WK Kellogg (KLG) 10-Q7 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 28, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 28, 2024
Document Transition Report	false
Entity File Number	001-41755
Entity Registrant Name	WK Kellogg Co
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	92-1243173
Entity Address, Address Line One	One Kellogg Square
Entity Address, City or Town	Battle Creek
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	49016-3599
City Area Code	269
Local Phone Number	401-3000
Title of 12(b) Security	Common Stock, $.0001 par value per share
Trading Symbol	KLG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		86,125,244
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Entity Central Index Key	0001959348
Current Fiscal Year End Date	--12-28

CONSOLIDATED BALANCE SHEET (Una

CONSOLIDATED BALANCE SHEET (Unaudited) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023
Current assets
Cash and cash equivalents	$ 47	$ 89
Accounts receivable, net	199	244
Inventories	339	345
Other current assets	17	28
Total current assets	602	706
Property, net	764	739
Operating lease right-of-use assets	99	18
Goodwill	53	53
Other intangibles	57	57
Postretirement plan assets	300	283
Other assets	25	33
Total assets	1,900	1,889
Current liabilities
Notes payable	2	4
Current maturities of long-term debt	15	8
Accounts payable	508	541
Accrued advertising and promotion	92	121
Accrued salaries and wages	52	57
Other current liabilities	101	105
Total current liabilities	770	836
Long-term debt	472	487
Long-term operating lease obligations	83	12
Deferred income taxes	96	106
Pension liability	122	135
Other liabilities	41	13
Commitments and contingencies (Note 9)
Equity
Common stock, $0.0001 par value, 1,000,000,000 shares authorized Issued: 85,977,995 shares as of September 28, 2024 and 85,812,883 shares as of December 30, 2023	0	0
Capital in excess of par value	341	327
Retained earnings	11	1
Accumulated other comprehensive loss	(36)	(28)
Total equity	316	300
Total liabilities and equity	$ 1,900	$ 1,889

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares	Sep. 28, 2024	Dec. 30, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	1,000,000,000	1,000,000,000
Actual shares outstanding at period end (in shares)	85,977,995	85,812,883

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
		Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales		$ 689	$ 692	$ 2,068	$ 2,112
Cost of goods sold		495	496	1,475	1,544
Selling, general and administrative expense		162	179	468	497
Restructuring Costs		38	0	38	0
Operating profit (loss)		(6)	17	87	71
Interest expense		7	0	23	0
Other income (expense), net		(2)	38	8	53
Income (loss) before income taxes		(15)	55	72	124
Income taxes (benefit)		(4)	13	19	29
Net income (loss)		$ (11)	$ 42	$ 53	$ 95
Per share amounts:
Basic earnings (loss) (in dollars per share)	[1]	$ (0.13)	$ 0.49	$ 0.62	$ 1.10
Diluted earnings (loss) (in dollars per share)	[1]	$ (0.13)	$ 0.49	$ 0.60	$ 1.10
Average shares outstanding:
Basic (in shares)		86	86	86	86
Diluted (in shares)		86	86	88	86
Actual shares outstanding at period end (in shares)		86	86	86	86

[1] On October 2, 2023, Kellanova, the former parent company of WK Kellogg Co, distributed 85,631,304 shares of WK Kellogg Co common stock to Kellanova's shareowners in connection with its Spin-Off of WK Kellogg Co (the "Spin-Off"). See Note 1 "Accounting Policies" to the Unaudited Consolidated Financial Statements for more information. Basic and diluted earnings per share were retrospectively recast for the number of shares of WK Kellogg Co common stock outstanding immediately following the Spin-Off for the quarter and year-to-date period ended September 30, 2023.

CONSOLIDATED STATEMENTS OF IN_2

CONSOLIDATED STATEMENTS OF INCOME (Parenthetical)	Oct. 02, 2023 shares
Stock issued during period, new issues (in shares)	85,631,304
Kellenova
Stock issued during period, new issues (in shares)	85,631,304

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Pre-tax amount
Income (loss) before income taxes	$ (15)	$ 55	$ 72	$ 124
Foreign currency translation adjustments:
Foreign currency translation adjustments during period	0	(1)	(6)	3
Cash flow hedges:
Net deferred gain (loss) on cash flow hedges	(2)		(2)
Amount arising during the period:
Prior service cost	3		3
Reclassification to net income:
Prior service cost	(1)		(3)
Comprehensive income	(15)	54	64	127
Tax (expense) benefit
Net income	4	(13)	(19)	(29)
Foreign currency translation adjustments:
Foreign currency translation adjustments during period	0	0	2	0
Cash flow hedges:
Net deferred gain (loss) on cash flow hedges	0		0
Amount arising during the period:
Prior service cost	(1)		(1)
Reclassification to net income:
Prior service cost	1		1
Comprehensive income	4	(13)	(17)	(29)
After-tax amount
Net income (loss)	(11)	42	53	95
Foreign currency translation adjustments:
Foreign currency translation adjustments during period	0	(1)	(4)	3
Cash flow hedges:
Net deferred gain (loss) on cash flow hedges	(2)		(2)
Amount arising during the period:
Prior service cost	2		2
Reclassification to net income:
Prior service cost	0		(2)
Comprehensive income	$ (11)	$ 41	$ 47	$ 98

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY (unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common stock	Net Kellanova investment	Capital in excess of par value	Retained earnings	Accumulated other comprehensive income (loss)
Balance at Dec. 31, 2022	$ 687		$ 725	$ 0	$ 0	$ (38)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	95		95
Net transfer (to)/from Kellanova	74		66			8
Distribution of WK Kellogg Co shares to Kellanova shareholders	(663)		(663)
Other comprehensive income (loss)	3					3
Balance at Sep. 30, 2023	196		223	0	0	(27)
Balance at Jul. 01, 2023	650		684	0	0	(34)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	42		42
Net transfer (to)/from Kellanova	168		160			8
Distribution of WK Kellogg Co shares to Kellanova shareholders	(663)		(663)
Other comprehensive income (loss)	(1)					(1)
Balance at Sep. 30, 2023	196		$ 223	0	0	(27)
Balance (in shares) at Dec. 30, 2023		86
Balance at Dec. 30, 2023	300	$ 0		327	1	(28)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	53				53
Dividends declared ($0.16 per share)	(41)				(41)
Other comprehensive income (loss)	(8)					(8)
Stock compensation	9			11	(2)
Share issuance	3			3
Balance (in shares) at Sep. 28, 2024		86
Balance at Sep. 28, 2024	$ 316	$ 0		341	11	(36)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared (in dollars per share)	$ 0.48
Balance (in shares) at Jun. 29, 2024		86
Balance at Jun. 29, 2024	$ 336	$ 0		335	37	(36)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(11)				(11)
Dividends declared ($0.16 per share)	(14)				(14)
Other comprehensive income (loss)	0					0
Stock compensation	4			5	(1)
Share issuance	1			1
Balance (in shares) at Sep. 28, 2024		86
Balance at Sep. 28, 2024	$ 316	$ 0		$ 341	$ 11	$ (36)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared (in dollars per share)	$ 0.16

CONSOLIDATED STATEMENT OF EQU_2

CONSOLIDATED STATEMENT OF EQUITY (unaudited) (Parenthetical) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 28, 2024	Sep. 28, 2024
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.16	$ 0.48

