falseQ2202100000550671/100000550672021-01-032021-07-030000055067us-gaap:CommonStockMember2021-01-032021-07-030000055067k:A0.800SeniorNotesDue2022Member2021-01-032021-07-030000055067k:A1.000SeniorNotesDue2024Member2021-01-032021-07-030000055067k:A1.250SeniorNotesDue2025Member2021-01-032021-07-030000055067k:FiveZeroPercentEuroNotesDueTwentyTwentyNineMember2021-01-032021-07-03xbrli:shares00000550672021-07-03iso4217:USD00000550672021-01-02iso4217:USDxbrli:shares00000550672021-04-042021-07-0300000550672020-03-292020-06-2700000550672019-12-292020-06-2700000550672020-06-270000055067us-gaap:CommonStockMember2021-04-030000055067us-gaap:AdditionalPaidInCapitalMember2021-04-030000055067us-gaap:RetainedEarningsMember2021-04-030000055067us-gaap:TreasuryStockMember2021-04-030000055067us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-030000055067us-gaap:ParentMember2021-04-030000055067us-gaap:NoncontrollingInterestMember2021-04-0300000550672021-04-030000055067us-gaap:RetainedEarningsMember2021-04-042021-07-030000055067us-gaap:ParentMember2021-04-042021-07-030000055067us-gaap:NoncontrollingInterestMember2021-04-042021-07-030000055067us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-042021-07-030000055067us-gaap:AdditionalPaidInCapitalMember2021-04-042021-07-030000055067us-gaap:TreasuryStockMember2021-04-042021-07-030000055067us-gaap:CommonStockMember2021-07-030000055067us-gaap:AdditionalPaidInCapitalMember2021-07-030000055067us-gaap:RetainedEarningsMember2021-07-030000055067us-gaap:TreasuryStockMember2021-07-030000055067us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-030000055067us-gaap:ParentMember2021-07-030000055067us-gaap:NoncontrollingInterestMember2021-07-030000055067us-gaap:CommonStockMember2021-01-020000055067us-gaap:AdditionalPaidInCapitalMember2021-01-020000055067us-gaap:RetainedEarningsMember2021-01-020000055067us-gaap:TreasuryStockMember2021-01-020000055067us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-020000055067us-gaap:ParentMember2021-01-020000055067us-gaap:NoncontrollingInterestMember2021-01-020000055067us-gaap:TreasuryStockMember2021-01-032021-07-030000055067us-gaap:ParentMember2021-01-032021-07-030000055067us-gaap:RetainedEarningsMember2021-01-032021-07-030000055067us-gaap:NoncontrollingInterestMember2021-01-032021-07-030000055067us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-032021-07-030000055067us-gaap:AdditionalPaidInCapitalMember2021-01-032021-07-030000055067us-gaap:CommonStockMember2020-03-280000055067us-gaap:AdditionalPaidInCapitalMember2020-03-280000055067us-gaap:RetainedEarningsMember2020-03-280000055067us-gaap:TreasuryStockMember2020-03-280000055067us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-280000055067us-gaap:ParentMember2020-03-280000055067us-gaap:NoncontrollingInterestMember2020-03-2800000550672020-03-280000055067us-gaap:RetainedEarningsMember2020-03-292020-06-270000055067us-gaap:ParentMember2020-03-292020-06-270000055067us-gaap:NoncontrollingInterestMember2020-03-292020-06-270000055067us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-292020-06-270000055067us-gaap:AdditionalPaidInCapitalMember2020-03-292020-06-270000055067us-gaap:TreasuryStockMember2020-03-292020-06-270000055067us-gaap:CommonStockMember2020-06-270000055067us-gaap:AdditionalPaidInCapitalMember2020-06-270000055067us-gaap:RetainedEarningsMember2020-06-270000055067us-gaap:TreasuryStockMember2020-06-270000055067us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-270000055067us-gaap:ParentMember2020-06-270000055067us-gaap:NoncontrollingInterestMember2020-06-270000055067us-gaap:CommonStockMember2019-12-280000055067us-gaap:AdditionalPaidInCapitalMember2019-12-280000055067us-gaap:RetainedEarningsMember2019-12-280000055067us-gaap:TreasuryStockMember2019-12-280000055067us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-280000055067us-gaap:ParentMember2019-12-280000055067us-gaap:NoncontrollingInterestMember2019-12-2800000550672019-12-280000055067us-gaap:RetainedEarningsMember2019-12-292020-06-270000055067us-gaap:ParentMember2019-12-292020-06-270000055067us-gaap:NoncontrollingInterestMember2019-12-292020-06-270000055067us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-292020-06-270000055067us-gaap:AdditionalPaidInCapitalMember2019-12-292020-06-270000055067us-gaap:TreasuryStockMember2019-12-292020-06-270000055067k:MonetizationProgramMembersrt:MaximumMember2021-07-030000055067k:MonetizationProgramMemberk:AccountsReceivableSoldAndOutstandingMember2021-07-030000055067k:MonetizationProgramMemberk:AccountsReceivableSoldAndOutstandingMember2021-01-020000055067us-gaap:OtherNonoperatingIncomeExpenseMemberk:MonetizationProgramMember2021-04-042021-07-030000055067us-gaap:OtherNonoperatingIncomeExpenseMemberk:MonetizationProgramMember2021-01-032021-07-030000055067us-gaap:OtherNonoperatingIncomeExpenseMemberk:MonetizationProgramMember2020-03-292020-06-270000055067us-gaap:OtherNonoperatingIncomeExpenseMemberk:MonetizationProgramMember2019-12-292020-06-270000055067k:KelloggForeignSubsidiariesOtherProgramMember2021-07-030000055067k:KelloggForeignSubsidiariesOtherProgramMember2021-01-020000055067k:TwentyTwentyShareRepurchaseProgramMember2020-02-290000055067us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMemberus-gaap:InterestRateContractMember2021-04-042021-07-030000055067us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMemberus-gaap:InterestRateContractMember2021-01-032021-07-030000055067us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2021-04-042021-07-030000055067us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2021-01-032021-07-030000055067us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-04-042021-07-030000055067us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-032021-07-030000055067us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-04-042021-07-030000055067us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-032021-07-030000055067us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-04-042021-07-030000055067us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-032021-07-030000055067us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMemberus-gaap:InterestRateContractMember2020-03-292020-06-270000055067us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMemberus-gaap:InterestRateContractMember2019-12-292020-06-270000055067us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2020-03-292020-06-270000055067us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2019-12-292020-06-270000055067us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-03-292020-06-270000055067us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2019-12-292020-06-270000055067us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-03-292020-06-270000055067us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2019-12-292020-06-270000055067us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-03-292020-06-270000055067us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2019-12-292020-06-270000055067us-gaap:CommercialPaperMember2021-07-03xbrli:pure0000055067us-gaap:CommercialPaperMember2021-01-020000055067us-gaap:NotesPayableToBanksMember2021-07-030000055067us-gaap:NotesPayableToBanksMember2021-01-02iso4217:EUR0000055067k:FiveZeroPercentEuroNotesDueTwentyTwentyNineMember2021-05-290000055067k:FiveZeroPercentEuroNotesDueTwentyTwentyNineMember2021-05-292021-05-290000055067k:SevenYear175EuroNotesDue2021Member2021-05-290000055067k:TwoTenPercentSeniorNotesDueTwentyThirtyMember2020-05-270000055067k:TwoTenPercentSeniorNotesDueTwentyThirtyMember2020-05-272020-05-270000055067k:FourPercentUSDollarNotesDueTwentyTwentyMember2020-05-270000055067k:GlobalPlansMemberus-gaap:PensionPlansDefinedBenefitMember2021-04-042021-07-030000055067k:GlobalPlansMemberus-gaap:PensionPlansDefinedBenefitMember2020-03-292020-06-270000055067k:GlobalPlansMemberus-gaap:PensionPlansDefinedBenefitMember2021-01-032021-07-030000055067k:GlobalPlansMemberus-gaap:PensionPlansDefinedBenefitMember2019-12-292020-06-270000055067k:UsAndCanadaDefinedBenefitPlansMemberk:OtherNonpensionPostretirementMember2021-04-042021-07-030000055067k:UsAndCanadaDefinedBenefitPlansMemberk:OtherNonpensionPostretirementMember2020-03-292020-06-270000055067k:UsAndCanadaDefinedBenefitPlansMemberk:OtherNonpensionPostretirementMember2021-01-032021-07-030000055067k:UsAndCanadaDefinedBenefitPlansMemberk:OtherNonpensionPostretirementMember2019-12-292020-06-270000055067k:GlobalPlansMemberk:PostemploymentMember2021-04-042021-07-030000055067k:GlobalPlansMemberk:PostemploymentMember2020-03-292020-06-270000055067k:GlobalPlansMemberk:PostemploymentMember2021-01-032021-07-030000055067k:GlobalPlansMemberk:PostemploymentMember2019-12-292020-06-270000055067country:USus-gaap:PensionPlansDefinedBenefitMember2021-04-042021-07-030000055067country:USus-gaap:PensionPlansDefinedBenefitMember2021-01-032021-07-030000055067country:USus-gaap:PensionPlansDefinedBenefitMember2020-03-292020-06-270000055067country:USus-gaap:PensionPlansDefinedBenefitMember2019-12-292020-06-270000055067us-gaap:MeasurementInputDiscountRateMember2020-03-292020-06-270000055067us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberk:UsAndCanadaDefinedBenefitPlansMember2021-04-042021-07-030000055067us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberk:UsAndCanadaDefinedBenefitPlansMember2020-03-292020-06-270000055067us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberk:UsAndCanadaDefinedBenefitPlansMember2021-01-032021-07-030000055067us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberk:UsAndCanadaDefinedBenefitPlansMember2019-12-292020-06-270000055067k:GlobalPlansMemberus-gaap:PensionPlansDefinedBenefitMember2021-07-030000055067us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberk:UsAndCanadaDefinedBenefitPlansMember2021-07-030000055067k:GlobalPlansMemberus-gaap:PensionPlansDefinedBenefitMember2019-12-292021-01-020000055067us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberk:UsAndCanadaDefinedBenefitPlansMember2019-12-292021-01-0200000550672019-12-292021-01-020000055067country:GB2021-04-042021-07-030000055067country:GBsrt:MinimumMember2021-04-042021-07-030000055067country:GBsrt:MaximumMember2021-04-042021-07-030000055067us-gaap:OtherCurrentLiabilitiesMember2021-07-030000055067us-gaap:ForeignExchangeContractMember2021-07-030000055067us-gaap:ForeignExchangeContractMember2021-01-020000055067us-gaap:CrossCurrencyInterestRateContractMember2021-07-030000055067us-gaap:CrossCurrencyInterestRateContractMember2021-01-020000055067us-gaap:InterestRateContractMember2021-07-030000055067us-gaap:InterestRateContractMember2021-01-020000055067us-gaap:CommodityContractMember2021-07-030000055067us-gaap:CommodityContractMember2021-01-020000055067us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:OtherCurrentAssetsMember2021-07-030000055067us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherCurrentAssetsMember2021-07-030000055067us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMember2021-07-030000055067us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:OtherCurrentAssetsMember2021-01-020000055067us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherCurrentAssetsMember2021-01-020000055067us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMember2021-01-020000055067us-gaap:OtherAssetsMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel1Member2021-07-030000055067us-gaap:OtherAssetsMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2021-07-030000055067us-gaap:OtherAssetsMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-07-030000055067us-gaap:OtherAssetsMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel1Member2021-01-020000055067us-gaap:OtherAssetsMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2021-01-020000055067us-gaap:OtherAssetsMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-020000055067us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:OtherCurrentAssetsMemberus-gaap:InterestRateContractMember2021-07-030000055067us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherCurrentAssetsMemberus-gaap:InterestRateContractMember2021-07-030000055067us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMemberus-gaap:InterestRateContractMember2021-07-030000055067us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:OtherCurrentAssetsMemberus-gaap:InterestRateContractMember2021-01-020000055067us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherCurrentAssetsMemberus-gaap:InterestRateContractMember2021-01-020000055067us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMemberus-gaap:InterestRateContractMember2021-01-020000055067us-gaap:OtherAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateContractMember2021-07-030000055067us-gaap:OtherAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateContractMember2021-07-030000055067us-gaap:OtherAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2021-07-030000055067us-gaap:OtherAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateContractMember2021-01-020000055067us-gaap:OtherAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateContractMember2021-01-020000055067us-gaap:OtherAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2021-01-020000055067us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel1Member2021-07-030000055067us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2021-07-030000055067us-gaap:DesignatedAsHedgingInstrumentMember2021-07-030000055067us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel1Member2021-01-020000055067us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2021-01-020000055067us-gaap:DesignatedAsHedgingInstrumentMember2021-01-020000055067us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel1Member2021-07-030000055067us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel2Member2021-07-030000055067us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentLiabilitiesMember2021-07-030000055067us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel1Member2021-01-020000055067us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel2Member2021-01-020000055067us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentLiabilitiesMember2021-01-020000055067us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMemberus-gaap:FairValueInputsLevel1Member2021-07-030000055067us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMemberus-gaap:FairValueInputsLevel2Member2021-07-030000055067us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMember2021-07-030000055067us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMemberus-gaap:FairValueInputsLevel1Member2021-01-020000055067us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMemberus-gaap:FairValueInputsLevel2Member2021-01-020000055067us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMember2021-01-020000055067us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateContractMember2021-07-030000055067us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateContractMember2021-07-030000055067us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:InterestRateContractMember2021-07-030000055067us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateContractMember2021-01-020000055067us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateContractMember2021-01-020000055067us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:InterestRateContractMember2021-01-020000055067us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateContractMember2021-07-030000055067us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateContractMember2021-07-030000055067us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMemberus-gaap:InterestRateContractMember2021-07-030000055067us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateContractMember2021-01-020000055067us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateContractMember2021-01-020000055067us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMemberus-gaap:InterestRateContractMember2021-01-020000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel1Memberus-gaap:OtherCurrentAssetsMember2021-07-030000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherCurrentAssetsMember2021-07-030000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMember2021-07-030000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel1Memberus-gaap:OtherCurrentAssetsMember2021-01-020000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherCurrentAssetsMember2021-01-020000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMember2021-01-020000055067us-gaap:ForeignExchangeContractMemberus-gaap:OtherAssetsMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel1Member2021-07-030000055067us-gaap:ForeignExchangeContractMemberus-gaap:OtherAssetsMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Member2021-07-030000055067us-gaap:ForeignExchangeContractMemberus-gaap:OtherAssetsMemberus-gaap:NondesignatedMember2021-07-030000055067us-gaap:ForeignExchangeContractMemberus-gaap:OtherAssetsMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel1Member2021-01-020000055067us-gaap:ForeignExchangeContractMemberus-gaap:OtherAssetsMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Member2021-01-020000055067us-gaap:ForeignExchangeContractMemberus-gaap:OtherAssetsMemberus-gaap:NondesignatedMember2021-01-020000055067us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel1Memberus-gaap:OtherCurrentAssetsMemberus-gaap:InterestRateContractMember2021-07-030000055067us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherCurrentAssetsMemberus-gaap:InterestRateContractMember2021-07-030000055067us-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMemberus-gaap:InterestRateContractMember2021-07-030000055067us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel1Memberus-gaap:OtherCurrentAssetsMemberus-gaap:InterestRateContractMember2021-01-020000055067us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherCurrentAssetsMemberus-gaap:InterestRateContractMember2021-01-020000055067us-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMemberus-gaap:InterestRateContractMember2021-01-020000055067us-gaap:OtherAssetsMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateContractMember2021-07-030000055067us-gaap:OtherAssetsMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateContractMember2021-07-030000055067us-gaap:OtherAssetsMemberus-gaap:NondesignatedMemberus-gaap:InterestRateContractMember2021-07-030000055067us-gaap:OtherAssetsMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateContractMember2021-01-020000055067us-gaap:OtherAssetsMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateContractMember2021-01-020000055067us-gaap:OtherAssetsMemberus-gaap:NondesignatedMemberus-gaap:InterestRateContractMember2021-01-020000055067us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel1Memberus-gaap:OtherCurrentAssetsMember2021-07-030000055067us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherCurrentAssetsMember2021-07-030000055067us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMember2021-07-030000055067us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel1Memberus-gaap:OtherCurrentAssetsMember2021-01-020000055067us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherCurrentAssetsMember2021-01-020000055067us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMember2021-01-020000055067us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel1Member2021-07-030000055067us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Member2021-07-030000055067us-gaap:NondesignatedMember2021-07-030000055067us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel1Member2021-01-020000055067us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Member2021-01-020000055067us-gaap:NondesignatedMember2021-01-020000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel1Member2021-07-030000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel2Member2021-07-030000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMember2021-07-030000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel1Member2021-01-020000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel2Member2021-01-020000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMember2021-01-020000055067us-gaap:ForeignExchangeContractMemberus-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel1Member2021-07-030000055067us-gaap:ForeignExchangeContractMemberus-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Member2021-07-030000055067us-gaap:ForeignExchangeContractMemberus-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMember2021-07-030000055067us-gaap:ForeignExchangeContractMemberus-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel1Member2021-01-020000055067us-gaap:ForeignExchangeContractMemberus-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Member2021-01-020000055067us-gaap:ForeignExchangeContractMemberus-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMember2021-01-020000055067us-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateContractMember2021-07-030000055067us-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateContractMember2021-07-030000055067us-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:InterestRateContractMember2021-07-030000055067us-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateContractMember2021-01-020000055067us-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateContractMember2021-01-020000055067us-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:InterestRateContractMember2021-01-020000055067us-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateContractMember2021-07-030000055067us-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateContractMember2021-07-030000055067us-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:InterestRateContractMember2021-07-030000055067us-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateContractMember2021-01-020000055067us-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateContractMember2021-01-020000055067us-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:InterestRateContractMember2021-01-020000055067us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel1Member2021-07-030000055067us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel2Member2021-07-030000055067us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMember2021-07-030000055067us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel1Member2021-01-020000055067us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel2Member2021-01-020000055067us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMember2021-01-020000055067us-gaap:NetInvestmentHedgingMember2021-07-030000055067us-gaap:NetInvestmentHedgingMember2021-01-020000055067k:CarryingAmountOfHedgedLiabilityMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2021-07-030000055067k:CarryingAmountOfHedgedLiabilityMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2021-01-020000055067k:CumulativeFairValueAdjustmentMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2021-07-030000055067k:CumulativeFairValueAdjustmentMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2021-01-020000055067k:HedgingAdjustmentMemberk:DiscontinuedHedgingMemberus-gaap:InterestRateContractMember2021-07-030000055067k:HedgingAdjustmentMemberk:DiscontinuedHedgingMemberus-gaap:InterestRateContractMember2021-01-020000055067us-gaap:NetInvestmentHedgingMemberk:ForeignCurrencyDenominatedLongTermDebtMember2021-04-042021-07-030000055067us-gaap:NetInvestmentHedgingMemberk:ForeignCurrencyDenominatedLongTermDebtMember2020-03-292020-06-270000055067us-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:InterestExpenseMember2021-04-042021-07-030000055067us-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:InterestExpenseMember2020-03-292020-06-270000055067us-gaap:NetInvestmentHedgingMember2021-04-042021-07-030000055067us-gaap:NetInvestmentHedgingMember2020-03-292020-06-270000055067us-gaap:ForeignExchangeContractMemberus-gaap:CostOfSalesMemberus-gaap:NondesignatedMember2021-04-042021-07-030000055067us-gaap:ForeignExchangeContractMemberus-gaap:CostOfSalesMemberus-gaap:NondesignatedMember2020-03-292020-06-270000055067us-gaap:ForeignExchangeContractMemberk:OtherIncomeExpenseNetMemberus-gaap:NondesignatedMember2021-04-042021-07-030000055067us-gaap:ForeignExchangeContractMemberk:OtherIncomeExpenseNetMemberus-gaap:NondesignatedMember2020-03-292020-06-270000055067us-gaap:ForeignExchangeContractMemberus-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:NondesignatedMember2021-04-042021-07-030000055067us-gaap:ForeignExchangeContractMemberus-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:NondesignatedMember2020-03-292020-06-270000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:InterestExpenseMember2021-04-042021-07-030000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:InterestExpenseMember2020-03-292020-06-270000055067us-gaap:CostOfSalesMemberus-gaap:CommodityContractMemberus-gaap:NondesignatedMember2021-04-042021-07-030000055067us-gaap:CostOfSalesMemberus-gaap:CommodityContractMemberus-gaap:NondesignatedMember