The company is implementing restructuring programs, including a North America frozen supply chain reconfiguration and a European cereal supply chain reconfiguration, designed to drive increased productivity and efficiency. These initiatives are expected to generate cost savings and improve gross margins in the future.

Kellanova is investing in brand building initiatives and implementing revenue growth management actions to cover cost inflation. These investments and actions are aimed at driving organic growth and improving profitability.

Kellanova and WK Kellogg Co agreed to provide certain services to each other, on an interim, transitional basis from and after the separation and the distribution for a duration of up to 2 years following the spin-off.

Management is actively managing costs and implementing productivity initiatives to offset inflationary pressures and improve profitability. These efforts include network optimization projects and revenue growth management actions.

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 Company successfully completed the separation transaction on October 2, 2023. We incurred pre-tax charges related to the separation of $6 million and $19 million for the quarter and year-to-date period ended June 29, 2024, respectively.

The devaluation of the Nigerian Naira has significantly impacted the U.S. dollar value of Kellanova's Nigerian business, potentially reducing overall sales and profitability. The company notes that further declines in the exchange rate could further reduce sales.

Geopolitical instability, including wars and conflicts, and shifts in trade policies are creating market disruptions, supply chain challenges, and inflationary pressures. These factors could negatively impact the company's financial results.

The Company is exposed to credit loss in the event of nonperformance by counterparties on derivative financial and commodity contracts.

Kellanova is a leading producer of snacks, cereal, and frozen foods, and holds the second-largest position in crackers. The company's strong market positions provide a competitive advantage.

Kellanova is focused on improving profitability and efficiency through restructuring programs, cost management, and revenue growth management actions.

The company is focused on innovation, renovation and new product introductions to maintain its competitive edge.

The company is implementing restructuring programs, including a North America frozen supply chain reconfiguration and a European cereal supply chain reconfiguration, designed to drive increased productivity and efficiency.

Network optimization costs are negatively impacting profitability in the short term, but are expected to generate long-term cost savings and efficiency improvements.

During the year-to-date period ended June 29, 2024, the company has experienced moderating supply chain cost inflation, including procurement and manufacturing costs, and last year's supply chain challenges have eased.

The company is focused on innovation, renovation and new product introductions to maintain its competitive edge.

The Company is focused on the levels of spending on systems initiatives, properties, business opportunities.

As of June 29, 2024, $1.3 billion remains available under the share repurchase authorization.

During the second quarter of 2024, Kellanova issued $300 million of thirty-year 5.75% Notes due 2054 and €300 million of ten-year 3.75% Notes due 2034. The proceeds from these notes were used for general corporate purposes, including the payment of offering related fees and expenses, repayment of a portion of the €600 million 1.00% Notes when they matured on May 17, 2024.

We expect to generate $1.7 billion of operating cash flow during 2024. We currently have $2.5 billion of ongoing unused revolving credit agreements, including $1.5 billion effective through 2026 and $1.0 billion effective through December 2024, as well as continued access to the commercial paper markets.

The Company is focused on the success of our Better Days and sustainability programs.

The Company is focused on employee benefit plan costs and funding.

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.

Our Company is exposed to price fluctuations primarily as a result of anticipated purchases of raw and packaging materials, fuel, and energy.