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Operating activities
Net income (loss)	$ 53	$ 95
Adjustments to reconcile net income to operating cash flows:
Depreciation and amortization	59	49
Pension and postretirement plan benefit	(21)	(52)
Deferred income taxes	(7)	0
Stock compensation	11	3
Restructuring Costs	38	0
Other	3	2
Pension plan contributions	(17)	(1)
Changes in operating assets and liabilities:
Trade receivables	56	(92)
Inventories	5	106
Accounts payable	(37)	9
Due to/from related parties	0	13
Income taxes payable	5	0
Accrued advertising and promotion	(28)	22
Accrued salaries and wages	(5)	22
All other current assets and liabilities	(26)	23
All other noncurrent assets and liabilities	9	(15)
Net cash provided by (used in) operating activities	98	184
Investing activities
Additions to properties	(96)	(93)
Other	2	0
Property damage recoveries from insurance proceeds	0	4
Net cash provided by (used in) investing activities	(94)	(89)
Financing activities
Proceeds from borrowings under the Credit Agreement	0	664
Repayment of borrowings under the Credit Agreement	(9)	0
Payment of financing fees	0	(7)
Repayment of notes payables, with maturities less than 90 days	(2)	0
Net transfer (to)/from Kellanova	0	(25)
Net issuances of common stock	3	0
Dividend to Kellanova	0	(663)
Dividends paid	(41)	0
Other	5	0
Net cash provided by (used in) financing activities	(44)	(31)
Effect of exchange rate changes on cash and cash equivalents	(2)	0
Increase (decrease) in cash and cash equivalents	(42)	64
Cash and cash equivalents at beginning of period	89	0
Cash and cash equivalents at end of period	47	64
Supplemental cash flow disclosures of non-cash investing and financing activities:
Additions to properties included in accounts payable	20	27
Contribution of certain assets and liabilities to WK Kellogg Co by Kellanova	$ 0	$ 143

Accounting policies

Accounting policies	9 Months Ended
Accounting policies	Sep. 28, 2024
Accounting Policies [Abstract]
Accounting policies	Accounting policies Basis of presentation On October 2, 2023 ("Spin-Off Date"), Kellanova (formerly known as Kellogg Company) completed the spin-off (the "Spin-Off") of its North American cereal business, resulting in a new independent public company, WK Kellogg Co (the "Company"). P rior to the Spin-Off, the Company historically operated as part of Kellanova. For periods prior to the Spin-Off, the accompanying Unaudited Financial Statements were derived from the consolidated financial statements and accounting records of Kellanova. For all periods subsequent to the Spin-Off, the Unaudited Consolidated Financial Statements are based on actual results as a standalone company. Further information surrounding the Spin-Off and basis of presentation utilized for periods prior to the Spin-Off is included within Note 1 of the Company’s 2023 Annual Report on Form 10-K (the "2023 Annual Report"). In connection with the Spin-Off, the Company entered into several agreements with Kellanova that govern the relationship of the parties following the Spin-Off and allocate between WK Kellogg Co and Kellanova various assets, liabilities, and obligations, including, among other things, employee benefits, intellectual property, and tax related assets and liabilities. The agreements included a Separation and Distribution Agreement, Employee Matters Agreement, Supply Agreement, Master Ownership and License Agreements regarding Patents, Trademarks and Certain Related Intellectual Property, Tax Matters Agreement and Transition Services Agreement. The allocation of expenses from Kellanova to the Company was reflected as follows in the Unaudited Consolidated Statement of Operations for the quarter and year-to-date ended September 30, 2023: Quarter ended Year-to-date period ended (millions) September 30, 2023 September 30, 2023 Cost of goods sold $ 39 $ 128 Selling, general and administrative 59 233 Other (income) expense, net (32) (43) Total $ 66 $ 318 The components of net parent investment for the year-to-date period ended September 30, 2023 were: (millions) September 30, 2023 Net transfers (to)/from Kellanova as reflected in the Unaudited Consolidated Statement of Cash Flow $ (25) Non-cash stock compensation expense 3 Non-cash pension and postretirement benefit (47) Non-cash contribution of assets and liabilities from parent 143 Net transfers from/(to) Kellanova as reflected in the Unaudited Consolidated Statement of Equity $ 74 The accompanying Unaudited Consolidated Financial Statements reflect the results of operations, financial position and cash flows of the Company prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The unaudited interim financial information of 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 Consolidated Financial Statements and the accompanying Notes included within the 2023 Annual Report. The balance sheet information at December 30, 2023 was derived from audited financial statements, but does not include all disclosures required by GAAP. The results of operations for the quarter and year-to-date period ended September 28, 2024 are not necessarily indicative of the results to be expected for other interim periods or the full year. Accounts payable - Supplier Finance Programs The Company establishes competitive market-based terms with our suppliers, regardless of whether they participate in supplier finance programs, which generally range from 0 to 135 days depending on their respective industry and geography. 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 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 Net cash provided by (used in) operating activities in the Unaudited Consolidated Statement of Cash Flows. As of September 28, 2024, $133 million of the Company’s outstanding payment obligations had been placed in the accounts payable tracking system. As of December 30, 2023, $142 million of the Company’s outstanding payment obligations had been placed in the accounts payable tracking system. Disaggregated net sales The following table presents the Company's disaggregated net sales by country: Quarter ended Year-to-date period ended (millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 United States $ 601 $ 605 $ 1,813 $ 1,859 Canada 78 78 229 225 Other 10 9 26 28 Total $ 689 $ 692 $ 2,068 $ 2,112 Accounting standards to be adopted in future periods Segment Reporting: Improvements to Reportable Segment Disclosures. In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This standard requires all public entities that are subject to segment reporting requirements to disclose additional information, including significant segment expenses and other segment items on an annual and interim basis. It also requires the disclosure of the title and the position of the chief operating decision maker and how the reported measures are used for making business decisions. This standard is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company intends to adopt the updated standard for the fiscal year ending December 28, 2024. The Company is currently evaluating the impact the adoption of this standard will have on its disclosures. Income Taxes: Improvements to Income Tax Disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This standard primarily expands the required disclosures surrounding the rate reconciliation and income taxes paid. For public entities, this standard is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. The Company intends to adopt the updated standard for the fiscal year ending January 3, 2026. The Company is currently evaluating the impact the adoption of this standard will have on its disclosures.

Sale of accounts receivable

Sale of accounts receivable	9 Months Ended
Sale of accounts receivable	Sep. 28, 2024
Transfers and Servicing of Financial Assets [Abstract]
Sale of accounts receivable	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 a monetization agreement with an unaffiliated financial institution specifically designed to factor trade receivables with certain customers that participate in the Extended Terms Program. Under this monetization arrangement, from time to time, the Company sells these customers’ trade receivables at a discount on a non-recourse basis. A portion of the cash proceeds is subject to certain restrictions. Transfers under these agreements are accounted for as sales of receivables resulting in the receivables being de-recognized from the Unaudited Consolidated Balance Sheets. The monetization program provides 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 approximately $350 million. For all periods prior to the Spin-Off, the Company participated in Kellanova's monetization program and received an allocation of the recorded net loss on sale of receivables, based on the proportion of monetized receivables. The Company has no retained interest in the receivables sold; however, the Company does have collection and administrative responsibilities for the receivables sold. The Company has not recorded any servicing assets or liabilities as of September 28, 2024 and December 30, 2023 for these agreements, as the fair value of these servicing arrangements as well as the fees earned were not material to the financial statements. Accounts receivable sol d of $320 million a nd $266 million remained outstanding under these arrangements as of September 28, 2024 and December 30, 2023, respectively. The proceeds from these sales of receivables are included in Net cash provided by (used in) operating activities in the Unaudited Consolidated Statement of Cash Flows in the period of sale. The recorded net loss on sale of receivables was $5 million and $14 million for the quarter and year-to-date period ended September 28, 2024, respectively, and $3 million and $11 million for the quart er and year-to-date period ended September 30, 2023, respectively. The recorded loss is included in Other income (expense), net ("OIE") in the Unaudited Consolidated Statement of Income. A portion of cash received related to the accounts receivable monetization program is restricted as part of the Extended Terms collateralization agreement. As of September 28, 2024 and December 30, 2023, the amount of restricted cash was $16 million a nd $13 million, respectively, and is included in Cash and cash equivalents in the Unaudited Consolidated Balance Sheets.