2020-03-292020-06-270000055067us-gaap:NondesignatedMember2021-04-042021-07-030000055067us-gaap:NondesignatedMember2020-03-292020-06-270000055067us-gaap:NetInvestmentHedgingMemberk:ForeignCurrencyDenominatedLongTermDebtMember2021-01-032021-07-030000055067us-gaap:NetInvestmentHedgingMemberk:ForeignCurrencyDenominatedLongTermDebtMember2019-12-292020-06-270000055067us-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:InterestExpenseMember2021-01-032021-07-030000055067us-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:InterestExpenseMember2019-12-292020-06-270000055067us-gaap:NetInvestmentHedgingMember2021-01-032021-07-030000055067us-gaap:NetInvestmentHedgingMember2019-12-292020-06-270000055067us-gaap:ForeignExchangeContractMemberus-gaap:CostOfSalesMemberus-gaap:NondesignatedMember2021-01-032021-07-030000055067us-gaap:ForeignExchangeContractMemberus-gaap:CostOfSalesMemberus-gaap:NondesignatedMember2019-12-292020-06-270000055067us-gaap:ForeignExchangeContractMemberk:OtherIncomeExpenseNetMemberus-gaap:NondesignatedMember2021-01-032021-07-030000055067us-gaap:ForeignExchangeContractMemberk:OtherIncomeExpenseNetMemberus-gaap:NondesignatedMember2019-12-292020-06-270000055067us-gaap:ForeignExchangeContractMemberus-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:NondesignatedMember2021-01-032021-07-030000055067us-gaap:ForeignExchangeContractMemberus-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:NondesignatedMember2019-12-292020-06-270000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:InterestExpenseMember2021-01-032021-07-030000055067us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:InterestExpenseMember2019-12-292020-06-270000055067us-gaap:CostOfSalesMemberus-gaap:CommodityContractMemberus-gaap:NondesignatedMember2021-01-032021-07-030000055067us-gaap:CostOfSalesMemberus-gaap:CommodityContractMemberus-gaap:NondesignatedMember2019-12-292020-06-270000055067us-gaap:NondesignatedMember2021-01-032021-07-030000055067us-gaap:NondesignatedMember2019-12-292020-06-270000055067us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMemberus-gaap:InterestRateContractMember2021-04-042021-07-030000055067us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMemberus-gaap:InterestRateContractMember2020-03-292020-06-270000055067us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMemberus-gaap:InterestRateContractMember2021-04-042021-07-030000055067us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMemberus-gaap:InterestRateContractMember2020-03-292020-06-270000055067us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMemberus-gaap:InterestRateContractMember2021-01-032021-07-030000055067us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMemberus-gaap:InterestRateContractMember2019-12-292020-06-270000055067us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMemberus-gaap:InterestRateContractMember2021-01-032021-07-030000055067us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMemberus-gaap:InterestRateContractMember2019-12-292020-06-270000055067us-gaap:OtherDebtSecuritiesMember2020-03-292020-06-270000055067us-gaap:CorporateDebtSecuritiesMember2021-07-030000055067us-gaap:CorporateDebtSecuritiesMember2021-01-020000055067us-gaap:FairValueInputsLevel2Member2021-07-030000055067k:OtherIncomeExpenseNetMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2021-04-042021-07-030000055067us-gaap:CustomerConcentrationRiskMemberk:FiveLargestAccountsMemberus-gaap:AccountsReceivableMember2021-01-032021-07-030000055067k:NorthAmericaSegmentMemberus-gaap:OperatingSegmentsMember2021-04-042021-07-030000055067k:NorthAmericaSegmentMemberus-gaap:OperatingSegmentsMember2020-03-292020-06-270000055067k:NorthAmericaSegmentMemberus-gaap:OperatingSegmentsMember2021-01-032021-07-030000055067k:NorthAmericaSegmentMemberus-gaap:OperatingSegmentsMember2019-12-292020-06-270000055067us-gaap:OperatingSegmentsMemberk:EuropeSegmentMember2021-04-042021-07-030000055067us-gaap:OperatingSegmentsMemberk:EuropeSegmentMember2020-03-292020-06-270000055067us-gaap:OperatingSegmentsMemberk:EuropeSegmentMember2021-01-032021-07-030000055067us-gaap:OperatingSegmentsMemberk:EuropeSegmentMember2019-12-292020-06-270000055067us-gaap:OperatingSegmentsMemberk:LatinAmericaSegmentMember2021-04-042021-07-030000055067us-gaap:OperatingSegmentsMemberk:LatinAmericaSegmentMember2020-03-292020-06-270000055067us-gaap:OperatingSegmentsMemberk:LatinAmericaSegmentMember2021-01-032021-07-030000055067us-gaap:OperatingSegmentsMemberk:LatinAmericaSegmentMember2019-12-292020-06-270000055067us-gaap:OperatingSegmentsMemberk:AMEAMember2021-04-042021-07-030000055067us-gaap:OperatingSegmentsMemberk:AMEAMember2020-03-292020-06-270000055067us-gaap:OperatingSegmentsMemberk:AMEAMember2021-01-032021-07-030000055067us-gaap:OperatingSegmentsMemberk:AMEAMember2019-12-292020-06-270000055067us-gaap:OperatingSegmentsMember2021-04-042021-07-030000055067us-gaap:OperatingSegmentsMember2020-03-292020-06-270000055067us-gaap:OperatingSegmentsMember2021-01-032021-07-030000055067us-gaap:OperatingSegmentsMember2019-12-292020-06-270000055067us-gaap:CorporateNonSegmentMember2021-04-042021-07-030000055067us-gaap:CorporateNonSegmentMember2020-03-292020-06-270000055067us-gaap:CorporateNonSegmentMember2021-01-032021-07-030000055067us-gaap:CorporateNonSegmentMember2019-12-292020-06-270000055067k:RetailChannelSnacksMember2021-04-042021-07-030000055067k:RetailChannelSnacksMember2020-03-292020-06-270000055067k:RetailChannelSnacksMember2021-01-032021-07-030000055067k:RetailChannelSnacksMember2019-12-292020-06-270000055067k:RetailChannelCerealMember2021-04-042021-07-030000055067k:RetailChannelCerealMember2020-03-292020-06-270000055067k:RetailChannelCerealMember2021-01-032021-07-030000055067k:RetailChannelCerealMember2019-12-292020-06-270000055067k:FrozenAndSpecialtyChannelsMember2021-04-042021-07-030000055067k:FrozenAndSpecialtyChannelsMember2020-03-292020-06-270000055067k:FrozenAndSpecialtyChannelsMember2021-01-032021-07-030000055067k:FrozenAndSpecialtyChannelsMember2019-12-292020-06-270000055067k:NoodlesandOtherMember2021-04-042021-07-030000055067k:NoodlesandOtherMember2020-03-292020-06-270000055067k:NoodlesandOtherMember2021-01-032021-07-030000055067k:NoodlesandOtherMember2019-12-292020-06-27
Table of Contents

