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Table search / WK Kellogg Co / "Tax"

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KLG WK Kellogg Co

Quarterly report

The following tables provide an analysis of net income performance for the quarters and year-to-date periods ended June 29, 2024 and July 1, 2023:

	Quarter ended									Year-to-date period ended
(millions)			June 29, 2024			July 1, 2023			June 29, 2024			July 1, 2023
Reported net income			$	31	$	27	$	64	$	53	Interest expense	8		—	16	—	Income tax expense (benefit)	12		8	23	16	Depreciation and amortization expense	19		15	39	32	EBITDA	$	70	$	50	$	142	$	101	(Gain) loss on mark-to-market foreign exchange and commodity hedges	2		5	2	10	Other (income) expense, net	(4)		(7)	(10)	(15)	Separation costs	8		40	16	61	Business and portfolio realignment costs	2		1	3	—	Adjusted EBITDA	$	78	$	89	$	153	$	157

6 Aug 24

4:09pm

KLG WK Kellogg Co

Quarterly report

Quarter ended	Year-to-date period ended
June 29, 2024			June 29, 2024
Pre-tax amount			Tax (expense) benefit			After-tax amount			Pre-tax amount			Tax (expense) benefit			After-tax amount
Net income			$	43	$	(12)	$	31	$	87	$	(23)	$	64	Other comprehensive income (loss):	Foreign currency translation adjustments:			Foreign currency translation adjustments during period			(3)		1	(2)	(6)	2	(4)	Postretirement and postemployment benefits:	Amount arising during the period:			Prior service cost			(1)		—	(1)	(2)	—	(2)	Comprehensive income	$	39	$	(11)	$	28	$	79	$	(21)	$	58	Quarter ended	Year-to-date period ended
			July 1, 2023									July 1, 2023
Pre-tax amount			Tax (expense) benefit			After-tax amount			Pre-tax amount			Tax (expense) benefit			After-tax amount
Net income			$	35	$	(8)	$	27	$	69	$	(16)	$	53	Other comprehensive income (loss):	Foreign currency translation adjustments:			Foreign currency translation adjustments during period			2		—	2	4	—	4	Comprehensive income	$	37	$	(8)	$	29	$	73	$	(16)	$	57

6 Aug 24

4:09pm

KLG WK Kellogg Co

Quarterly report

Quarter ended	March 30, 2024			Pre-tax amount			Tax (expense) benefit			After-tax amount			Net income			$	44	$	(11)	$	33	Other comprehensive income (loss):	Foreign currency translation adjustments:			Foreign currency translation adjustments during period			(3)		1	(2)	Postretirement and postemployment benefits:	Reclassification to net income:			Prior service cost			(1)		—	(1)	Comprehensive income	$	40	$	(10)	$	30	Quarter ended				April 1, 2023									Pre-tax amount			Tax (expense) benefit			After-tax amount			Net income			$	32	$	(8)	$	24	Other comprehensive income (loss):	Foreign currency translation adjustments:			Foreign currency translation adjustments during period			2		—	2	Comprehensive income	$	34	$	(8)	$	26

7 May 24

4:05pm

KLG WK Kellogg Co

Quarterly report

The following tables provide an analysis of net income performance for the quarters ended March 30, 2024 and April 1, 2023:

	Quarter ended									(millions)			March 30, 2024			April 1, 2023			Reported net income			$	33	$	24	Interest expense	8		—	Income tax expense (benefit)	11		8	Depreciation and amortization expense	19		17	EBITDA	$	71	$	49	(Gain) loss on mark-to-market foreign exchange and commodity hedges	—		5	Other (income) expense, net	(6)		(8)	Separation costs	9		23	Business and portfolio realignment costs	1		—	Adjusted EBITDA	$	75	$	69

7 May 24

4:05pm

KLG WK Kellogg Co

Definitive proxy

Reconciliation of Non-GAAP Amounts - Reported Net Income (Loss) to Standalone Adjusted EBITDA

Year Ended
(millions)			December 30, 2023			December 31, 2022
Reported net income (loss)			$110			$(25)
Interest expense			10			—
Income tax expense (benefit)			35			(1)
Depreciation and amortization expense			66			68
EBITDA			$221			$42
(Gain) loss on mark-to-market on foreign exchange and commodity hedges			3			9
Other (income) expense			(63)			101
Separation costs			102			26
Business and portfolio realignment costs			4			6
Adjusted EBITDA			$267			$184
Historical intercompany sales and royalty agreements			8			9
Estimated standalone costs			(17)			(21)
Standalone adjusted EBITDA			$258			$172
Standalone adjusted EBITDA Margin			9.4%			6.5%

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