Equity

Equity	9 Months Ended
Equity	Sep. 28, 2024
Equity [Abstract]
Equity	Equity Earnings per share Basic earnings (loss) per share is determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per share is similarly determined, except that the denominator is increased to include the number of additional shares of common stock that would have been outstanding if all dilutive potential shares of common stock had been issued. Dilutive potential shares of common stock consist principally of unvested restricted stock units. Computations of diluted earnings per share should not give effect to any dilutive potential shares of common stock that would have the effect of increasing earnings per share (or decreasing the loss per share). Therefore as a result of the net loss for the quarter ended September 28, 2024, all potentially dilutive shares have been excluded from the calculation of dilutive earnings (loss) per share. For the year-to-date period ended September 28, 2024, the Company had approximately two million dilutive shares and zero anti-dilutive shares. On the Spin-Off Date, Kellanova distributed 85,631,304 shares of the Company's common stock to Kellanova's shareowners in connection with the Spin-Off. For comparative purposes, weighted average shares outstanding for the quarter and year-to-date period ended September 30, 2023 have been retroactively recast to reflect the effects of the changes in equity structure resulting from the Spin-Off and assume the same basic weighted average shares as of the Spin-Off Date. For periods prior to the Spin-Off, it is assumed that there are no dilutive securities as there were no stock-based awards of the Company outstanding. Refer to the Unaudited Consolidated Statement of Income for basic and diluted earnings per share for the quarters and year-to-date periods ended September 28, 2024 and September 30, 2023. 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 shareowners. Other comprehensive income consists of foreign currency translation adjustments, fair value adjustments associated with cash flow hedges, which are recorded in interest expense within the statement of income, upon reclassification from Accumulated Other Comprehensive Income ("AOCI"), adjustments for net experience gains (losses), prior service credit (costs) related to employee benefit plans, which are recorded in OIE within the statement of income, upon reclassification from AOCI. The related tax effects of these items are recorded in Income taxes within the Unaudited Consolidated Statement of Income, upon reclassification from AOCI. AOCI as of September 28, 2024 and December 30, 2023 consisted of the following: (millions) September 28, December 30, Foreign currency translation adjustments $ (41) $ (35) Cash flow hedges — net deferred gain (loss) (2) — Postretirement and postemployment benefits: Prior service credit (cost) 7 7 Total accumulated other comprehensive income (loss) $ (36) $ (28)

Restructuring

Restructuring	9 Months Ended
Restructuring	Sep. 28, 2024
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring On July 31, 2024, the Board of Directors of the Company approved a reorganization plan in connection with the Company's strategic priority to modernize its supply chain. Under this reorganization plan, herein referred to as the restructuring plan, the Company will consolidate its manufacturing network by closing its Omaha, Nebraska plant, with a phased reduction in production beginning in late 2025 and full closure targeted by the end of 2026, and scaling back production (which includes a reduction in the number of manufacturing platforms) at its Memphis, Tennessee facility, commencing in late 2025. The restructuring plan was communicated to impacted employees on August 6, 2024 and remains subject to the satisfaction of certain collective bargaining obligations. The actions under the restructuring plan are expected to be completed by the end of fiscal year 2026. These actions are expected to result in cumulative restructuring pretax charges of between $230 and $270 million, including between $30 and $40 million in cash costs for severance and other termination benefits and between $30 and $40 million in other cash restructuring costs related to equipment dismantlement and other transition costs. The Company estimates between $170 and $190 million in non-cash charges related primarily to accelerated depreciation and asset write-offs. These charges are expected to be incurred through 2027. The amounts expected to be incurred as a result of these actions, including the timing thereof, are estimates only and subject to a number of assumptions. Actual results may differ materially from the Company's current expectations. The Company may also incur additional charges or other cash expenditures not currently contemplated due to unanticipated events that may occur as a result of, or associated with, these actions. For the quarter and year-to-date period ended September 28, 2024, the Company recorded total restructuring charges of $41 million. These charges comprised of $38 million recorded to Restructuring Costs and $3 million to Other income (expense). The table below provides the details for the charges incurred during 2024 and project costs to date: (millions) 2024 Project costs to date Employee related costs $ 20 $ 20 Pension curtailment (gain) loss, net (a) 3 3 Asset related costs 16 16 Other costs 2 2 Total $ 41 $ 41 (a) Restructuring costs do not include a $3 million remeasurement loss recorded to Other income (expense). See Note 5 for additional details. Employee related costs consist of severance and other termination benefits. Pension curtailment (gain) loss consists of a curtailment loss that resulted from restructuring plan initiatives. Asset related costs consisted primarily of accelerated depreciation of $8 million and asset write-offs and impairments of $8 million. Other costs incurred consist primarily of legal and consulting fees. At September 28, 2024 total project reserves were $22 million, related to expected severance payments and other costs of which a substantial portion will be paid in 2026. Employee related cost accruals are recorded to other current liabilities and other liabilities within the Unaudited Consolidated Balance Sheet. Other cost accruals are recorded to accounts payable and other current liabilities within the Unaudited Consolidated Balance Sheet. The following table provides details for exit cost reserves: (millions) Employee Related Costs Pension curtailment (gain) loss, net Asset Related Costs Other Costs Total Liability as of December 30, 2023 $ — $ — $ — $ — $ — 2024 restructuring charges 20 3 16 2 41 Cash payments — — — — — Non-cash charges and other — (3) (16) — (19) Liability as of September 28, 2024 $ 20 $ — $ — $ 2 $ 22

Pension and postretirement bene

Pension and postretirement benefits	9 Months Ended
Pension and postretirement benefits	Sep. 28, 2024
Retirement Benefits [Abstract]
Pension and postretirement benefits	Pension and postretirement benefits The Company sponsors a pension plan in the United States and several plans in the United States and Canada that provide health care and other welfare benefits to retired employees who have met certain age and service requirements. These plans are described within the Notes to the Consolidated Financial Statements included in the 2023 Annual Report. Components of Company benefit plans (income) expense for the periods presented are included in the tables below. Excluding the service cost component, these amounts are included within OIE in the Unaudited Consolidated Statement of Income. For the quarter and year-to-date period ended September 28, 2024, the Company recorded a $3 million loss on pension curtailment charges reflecting higher net prior service costs driven by restructuring plans discussed in Note 4. The curtailment loss, as well as the recognized (gain) loss, net from remeasurement, was recognized within OIE in the Company's Unaudited Consolidated Statement of Income. The following tables present the pension expense and nonpension postretirement income directly attributable to the Company for the quarter and year-to-date period ended September 28, 2024: Pension Quarter ended Year-to-date period ended (millions) September 28, 2024 September 28, 2024 Service cost $ 2 $ 6 Interest cost 7 21 Expected return on plan assets (9) (27) Amortization of unrecognized prior service cost 1 3 Recognized (gain) loss, net 3 3 Curtailment (gain) loss, net 3 3 Total pension expense $ 7 $ 9 Other nonpension postretirement Quarter ended Year-to-date period ended (millions) September 28, 2024 September 28, 2024 Service cost $ 1 $ 3 Interest cost 6 18 Expected return on plan assets (15) (45) Amortization of unrecognized prior service cost (2) (6) Total postretirement benefit income $ (10) $ (30) The following table summarizes the expenses that were allocated to the Company's plans prior to the Spin-Off: Quarter ended Year-to-date period ended (millions) September 30, 2023 September 30, 2023 Pension plans: Direct plan Net periodic benefit cost $ 1 $ 1 Shared plans (multiemployer) Cost allocation - COGS 1 5 Cost allocation - OIE 10 10 Total pension expense $ 12 $ 16 Nonpension postretirement plans: Direct plan Net periodic benefit income $ (6) $ (6) Shared plans (multiemployer) Cost allocation - COGS 1 3 Cost allocation - OIE (44) (65) Total postretirement benefit (income)/expense $ (37) $ (52) Pension The components of net periodic benefit costs for the direct pension plans are: Quarter ended Year-to-date period ended (millions) September 30, 2023 September 30, 2023 Service cost $ 1 $ 1 Interest cost 3 3 Expected return on plan assets (3) (3) Amortization of unrecognized prior service cost — — Remeasurement (gain)/loss — — Total pension expense $ 1 $ 1 Postretirement The components of net periodic benefit costs for the direct nonpension postretirement plans are: Quarter ended Year-to-date period ended (millions) September 30, 2023 September 30, 2023 Service cost $ 1 $ 1 Interest cost 4 4 Expected return on plan assets (10) (10) Amortization of unrecognized prior service cost (1) (1) Remeasurement (gain)/loss — — Total postretirement benefit income $ (6) $ (6) Company contributions to employee benefit plans are summarized as follows: (millions) Pension Nonpension postretirement Total Quarter ended: September 28, 2024 $ 7 $ — $ 7 September 30, 2023 $ — $ — $ — Year-to-date period ended: September 28, 2024 $ 17 $ — $ 17 September 30, 2023 $ 1 $ — $ 1 Full year: Fiscal year 2024 (projected) (a) $ 24 $ — $ 24 Fiscal year 2023 (actual) $ — $ — $ — (a) Projected 2024 amounts have been corrected from $0 million as previously disclosed in our 2023 Annual Report to $24 million. Plan funding strategies may be modified in response to management's evaluation of tax deductibility, market conditions, and competing investment alternatives.