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 July 03, 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 filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging 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 July 3, 2021 — 340,878,954 shares


Table of Contents

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


Table of Contents

Part I – FINANCIAL INFORMATION
Item 1. Financial Statements.
Kellogg Company and Subsidiaries
CONSOLIDATED BALANCE SHEET
(millions, except per share data)
July 3,
2021 (unaudited)
January 2,
2021
Current assets
Cash and cash equivalents$395 $435 
Accounts receivable, net1,659 1,537 
Inventories1,365 1,284 
Other current assets328 226 
Total current assets3,747 3,482 
Property, net3,666 3,713 
Operating lease right-of-use assets661 658 
Goodwill5,783 5,799 
Other intangibles, net2,454 2,491 
Investments in unconsolidated entities394 391 
Other assets1,508 1,462 
Total assets$18,213 $17,996 
Current liabilities
Current maturities of long-term debt$17 $627 
Notes payable551 102 
Accounts payable2,491 2,471 
Current operating lease liabilities127 117 
Accrued advertising and promotion802 776 
Other current liabilities958 1,145 
Total current liabilities4,946 5,238 
Long-term debt7,029 6,746 
Operating lease liabilities517 520 
Deferred income taxes647 562 
Pension liability688 769 
Other liabilities506 525 
Commitments and contingencies
Equity
Common stock, $.25 par value
105 105 
Capital in excess of par value973 972 
Retained earnings8,688 8,326 
Treasury stock, at cost(4,741)(4,559)
Accumulated other comprehensive income (loss)(1,663)(1,732)
Total Kellogg Company equity3,362 3,112 
Noncontrolling interests518 524 
Total equity3,880 3,636 
Total liabilities and equity$18,213 $17,996 
See accompanying Notes to Consolidated Financial Statements.

3

Table of Contents

Kellogg Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
(millions, except per share data)
 Quarter endedYear-to-date period ended
(unaudited)July 3,
2021
June 27,
2020
July 3,
2021
June 27,
2020
Net sales$3,555 $3,465 $7,139 $6,877 
Cost of goods sold2,331 2,268 4,749 4,536 
Selling, general and administrative expense720 691 1,414 1,375 
Operating profit504 506 976 966 
Interest expense58 69 117 133 
Other income (expense), net86 30 155 79 
Income before income taxes532 467 1,014 912 
Income taxes144 109 253 203 
Earnings (loss) from unconsolidated entities(3)(4)(5)(5)
Net income385 354 756 704 
Net income attributable to noncontrolling interests5 3 8 6 
Net income attributable to Kellogg Company$380 $351 $748 $698 
Per share amounts:
Basic earnings$1.12 $1.02 $2.19 $2.04 
Diluted earnings$1.11 $1.02 $2.18 $2.02 
Average shares outstanding:
Basic341 343 341 342 
Diluted343 345 343 345 
Actual shares outstanding at period end341 343 
See accompanying Notes to Consolidated Financial Statements.

4

Table of Contents

Kellogg Company and Subsidiaries
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(millions)
Quarter endedYear-to-date period ended
July 3, 2021July 3, 2021
(unaudited)Pre-tax
amount
Tax (expense)
benefit
After-tax
amount
Pre-tax
amount
Tax (expense)
benefit
After-tax
amount
Net income$385 $756 
Other comprehensive income (loss):
Foreign currency translation adjustments:
Foreign currency translation adjustments during period$8 $11 19 $41 $(23)18 
Cash flow hedges:
Unrealized gain (loss) (39)11 (28)39 (10)29 
Reclassification to net income10 (3)7 15 (4)11 
Postretirement and postemployment benefits:
Reclassification to net income:
   Net experience (gain) loss(1)1  (2)1 (1)
Available-for-sale securities:
Unrealized gain (loss) 1  1 (1) (1)
Other comprehensive income (loss)
$(21)$20 $(1)$92 $(36)$56 
Comprehensive income$384 $812 
Net Income attributable to noncontrolling interests5 8 
Other comprehensive income (loss) attributable to noncontrolling interests(3)(13)
Comprehensive income attributable to Kellogg Company$382 $817 
Quarter endedYear-to-date period ended
 June 27, 2020June 27, 2020
(unaudited)Pre-tax
amount
Tax (expense)
benefit
After-tax
amount
Pre-tax
amount
Tax (expense)
benefit
After-tax
amount
Net income$354 $704 
Other comprehensive income (loss):
Foreign currency translation adjustments:
Foreign currency translation adjustments during period$(20)$10 (10)$(261)$(10)(271)
Cash flow hedges:
Unrealized gain (loss) on cash flow hedges12 (3)9 (53)14 (39)
Reclassification to net income5 (2)3 7 (2)5 
Postretirement and postemployment benefits:
Reclassification to net income:
Net experience (gain) loss(1)1  (2)1 (1)
Prior service cost(1) (1)(1) (1)
Available-for-sale securities:
Unrealized gain (loss)
5  5 2  2 
Other comprehensive income (loss)$ $6 $6 $(308)$3 $(305)
Comprehensive income$360 $399 
Net Income attributable to noncontrolling interests3 6 
Other comprehensive income (loss) attributable to noncontrolling interests(4)(36)
Comprehensive income attributable to Kellogg Company$361 $429 
See accompanying Notes to Consolidated Financial Statements.
5

