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KLG WK Kellogg Co

Quarterly report

The Company does not have any derivatives designated as hedging instruments. The following table presents assets and liabilities that were measured at fair value in the Unaudited Consolidated Balance Sheet on a recurring basis as of June 29, 2024 and December 30, 2023:

June 29, 2024	December 30, 2023
(millions)			Level 1			Level 2			Total			Level 1			Level 2			Total
Liabilities:			Foreign currency exchange contracts:			Other current liabilities			$	—	$	1	$	1	$	—	$	—	$	—	Commodity contracts:	Other current liabilities			1		—	1	—	—	—	Total liabilities	$	1	$	1	$	2	$	—	$	—	$	—

6 Aug 24

4:09pm

KLG WK Kellogg Co

The following table provides an analysis of the Company’s deferred tax assets and liabilities as of year-end 2023 and 2022:

Deferred tax assets	Deferred tax liabilities
(millions)			2023			2022			2023			2022
Advertising and promotion-related			4		2	—	—	Wages and payroll taxes	8		5	—	—	Inventory valuation	7		5	—	—	Employee benefits	—		—	36	—	Operating loss, credit and other carryforwards	—		14	—	—	Hedging transactions	—		—	—	1	Depreciation and asset disposals	—		—	64	80	Operating lease right-of-use assets	—		—	4	2	Operating lease liabilities	4		2	—	—	Trademarks and other intangibles	—		—	24	21	Research and development capitalization	2		7	—	—	Stock options	5		6	—	—	Other	5		—	—	—	35	41	128	104	Less valuation allowance	—		—	—	—	Total deferred taxes	$	35	$	41	$	128	$	104	Net deferred tax asset (liability)	$	(93)	$	(63)	Classified in balance sheet as:	Other assets			$	13	$	—	Other liabilities	(106)		(63)	Net deferred tax asset (liability)	$	(93)	$	(63)

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