Operating leases

Operating leases	9 Months Ended
Operating leases	Sep. 28, 2024
Leases [Abstract]
Operating leases	Operating leases The Company leases certain warehouses, equipment, vehicles, and office space primarily through operating lease agreements. The Company recorded operating lease costs of $5 million and $12 million for the quarter and year-to-date period ended September 28, 2024 , respectively. Operating lease costs for the quarter and year-to-date period ended September 30, 2023 were immaterial to the consolidated financial statements. Quarter ended Year-to-date period ended (millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4 $ — $ 9 $ — Right-of-use assets obtained in exchange for operating lease liabilities New leases $ 35 $ — $ 87 $ — Modified leases $ — $ — $ — $ — At September 28, 2024 future maturities of operating leases were as follows: (millions) Operating 2024 (remaining) $ 6 2025 22 2026 21 2027 20 2028 19 2029 and beyond 28 Total minimum payments $ 116 Less interest (15) Present value of lease liabilities $ 101 Weighted-average remaining lease term - operating leases 5.4 years Weighted-average discount rate - operating leases 6.2% During each of the first three quarters of 2024, the Company entered into lease agreements with unrelated third parties for distribution centers previously leased by Kellanova. The leases were either transferred to the Company or subleased directly from Kellanova as outlined in the Separation and Distribution Agreement. Payments for these leases are made on a monthly basis. Prior to the execution of these leases, use of the distribution centers was managed under the Transition Services Agreement. The new sublease agreement executed in the third quarter of 2024 resulted in an increase to operating lease assets of $34 million, which is recorded within Operating lease assets on the Unaudited Consolidated Balance Sheet. This also resulted in an increase to operating lease liabilities of $34 million, of which $4 million is classified as short-term and included in Other current liabilities and $30 million is classified as Long-term operating lease obligations on the Unaudited Consolidated Balance Sheet. For the year-to-date period ended September 28, 2024, the effect of the new lease agreements resulted in an increase to operating lease assets of $82 million, which is recorded within Operating lease assets on the Unaudited Consolidated Balance Sheet. These leases also resulted in an increase to operating lease liabilities of $82 million, of which $9 million is classified as short-term and included in Other current liabilities and $73 million is classified as Long-term operating lease obligations on the Unaudited Consolidated Balance Sheet.

Income taxes

Income taxes	9 Months Ended
Income taxes	Sep. 28, 2024
Income Tax Disclosure [Abstract]
Income taxes	Income taxes The Company's consolidated effective tax rate for the quarter and year-to-date period ended September 28, 2024 was 27.8% and 26.1%, respectively. The consolidated effective tax rate for the quarter and year-to-date period ended September 30, 2023 was 23.9% and 23.7%, respectively. The Company's income tax expense is impacted by the level and mix of earnings among tax jurisdictions. The rate differed from the U.S. statutory rate in both periods primarily due to the impact of US state taxes.

Derivative instruments

Derivative instruments	9 Months Ended
Derivative instruments	Sep. 28, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative instruments	Derivative instruments The Company is exposed to certain market risks such as changes in interest rates, foreign currency exchange rates, and price fluctuations, which exist as a part of its ongoing business operations. Management uses derivative and nonderivative financial and commodity instruments to manage these risks. Instruments used as hedges must be effective at reducing the risk associated with the exposure being hedged. As a matter of policy, the Company does not engage in trading or speculative hedging transactions. Prior to the Spin-Off, the Company participated in Kellanova's hedging program, which uses derivative and nonderivative financial and commodity instruments, including futures, options, and swaps, where appropriate, to manage risks. Since these derivative instruments were entered into and settled by Kellanova for both the Company and Kellanova's other businesses, no asset or liability was recorded on the Company's Unaudited Consolidated Balance Sheets prior to the Spin-Off. However, an appropriate allocation of the gains/losses and fees associated with entering into derivative instruments has been included in the Company's Unaudited Consolidated Statements of Income for each period presented prior to the Spin-Off. After the Spin-Off, the Company has entered into its own derivative instruments. Derivative instruments are classified on the Unaudited Consolidated Balance Sheet based on the contractual maturity of the instrument or the timing of the underlying cash flows of the instrument for derivatives with contractual maturities beyond one year. Any collateral associated with derivative instruments is classified as Other assets or Other current liabilities on the Unaudited Consolidated Balance Sheet depending on whether the counterparty collateral is in an asset or liability position. Margin deposits related to exchange-traded commodities are recorded in accounts receivable, net on the Unaudited Consolidated Balance Sheet. On the Unaudited Consolidated Statement of Cash Flows, cash flows associated with derivative instruments are classified according to the nature of the underlying hedged item. Cash flows associated with collateral and margin deposits on exchange-traded commodities are classified as investing cash flows when the collateral account is in an asset position and as financing cash flows when the collateral account is in a liability position. Total notional amounts of the Company’s derivative instruments as of September 28, 2024 and December 30, 2023 were as follows: (millions) September 28, December 30, Foreign currency exchange contracts $ 300 $ — Commodity contracts 60 — Interest rate contracts 250 — Total $ 610 $ — Following is a description of each category in the fair value hierarchy and the financial assets and liabilities of the Company that were included in each category at September 28, 2024 and December 30, 2023, measured on a recurring basis. Level 1 – Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market. For the Company, level 1 financial assets and liabilities consist primarily of commodity derivative contracts. Level 2 – Financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. For the Company, level 2 financial assets and liabilities consist of interest rate swaps, over-the-counter commodity and currency contracts. The Company's calculation of the fair value of the interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and interest rate curve. Over-the-counter commodity derivatives are valued using an income approach based on the commodity index prices le ss the contract rate multiplied by the notional amount. Foreign currency contracts are valued using an income approach based on forward rates less the contract rate multiplied by the notional amount. The Company’s calculation of the fair value of level 2 financial assets and liabilities takes into consideration the risk of nonperformance, including counterparty credit risk. 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 September 28, 2024 and December 30, 2023: Derivatives designated as hedging instruments September 28, 2024 December 30, 2023 (millions) Level 1 Level 2 Total Level 1 Level 2 Total Liabilities: Interest rate contracts: Other liabilities — 2 2 — — — Total liabilities $ — $ 2 $ 2 $ — $ — $ — Derivatives not designated as hedging instruments September 28, 2024 December 30, 2023 (millions) Level 1 Level 2 Total Level 1 Level 2 Total Liabilities: Foreign currency exchange contracts: Other current liabilities $ — $ 4 $ 4 $ — $ — $ — Commodity contracts: Other current liabilities 2 — 2 — — — Total liabilities $ 2 $ 4 $ 6 $ — $ — $ — During the quarter and year-to-date periods ended September 28, 2024 and September 30, 2023, the Company did not recognize any realized gains or losses associated with the interest rate swaps. These derivatives are accounted for as cash flow hedges and the related net gain or loss is recorded in AOCI and will be amortized to interest expense over the term of the related fixed rate debt. The effect of derivative instruments on the Company's Unaudited Consolidated Statement of Income and Unaudited Consolidated Statement of Comprehensive Income for the quarters and year-to-date periods ended September 28, 2024 and September 30, 2023 was as follows: Derivatives designated as hedging instruments Gain (loss) recognized in AOCI Gain (loss) excluded from assessment of hedge effectiveness Location of gain (loss) in income of excluded component (millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Interest rate contracts $ (2) $ — $ — $ — Interest expense Quarter ended Year-to-date period ended September 28, September 30, September 28, September 30, (millions) Interest Expense Interest Expense Interest Expense Interest Expense Interest rate contracts: $ — $ — $ — $ — Amount of gain (loss) reclassified from AOCI into income $ — $ — $ — $ — Derivatives not designated as hedging instruments The effect of derivative instruments on the Company's Unaudited Consolidated Statement of Income for the quarters ended September 28, 2024 and September 30, 2023 was as follows: Gain (loss) recognized in cost of goods sold Gain (loss) recognized in other income (expense), net (millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Commodity contracts $ (1) $ 1 $ — $ — Foreign currency derivatives $ (4) $ (3) $ — $ — The effect of derivative instruments on the Company's Unaudited Consolidated Statement of Income for the year-to-date periods ended September 28, 2024 and September 30, 2023 was as follows: Gain (loss) recognized in cost of goods sold Gain (loss) recognized in other income (expense), net (millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Commodity contracts $ (2) $ (12) $ — $ — Foreign currency derivatives $ (6) $ (2) $ — $ — Counterparty credit risk concentration and collateral requirements The Company could incur losses in the event of nonperformance by counterparties to over-the-counter ("OTC") financial and commodity derivatives contracts. Management believes risk of loss with respect to derivative contracts is limited due to the use of master netting agreements with credit-ratings based collateralization requirements for OTC derivatives and the use of exchange-traded commodity contracts. As of September 28, 2024, the Company was not in a material net asset position with any OTC derivatives counterparties.