Table of Contents

Kellogg Company and Subsidiaries
CONSOLIDATED STATEMENT OF EQUITY
(millions)
 
Quarter ended July 3, 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, April 3, 2021421 $105 $954 $8,506 81 $(4,762)$(1,665)$3,138 $517 $3,655 
Net income380 380 5 385 
Dividends declared ($0.58 per share)
(197)(197)(197)
Distributions to noncontrolling interest (1)(1)
Other comprehensive income2 2 (3)(1)
Stock compensation19 19 19 
Stock options exercised and other (1)(1)21 20 20 
Balance, July 3, 2021421 $105 $973 $8,688 80 $(4,741)$(1,663)$3,362 $518 $3,880 
Year-to-date period ended July 3, 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 income748 748 8 756 
Dividends declared ($1.15 per share)
(392)(392)(392)
Distributions to noncontrolling interest (1)(1)
Other comprehensive income69 69 (13)56 
Stock compensation39 39 39 
Stock options exercised and other(38)6 (1)58 26 26 
Balance, July 3, 2021421 $105 $973 $8,688 80 $(4,741)$(1,663)$3,362 $518 $3,880 
See accompanying Notes to Consolidated Financial Statements.


6

Table of Contents

Kellogg Company and Subsidiaries
CONSOLIDATED STATEMENT OF EQUITY (cont.)
(millions)
Quarter ended June 27, 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, March 28, 2020421 $105 $911 $8,010 78 $(4,625)$(1,727)$2,674 $538 $3,212 
Net income351 351 3 354 
Dividends declared ($0.57 per share)
(195)(195)(195)
Distributions to noncontrolling interest (1)(1)
Other comprehensive income10 10 (4)6 
Stock compensation18 18 18 
Stock options exercised and other   12 12 12 
Balance, June 27, 2020421 $105 $929 $8,166 78 $(4,613)$(1,717)$2,870 $536 $3,406 
Year-to-date period ended June 27, 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 income698 698 6 704 
Dividends declared ($1.14 per share)
(390)(390)(390)
Distributions to noncontrolling interest (1)(1)
Other comprehensive income(269)(269)(36)(305)
Stock compensation37 37 37 
Stock options exercised and other(29)(1)(1)77 47 47 
Balance, June 27, 2020421 $105 $929 $8,166 78 $(4,613)$(1,717)$2,870 $536 $3,406 
See accompanying Notes to Consolidated Financial Statements.
7

Table of Contents

Kellogg Company and Subsidiaries
CONSOLIDATED STATEMENT OF CASH FLOWS
(millions)
 Year-to-date period ended
(unaudited)July 3,
2021
June 27,
2020
Operating activities
Net income$756 $704 
Adjustments to reconcile net income to operating cash flows:
Depreciation and amortization232 234 
Postretirement benefit plan expense (benefit)(137)(58)
Deferred income taxes50 23 
Stock compensation39 37 
Other3 (17)
Postretirement benefit plan contributions(10)(12)
Changes in operating assets and liabilities, net of acquisitions:
Trade receivables(138)(165)
Inventories(89)(33)
Accounts payable139 105 
All other current assets and liabilities(158)153 
Net cash provided by (used in) operating activities687 971 
Investing activities
Additions to properties(301)(218)
Issuance of notes receivable(29)(19)
Repayments from notes receivable28  
Purchase of marketable securities (200)
Investments in unconsolidated entities(10) 
Acquisition of cost method investments(1)(4)
Purchases of available for sale securities(5)(70)
Sales of available for sale securities6 7 
Other(18)(11)
Net cash provided by (used in) investing activities(330)(515)
Financing activities
Net issuances (reductions) of notes payable450 13 
Issuances of long-term debt361 554 
Reductions of long-term debt(616)(40)
Net issuances of common stock38 60 
Common stock repurchases(240) 
Cash dividends(392)(390)
Collateral received on derivative instruments 38 
Other(2)(1)
Net cash provided by (used in) financing activities(401)234 
Effect of exchange rate changes on cash and cash equivalents4 (40)
Increase (decrease) in cash and cash equivalents(40)650 
Cash and cash equivalents at beginning of period435 397 
Cash and cash equivalents at end of period$395 $1,047 
Supplemental cash flow disclosures of non-cash investing activities:
   Additions to properties included in accounts payable$79 $78 
See accompanying Notes to Consolidated Financial Statements.
8

Table of Contents

Notes to Consolidated Financial Statements
for the quarter ended July 3, 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 July 3, 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 July 3, 2021, $937 million of the Company’s outstanding payment obligations had been placed in the accounts payable tracking system, and participating suppliers had sold $672 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 $1,033 million. 

