Company did not repurchase shares during the quarters ended March 30, 2024 and April 1, 2023.

The Kellanova Board of Directors announced plans to increase the quarterly dividend to $0.57 per share beginning with the third quarter of 2024.

During the first quarter of 2023, the Company 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.

The document does not contain any significant information on ESG initiatives

Volatile market conditions arising from geopolitical events may result in significant changes in foreign exchange rates, and in particular a weakening of foreign currencies relative to the U.S. dollar may negatively affect the translation of foreign currency denominated earnings to U.S. dollars.

Additionally the Company operates in certain emerging markets that may be subject to hyperinflationary economic conditions. Primary currency exposures include the U.S. dollar versus the euro, British pound, Australian dollar, Canadian dollar, Mexican peso, Brazilian real, Nigerian naira, Polish zloty and Egyptian pound, and in the case of inter-subsidiary transactions, the British pound versus the euro.

We continue to mitigate the dollar impact of this input cost inflation through the execution of productivity initiatives and revenue growth management actions. We continue to expect input cost inflation to be flat during 2024.