Supplemental financial statemen

Supplemental financial statement data	9 Months Ended
Supplemental financial statement data	Sep. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental financial statement data	Supplemental financial statement data Unaudited Consolidated Balance Sheet (millions) September 28, 2024 December 30, Trade receivables $ 169 $ 225 Allowance for expected credit losses (1) — Other receivables 31 19 Accounts receivable, net $ 199 $ 244 Raw materials $ 54 $ 49 Manufacturing supplies 55 53 Materials in process 21 15 Finished goods 209 228 Inventories $ 339 $ 345 Property, cost $ 2,745 $ 2,676 Accumulated depreciation (1,976) (1,937) Accumulated impairment (5) — Property, net $ 764 $ 739 Other third party 500 502 Kellanova (a) 8 39 Accounts payable $ 508 $ 541 Obligations under Transition Services Agreement 12 52 Operating lease obligations 18 6 Income taxes payable 13 7 Other 58 40 Other current liabilities $ 101 $ 105 (a) The $8 million and $39 million payable to Kellanova represents various items Kellanova paid on the Company's behalf, for which the Company owes reimbursement for amounts incurred related to the Spin-Off.

Contingencies

Contingencies	9 Months Ended
Contingencies	Sep. 28, 2024
Loss Contingency [Abstract]
Contingencies	Contingencies The Company is subject to various legal proceedings, claims, and governmental inspections or investigations in the ordinary course of business covering matters such as general commercial, governmental regulations, antitrust and trade regulations, product liability, environmental, intellectual property, workers’ compensation, employment and other actions. These matters are subject to uncertainty and the outcome is not predictable with assurance. The Company uses a combination of insurance and self-insurance for a number of risks, including workers’ compensation, general liability, automobile liability and product liability.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ (11)	$ 42	$ 53	$ 95

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 28, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accounting policies (Policies)

Accounting policies (Policies)	9 Months Ended
Accounting policies (Policies)	Sep. 28, 2024
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation On October 2, 2023 ("Spin-Off Date"), Kellanova (formerly known as Kellogg Company) completed the spin-off (the "Spin-Off") of its North American cereal business, resulting in a new independent public company, WK Kellogg Co (the "Company"). P rior to the Spin-Off, the Company historically operated as part of Kellanova. For periods prior to the Spin-Off, the accompanying Unaudited Financial Statements were derived from the consolidated financial statements and accounting records of Kellanova. For all periods subsequent to the Spin-Off, the Unaudited Consolidated Financial Statements are based on actual results as a standalone company. Further information surrounding the Spin-Off and basis of presentation utilized for periods prior to the Spin-Off is included within Note 1 of the Company’s 2023 Annual Report on Form 10-K (the "2023 Annual Report"). In connection with the Spin-Off, the Company entered into several agreements with Kellanova that govern the relationship of the parties following the Spin-Off and allocate between WK Kellogg Co and Kellanova various assets, liabilities, and obligations, including, among other things, employee benefits, intellectual property, and tax related assets and liabilities. The agreements included a Separation and Distribution Agreement, Employee Matters Agreement, Supply Agreement, Master Ownership and License Agreements regarding Patents, Trademarks and Certain Related Intellectual Property, Tax Matters Agreement and Transition Services Agreement. The allocation of expenses from Kellanova to the Company was reflected as follows in the Unaudited Consolidated Statement of Operations for the quarter and year-to-date ended September 30, 2023: Quarter ended Year-to-date period ended (millions) September 30, 2023 September 30, 2023 Cost of goods sold $ 39 $ 128 Selling, general and administrative 59 233 Other (income) expense, net (32) (43) Total $ 66 $ 318 The components of net parent investment for the year-to-date period ended September 30, 2023 were: (millions) September 30, 2023 Net transfers (to)/from Kellanova as reflected in the Unaudited Consolidated Statement of Cash Flow $ (25) Non-cash stock compensation expense 3 Non-cash pension and postretirement benefit (47) Non-cash contribution of assets and liabilities from parent 143 Net transfers from/(to) Kellanova as reflected in the Unaudited Consolidated Statement of Equity $ 74 The accompanying Unaudited Consolidated Financial Statements reflect the results of operations, financial position and cash flows of the Company prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The unaudited interim financial information of 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 Consolidated Financial Statements and the accompanying Notes included within the 2023 Annual Report. The balance sheet information at December 30, 2023 was derived from audited financial statements, but does not include all disclosures required by GAAP. The results of operations for the quarter and year-to-date period ended September 28, 2024 are not necessarily indicative of the results to be expected for other interim periods or the full year.
Accounts payable - Supplier Finance Programs	Accounts payable - Supplier Finance Programs The Company establishes competitive market-based terms with our suppliers, regardless of whether they participate in supplier finance programs, which generally range from 0 to 135 days depending on their respective industry and geography.
Accounting standards adopted in future periods	Accounting standards to be adopted in future periods Segment Reporting: Improvements to Reportable Segment Disclosures. In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This standard requires all public entities that are subject to segment reporting requirements to disclose additional information, including significant segment expenses and other segment items on an annual and interim basis. It also requires the disclosure of the title and the position of the chief operating decision maker and how the reported measures are used for making business decisions. This standard is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company intends to adopt the updated standard for the fiscal year ending December 28, 2024. The Company is currently evaluating the impact the adoption of this standard will have on its disclosures. Income Taxes: Improvements to Income Tax Disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This standard primarily expands the required disclosures surrounding the rate reconciliation and income taxes paid. For public entities, this standard is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. The Company intends to adopt the updated standard for the fiscal year ending January 3, 2026. The Company is currently evaluating the impact the adoption of this standard will have on its disclosures. Disaggregation of Income Statement Expenses: In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (“DISE”). This standard requires all public entities to provide additional disclosure about the nature of the expenses included in the income statement. The DISE will require disclosure about specific types of expenses included within the expense caption presented on the face of the income statement, as well as, additional disclosure about selling expenses. This standard is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company intends to adopt the updated standard for the fiscal year ending January 1, 2028. The Company is currently evaluating the impact the adoption of this standard will have on its disclosures.