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 July 3, 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

Table of Contents

Accounts receivable sold of $793 million and $783 million remained outstanding under these arrangements as of July 3, 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 $4 million for the quarter and year-to-date periods ended July 3, 2021, respectively and was $3 million and $8 million for the quarter and year-to-date periods ended June 27, 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 $33 million and $55 million remained outstanding under these programs as of July 3, 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 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 to a lesser extent, certain contingently issuable performance shares. There were 7 million and 11 million anti-dilutive potential common shares excluded from the calculation for the quarter and year-to-date periods ended July 3, 2021. There were 8 million and 7 million anti-dilutive potential common shares excluded from the calculation for the quarter and year-to-date periods ended June 27, 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 July 3, 2021 and June 27, 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 July 3, 2021, the Company did not repurchase any shares of common stock. During the year-to-date period ended July 3, 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 June 27, 2020, the Company did not repurchase any shares of common stock.

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.

10

Table of Contents

Reclassifications out of Accumulated other comprehensive income (AOCI) for the quarter and year-to-date periods ended July 3, 2021 and June 27, 2020, consisted of the following:
(millions)
  
  
  
Details about AOCI
components
Amount reclassified
from AOCI
Line item impacted
within Income Statement
 Quarter ended
July 3, 2021
Year-to-date period ended
July 3, 2021
  
(Gains) losses on cash flow hedges:
Interest rate contracts (a)$10 $15 Interest expense
$10 $15 Total before tax
(3)(4)Tax expense (benefit)
$7 $11 Net of tax
Amortization of postretirement and postemployment benefits:
Net experience (gain) loss (b)$(1)$(2)OIE
$(1)$(2)Total before tax
1 1 Tax expense (benefit)
$ $(1)Net of tax
Total reclassifications$7 $10 Net of tax
(millions)      
Details about AOCI
components
Amount reclassified
from AOCI
Line item impacted
within Income Statement
 Quarter ended
June 27, 2020
Year-to-date period ended
June 27, 2020
  
(Gains) losses on cash flow hedges:
Interest rate contracts (a)$5 $7 Interest expense
$5 $7 Total before tax
(2)(2)Tax expense (benefit)
$3 $5 Net of tax
Amortization of postretirement and postemployment benefits:
Net experience loss (b)$(1)$(2)OIE
Prior service cost (b)(1)(1)OIE
$(2)$(3)Total before tax
1 1 Tax expense (benefit)
$(1)$(2)Net of tax
Total reclassifications$2 $3 Net of tax
(a) See Derivative instruments and fair value measurements note
(b) See Employee benefits note


11

Table of Contents

Accumulated other comprehensive income (loss), net of tax, as of July 3, 2021 and January 2, 2021 consisted of the following:
(millions)July 3,
2021
January 2,
2021
Foreign currency translation adjustments$(1,637)$(1,668)
Cash flow hedges — unrealized net gain (loss)(17)(57)
Postretirement and postemployment benefits:
Net experience gain (loss)1 2 
Prior service credit (cost)(12)(12)
Available-for-sale securities unrealized net gain (loss)2 3 
Total accumulated other comprehensive income (loss)$(1,663)$(1,732)
Note 4 Notes payable and long-term debt

The following table presents the components of notes payable at July 3, 2021 and January 2, 2021:
 July 3, 2021January 2, 2021
(millions)Principal
amount
Effective
interest rate
Principal
amount
Effective
interest rate
U.S. commercial paper$425 0.15 %$25 0.20 %
Bank borrowings126 77 
Total$551 $102 

In May of 2021, the Company issued €300 million of eight-year 0.50% Euro Notes due 2029, resulting in net proceeds of €298 million after discount and underwriting commissions. The 2029 Euro Notes were issued as a sustainability bond, and thus an amount equal to the net proceeds will be used to finance or refinance, in whole or in part, one or more eligible environmental or social projects described in the Company's Sustainability Bond Framework. The Notes contain customary covenants that limit the ability of the Company and its restricted subsidiaries (as defined) to incur certain liens or enter into certain sale and lease-back transactions, as well as a change of control provision.

Additionally, in May of 2021, the Company repaid the €500 million, seven-year 1.75% Euro Notes due 2021, upon maturity.

In May of 2020, the Company issued $500 million of ten-year 2.10% Notes due 2030, resulting in net proceeds after discount and underwriting commissions of $496 million. 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 4.00% Notes when they matured on December 15, 2020, and repayment of a portion of commercial paper borrowings. The Notes contain customary covenants that limit the ability of the Company and its restricted subsidiaries (as defined) to incur certain liens or enter into certain sale and lease-back transactions, as well as a change of control provision.
Note 5 Employee benefits
The Company sponsors a number of U.S. and foreign pension plans as well as other nonpension postretirement and postemployment plans to provide various benefits for its employees. These plans are described within the footnotes to the Consolidated Financial Statements included in the Company’s 2020 Annual Report on Form 10-K. Components of Company benefit plan (income) expense for the periods presented are included in the tables below. Excluding the service cost component, these amounts are included within Other income (expense) in the Consolidated Statement of Income.

12

Table of Contents

Pension
 Quarter endedYear-to-date period ended