Accounting policies (Tables)

Accounting policies (Tables)	9 Months Ended
Accounting policies (Tables)	Sep. 28, 2024
Accounting Policies [Abstract]
Schedule of Allocated Expense from Former Parent	The allocation of expenses from Kellanova to the Company was reflected as follows in the Unaudited Consolidated Statement of Operations for the quarter and year-to-date ended September 30, 2023: Quarter ended Year-to-date period ended (millions) September 30, 2023 September 30, 2023 Cost of goods sold $ 39 $ 128 Selling, general and administrative 59 233 Other (income) expense, net (32) (43) Total $ 66 $ 318
Components of Net Parent Investment from Former Parent	The components of net parent investment for the year-to-date period ended September 30, 2023 were: (millions) September 30, 2023 Net transfers (to)/from Kellanova as reflected in the Unaudited Consolidated Statement of Cash Flow $ (25) Non-cash stock compensation expense 3 Non-cash pension and postretirement benefit (47) Non-cash contribution of assets and liabilities from parent 143 Net transfers from/(to) Kellanova as reflected in the Unaudited Consolidated Statement of Equity $ 74
Disaggregation of Revenue	Disaggregated net sales The following table presents the Company's disaggregated net sales by country: Quarter ended Year-to-date period ended (millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 United States $ 601 $ 605 $ 1,813 $ 1,859 Canada 78 78 229 225 Other 10 9 26 28 Total $ 689 $ 692 $ 2,068 $ 2,112

Equity (Tables)

Equity (Tables)	9 Months Ended
Equity (Tables)	Sep. 28, 2024
Equity [Abstract]
Summary of Accumulated Other Comprehensive Income (Loss)	AOCI as of September 28, 2024 and December 30, 2023 consisted of the following: (millions) September 28, December 30, Foreign currency translation adjustments $ (41) $ (35) Cash flow hedges — net deferred gain (loss) (2) — Postretirement and postemployment benefits: Prior service credit (cost) 7 7 Total accumulated other comprehensive income (loss) $ (36) $ (28)

Restructuring (Tables)

Restructuring (Tables)	9 Months Ended
Restructuring (Tables)	Sep. 28, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Cost Reduction Activities	The table below provides the details for the charges incurred during 2024 and project costs to date: (millions) 2024 Project costs to date Employee related costs $ 20 $ 20 Pension curtailment (gain) loss, net (a) 3 3 Asset related costs 16 16 Other costs 2 2 Total $ 41 $ 41 (a) Restructuring costs do not include a $3 million remeasurement loss recorded to Other income (expense). See Note 5 for additional details. (millions) Employee Related Costs Pension curtailment (gain) loss, net Asset Related Costs Other Costs Total Liability as of December 30, 2023 $ — $ — $ — $ — $ — 2024 restructuring charges 20 3 16 2 41 Cash payments — — — — — Non-cash charges and other — (3) (16) — (19) Liability as of September 28, 2024 $ 20 $ — $ — $ 2 $ 22

Pension and postretirement be_2

Pension and postretirement benefits (Tables)	9 Months Ended
Pension and postretirement benefits (Tables)	Sep. 28, 2024
Retirement Benefits [Abstract]
Components of Plan Benefit Expense	Pension The components of net periodic benefit costs for the direct pension plans are: Quarter ended Year-to-date period ended (millions) September 30, 2023 September 30, 2023 Service cost $ 1 $ 1 Interest cost 3 3 Expected return on plan assets (3) (3) Amortization of unrecognized prior service cost — — Remeasurement (gain)/loss — — Total pension expense $ 1 $ 1 Postretirement The components of net periodic benefit costs for the direct nonpension postretirement plans are: Quarter ended Year-to-date period ended (millions) September 30, 2023 September 30, 2023 Service cost $ 1 $ 1 Interest cost 4 4 Expected return on plan assets (10) (10) Amortization of unrecognized prior service cost (1) (1) Remeasurement (gain)/loss — — Total postretirement benefit income $ (6) $ (6)
Multiemployer Plan	The following table summarizes the expenses that were allocated to the Company's plans prior to the Spin-Off: Quarter ended Year-to-date period ended (millions) September 30, 2023 September 30, 2023 Pension plans: Direct plan Net periodic benefit cost $ 1 $ 1 Shared plans (multiemployer) Cost allocation - COGS 1 5 Cost allocation - OIE 10 10 Total pension expense $ 12 $ 16 Nonpension postretirement plans: Direct plan Net periodic benefit income $ (6) $ (6) Shared plans (multiemployer) Cost allocation - COGS 1 3 Cost allocation - OIE (44) (65) Total postretirement benefit (income)/expense $ (37) $ (52)
Contributions to Employee Benefit Plans	Company contributions to employee benefit plans are summarized as follows: (millions) Pension Nonpension postretirement Total Quarter ended: September 28, 2024 $ 7 $ — $ 7 September 30, 2023 $ — $ — $ — Year-to-date period ended: September 28, 2024 $ 17 $ — $ 17 September 30, 2023 $ 1 $ — $ 1 Full year: Fiscal year 2024 (projected) (a) $ 24 $ — $ 24 Fiscal year 2023 (actual) $ — $ — $ — (a) Projected 2024 amounts have been corrected from $0 million as previously disclosed in our 2023 Annual Report to $24 million.
Schedule of Costs of Retirement Plans	The following tables present the pension expense and nonpension postretirement income directly attributable to the Company for the quarter and year-to-date period ended September 28, 2024: Pension Quarter ended Year-to-date period ended (millions) September 28, 2024 September 28, 2024 Service cost $ 2 $ 6 Interest cost 7 21 Expected return on plan assets (9) (27) Amortization of unrecognized prior service cost 1 3 Recognized (gain) loss, net 3 3 Curtailment (gain) loss, net 3 3 Total pension expense $ 7 $ 9 Other nonpension postretirement Quarter ended Year-to-date period ended (millions) September 28, 2024 September 28, 2024 Service cost $ 1 $ 3 Interest cost 6 18 Expected return on plan assets (15) (45) Amortization of unrecognized prior service cost (2) (6) Total postretirement benefit income $ (10) $ (30)

Operating leases (Tables)

Operating leases (Tables)	9 Months Ended
Operating leases (Tables)	Sep. 28, 2024
Leases [Abstract]
Schedule Of Supplemental Operating Lease Information	Quarter ended Year-to-date period ended (millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4 $ — $ 9 $ — Right-of-use assets obtained in exchange for operating lease liabilities New leases $ 35 $ — $ 87 $ — Modified leases $ — $ — $ — $ —
Operating Lease, Liability, to be Paid, Maturity	At September 28, 2024 future maturities of operating leases were as follows: (millions) Operating 2024 (remaining) $ 6 2025 22 2026 21 2027 20 2028 19 2029 and beyond 28 Total minimum payments $ 116 Less interest (15) Present value of lease liabilities $ 101 Weighted-average remaining lease term - operating leases 5.4 years Weighted-average discount rate - operating leases 6.2%

Derivative instruments (Tables)

Derivative instruments (Tables)	9 Months Ended
Derivative instruments (Tables)	Sep. 28, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts of Outstanding Derivative Positions	Total notional amounts of the Company’s derivative instruments as of September 28, 2024 and December 30, 2023 were as follows: (millions) September 28, December 30, Foreign currency exchange contracts $ 300 $ — Commodity contracts 60 — Interest rate contracts 250 — Total $ 610 $ —
Schedule of Derivative Assets at Fair Value	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 September 28, 2024 and December 30, 2023: Derivatives designated as hedging instruments September 28, 2024 December 30, 2023 (millions) Level 1 Level 2 Total Level 1 Level 2 Total Liabilities: Interest rate contracts: Other liabilities — 2 2 — — — Total liabilities $ — $ 2 $ 2 $ — $ — $ — Derivatives not designated as hedging instruments September 28, 2024 December 30, 2023 (millions) Level 1 Level 2 Total Level 1 Level 2 Total Liabilities: Foreign currency exchange contracts: Other current liabilities $ — $ 4 $ 4 $ — $ — $ — Commodity contracts: Other current liabilities 2 — 2 — — — Total liabilities $ 2 $ 4 $ 6 $ — $ — $ —
Schedule of Derivative Liabilities at Fair Value	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 September 28, 2024 and December 30, 2023: Derivatives designated as hedging instruments September 28, 2024 December 30, 2023 (millions) Level 1 Level 2 Total Level 1 Level 2 Total Liabilities: Interest rate contracts: Other liabilities — 2 2 — — — Total liabilities $ — $ 2 $ 2 $ — $ — $ — Derivatives not designated as hedging instruments September 28, 2024 December 30, 2023 (millions) Level 1 Level 2 Total Level 1 Level 2 Total Liabilities: Foreign currency exchange contracts: Other current liabilities $ — $ 4 $ 4 $ — $ — $ — Commodity contracts: Other current liabilities 2 — 2 — — — Total liabilities $ 2 $ 4 $ 6 $ — $ — $ —
Schedule of the Effect of Derivative Instruments on the Consolidated Statements of Income and Comprehensive Income	The effect of derivative instruments on the Company's Unaudited Consolidated Statement of Income and Unaudited Consolidated Statement of Comprehensive Income for the quarters and year-to-date periods ended September 28, 2024 and September 30, 2023 was as follows: Derivatives designated as hedging instruments Gain (loss) recognized in AOCI Gain (loss) excluded from assessment of hedge effectiveness Location of gain (loss) in income of excluded component (millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Interest rate contracts $ (2) $ — $ — $ — Interest expense Quarter ended Year-to-date period ended September 28, September 30, September 28, September 30, (millions) Interest Expense Interest Expense Interest Expense Interest Expense Interest rate contracts: $ — $ — $ — $ — Amount of gain (loss) reclassified from AOCI into income $ — $ — $ — $ — Derivatives not designated as hedging instruments The effect of derivative instruments on the Company's Unaudited Consolidated Statement of Income for the quarters ended September 28, 2024 and September 30, 2023 was as follows: Gain (loss) recognized in cost of goods sold Gain (loss) recognized in other income (expense), net (millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Commodity contracts $ (1) $ 1 $ — $ — Foreign currency derivatives $ (4) $ (3) $ — $ — The effect of derivative instruments on the Company's Unaudited Consolidated Statement of Income for the year-to-date periods ended September 28, 2024 and September 30, 2023 was as follows: Gain (loss) recognized in cost of goods sold Gain (loss) recognized in other income (expense), net (millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Commodity contracts $ (2) $ (12) $ — $ — Foreign currency derivatives $ (6) $ (2) $ — $ —

Supplemental financial statem_2

Supplemental financial statement data (Tables)	9 Months Ended
Supplemental financial statement data (Tables)	Sep. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Financial Data Consolidated Balance Sheet	(millions) September 28, 2024 December 30, Trade receivables $ 169 $ 225 Allowance for expected credit losses (1) — Other receivables 31 19 Accounts receivable, net $ 199 $ 244 Raw materials $ 54 $ 49 Manufacturing supplies 55 53 Materials in process 21 15 Finished goods 209 228 Inventories $ 339 $ 345 Property, cost $ 2,745 $ 2,676 Accumulated depreciation (1,976) (1,937) Accumulated impairment (5) — Property, net $ 764 $ 739 Other third party 500 502 Kellanova (a) 8 39 Accounts payable $ 508 $ 541 Obligations under Transition Services Agreement 12 52 Operating lease obligations 18 6 Income taxes payable 13 7 Other 58 40 Other current liabilities $ 101 $ 105 (a) The $8 million and $39 million payable to Kellanova represents various items Kellanova paid on the Company's behalf, for which the Company owes reimbursement for amounts incurred related to the Spin-Off.

Accounting policies - Allocatio

Accounting policies - Allocation of Expenses from Parent (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cost of goods sold	$ 495	$ 496	$ 1,475	$ 1,544
Selling, general and administrative expense	$ 162	179	$ 468	497
Kellanova
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cost of goods sold		39		128
Selling, general and administrative expense		59		233
Other (income) expense, net		(32)		(43)
Total		$ 66		$ 318

Accounting policies -Components

Accounting policies -Components of net parent investment (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock compensation		$ (11)	$ (3)
Pension and postretirement plan benefit		$ 21	52
Net transfer (to)/from Kellanova	$ 168		74
Kellanova
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Net transfers (to) from Kellanova			(25)
Stock compensation			3
Pension and postretirement plan benefit			(47)
Non-cash contribution of assets and liabilities from parent			143
Net transfer (to)/from Kellanova			$ 74

Accounting policies - Narrative

Accounting policies - Narrative (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Supplier finance program, obligation	$ 133	$ 142
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Supplier finance program general payment timing, period	0 days
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Supplier finance program general payment timing, period	135 days

Accounting policies - Disaggreg

Accounting policies - Disaggregated net sales (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 689	$ 692	$ 2,068	$ 2,112
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	601	605	1,813	1,859
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	78	78	229	225
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 10	$ 9	$ 26	$ 28

Sale of accounts receivable (De

Sale of accounts receivable (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Dec. 30, 2023
Transfer of Financial Assets Accounted for as Sales [Line Items]
Transfers of accounts receivable agreements	$ 350		$ 350
Restricted cash	16		16		$ 13
Other income (expense)
Transfer of Financial Assets Accounted for as Sales [Line Items]
Gain (loss) on sale of accounts receivable	5	$ 3	14	$ 11
Sold And Outstanding
Transfer of Financial Assets Accounted for as Sales [Line Items]
Transfer of financial assets accounted for as sales, amount derecognized	$ 320		$ 320		$ 266

Equity - Narrative (Details)

Equity - Narrative (Details) - shares		3 Months Ended	9 Months Ended
Equity - Narrative (Details) - shares	Oct. 02, 2023	Sep. 28, 2024	Sep. 28, 2024
Equity [Abstract]
Weighted average number of shares outstanding, diluted, adjustment (in shares)		2,000,000
Anti-dilutive potential common shares excluded from reconciliation (in shares)			0
Stock issued during period, new issues (in shares)	85,631,304

Equity - Summary of Accumulated

Equity - Summary of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Foreign currency translation adjustments	$ (41)	$ (35)
Cash flow hedges — net deferred gain (loss)	(2)	0
Postretirement and postemployment benefits:
Prior service credit (cost)	7	7
Total accumulated other comprehensive income (loss)	$ (36)	$ (28)

Restructuring - Narrative (Deta

Restructuring - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
Restructuring - Narrative (Details) - USD ($) $ in Millions	Sep. 28, 2024	Sep. 28, 2024	Dec. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 41	$ 41
Restructuring reserve	22	22	$ 0
Restructuring Charges
Restructuring Cost and Reserve [Line Items]
Restructuring costs	38	38
Other income (expense)
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 3	3
Accelerated Depreciation
Restructuring Cost and Reserve [Line Items]
Restructuring costs		8
Asset Write-Offs And Impairments
Restructuring Cost and Reserve [Line Items]
Restructuring costs		8
Maximum
Restructuring Cost and Reserve [Line Items]
Effect on Future Earnings, Amount		270
Maximum \| Employee Severance
Restructuring Cost and Reserve [Line Items]
Effect on Future Earnings, Amount		40
Maximum \| Facility Closing
Restructuring Cost and Reserve [Line Items]
Effect on Future Earnings, Amount		40
Maximum \| Accelerated Depreciation and Asset Write Off, Non-Cash
Restructuring Cost and Reserve [Line Items]
Effect on Future Earnings, Amount		190
Minimum
Restructuring Cost and Reserve [Line Items]
Effect on Future Earnings, Amount		230
Minimum \| Employee Severance
Restructuring Cost and Reserve [Line Items]
Effect on Future Earnings, Amount		30
Minimum \| Facility Closing
Restructuring Cost and Reserve [Line Items]
Effect on Future Earnings, Amount		30
Minimum \| Accelerated Depreciation and Asset Write Off, Non-Cash
Restructuring Cost and Reserve [Line Items]
Effect on Future Earnings, Amount		$ 170

Restructuring - Restructuring C

Restructuring - Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 28, 2024	Sep. 28, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 41	$ 41
Other income (expense)
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 3	3
Employee Related Costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs		20
Pension curtailment (gain) loss, net
Restructuring Cost and Reserve [Line Items]
Restructuring costs		3
Asset Related Costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs		16
Other Costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs		$ 2

Restructuring - Restructuring L

Restructuring - Restructuring Liability Rollforward (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 28, 2024	Sep. 28, 2024
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance		$ 0
Restructuring costs	$ 41	41
Non-cash charges and other		(19)
Restructuring reserve, ending balance	22	22
Employee Related Costs
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance		0
Restructuring costs		20
Non-cash charges and other		0
Restructuring reserve, ending balance	20	20
Pension curtailment (gain) loss, net
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance		0
Restructuring costs		3
Non-cash charges and other		(3)
Restructuring reserve, ending balance	0	0
Asset Related Costs
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance		0
Restructuring costs		16
Non-cash charges and other		(16)
Restructuring reserve, ending balance	0	0
Other Costs
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance		0
Restructuring costs		2
Non-cash charges and other		0
Restructuring reserve, ending balance	$ 2	$ 2

Pension and postretirement be_3

Pension and postretirement benefits - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Pension
Defined Benefit Plan Disclosure [Line Items]
Curtailment (gain) loss, net	$ 3		$ 3
Service cost	2	$ 1	6	$ 1
Nonpension postretirement
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1	$ 1	$ 3	$ 1

Pension and postretirement be_4

Pension and postretirement benefits - Components of Plan Benefit Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Pension
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2	$ 1	$ 6	$ 1
Interest cost	7	3	21	3
Expected return on plan assets	(9)	(3)	(27)	(3)
Amortization of unrecognized prior service cost	1	0	3	0
Recognized (gain) loss, net	3		3
Curtailment (gain) loss, net	3		3
Remeasurement (gain)/loss		0		0
Total postretirement benefit income	7	1	9	1
Nonpension postretirement
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	1	3	1
Interest cost	6	4	18	4
Expected return on plan assets	(15)	(10)	(45)	(10)
Amortization of unrecognized prior service cost	(2)	(1)	(6)	(1)
Remeasurement (gain)/loss		0		0
Total postretirement benefit income	$ (10)	$ (6)	$ (30)	$ (6)

Pension and postretirement be_5

Pension and postretirement benefits - Components of Plan Benefit Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Pension
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, net periodic benefit cost (credit)	$ 7	$ 1	$ 9	$ 1
Multiemployer plan, employer contribution, cost (credit)		12		16
Nonpension postretirement
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, net periodic benefit cost (credit)	$ (10)	(6)	$ (30)	(6)
Multiemployer plan, employer contribution, cost (credit)		(37)		(52)
Gain (loss) recognized in cost of goods sold \| Pension
Defined Benefit Plan Disclosure [Line Items]
Multiemployer plan, employer contribution, cost (credit)		1		5
Gain (loss) recognized in cost of goods sold \| Nonpension postretirement
Defined Benefit Plan Disclosure [Line Items]
Multiemployer plan, employer contribution, cost (credit)		1		3
Gain (loss) recognized in other income (expense), net \| Pension
Defined Benefit Plan Disclosure [Line Items]
Multiemployer plan, employer contribution, cost (credit)		10		10
Gain (loss) recognized in other income (expense), net \| Nonpension postretirement
Defined Benefit Plan Disclosure [Line Items]
Multiemployer plan, employer contribution, cost (credit)		$ (44)		$ (65)

Pension and postretirement be_6

Pension and postretirement benefits - Contributions to Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Dec. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Employer contributions to employee benefit plans	$ 7	$ 0	$ 17	$ 1	$ 0
Total current year projected employer contributions	24		24
Expected future employer contributions, next fiscal year					24
Previously Reported
Defined Benefit Plan Disclosure [Line Items]
Expected future employer contributions, next fiscal year					0
Pension
Defined Benefit Plan Disclosure [Line Items]
Employer contributions to employee benefit plans	7	0	17	1	0
Total current year projected employer contributions	24		24
Nonpension postretirement
Defined Benefit Plan Disclosure [Line Items]
Employer contributions to employee benefit plans	0	$ 0	0	$ 0	$ 0
Total current year projected employer contributions	$ 0		$ 0

Operating leases - Supplemental

Operating leases - Supplemental Operating Leases Information Table (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Lessee, Lease, Description [Line Items]
Operating cash flows from operating leases	$ 4	$ 0	$ 9	$ 0
Right-of-use assets obtained in exchange for operating lease liabilities
Right-of-use assets obtained in exchange for operating lease liabilities	34		82
New leases
Right-of-use assets obtained in exchange for operating lease liabilities
Right-of-use assets obtained in exchange for operating lease liabilities	35	0	87	0
Modified leases
Right-of-use assets obtained in exchange for operating lease liabilities
Right-of-use assets obtained in exchange for operating lease liabilities	$ 0	$ 0	$ 0	$ 0

Operating leases - Operating Le

Operating leases - Operating Leases Future Maturities Table (Details) $ in Millions	Sep. 28, 2024 USD ($)
Leases [Abstract]
2024 (remaining)	$ 6
2025	22
2026	21
2027	20
2028	19
2029 and beyond	28
Total minimum payments	116
Less interest	(15)
Present value of lease liabilities	$ 101
Weighted-average remaining lease term - operating leases	5 years 4 months 24 days
Weighted-average discount rate - operating leases	6.20%

Operating leases - Narrative (D

Operating leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Dec. 30, 2023
Leases [Abstract]
Lease, cost	$ 5	$ 0	$ 12	$ 0
Right-of-use assets obtained in exchange for operating lease liabilities	34		82
Operating lease, liability	101		101
Operating lease, liability, current	18		18		$ 6
Long-term operating lease obligations	83		83		$ 12
Increase (decrease) in operating lease liability	34		82
Increase (decrease) in operating lease liability, current	4		9
Increase (decrease) in operating lease liability, noncurrent	$ 30		$ 73

Income taxes (Details)

Income taxes (Details)	3 Months Ended		9 Months Ended
Income taxes (Details)	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	27.80%	23.90%	26.10%	23.70%

Derivative instruments - Total

Derivative instruments - Total Notional Amounts Of Derivative Instruments (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of derivative	$ 610	$ 0
Foreign currency derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of derivative	300	0
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of derivative	60	0
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of derivative	$ 250	$ 0

Derivative instruments - Fair V

Derivative instruments - Fair Value, Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023
Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	$ 2	$ 0
Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	6	0
Level 1 \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	0	0
Level 1 \| Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	2	0
Level 2 \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	2	0
Level 2 \| Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	4	0
Interest rate contracts \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other liabilities	2	0
Interest rate contracts \| Level 1 \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other liabilities	0	0
Interest rate contracts \| Level 2 \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other liabilities	2	0
Foreign currency derivatives \| Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current liabilities	4	0
Foreign currency derivatives \| Level 1 \| Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current liabilities	0	0
Foreign currency derivatives \| Level 2 \| Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current liabilities	4	0
Commodity contracts \| Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current liabilities	2	0
Commodity contracts \| Level 1 \| Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current liabilities	2	0
Commodity contracts \| Level 2 \| Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current liabilities	$ 0	$ 0

Derivative instruments - Effect

Derivative instruments - Effect Of Derivative Instruments On Statement Of Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]			Interest expense
Interest rate contracts
Derivatives, Fair Value [Line Items]
Gain (loss) excluded from assessment of hedge effectiveness	$ 0	$ 0
Interest rate contracts \| Interest expense
Derivatives, Fair Value [Line Items]
Gain (loss) recognized in AOCI	(2)	0
Amount of gain (loss) reclassified from AOCI into income	0	0	$ 0	$ 0
Commodity contracts \| Not Designated as Hedging Instrument \| Gain (loss) recognized in cost of goods sold
Derivatives, Fair Value [Line Items]
Gain (loss) recognized in income	(1)	1	(2)	(12)
Commodity contracts \| Not Designated as Hedging Instrument \| Gain (loss) recognized in other income (expense), net
Derivatives, Fair Value [Line Items]
Gain (loss) recognized in income	0	0	0	0
Foreign currency derivatives \| Not Designated as Hedging Instrument \| Gain (loss) recognized in cost of goods sold
Derivatives, Fair Value [Line Items]
Gain (loss) recognized in income	(4)	(3)	(6)	(2)
Foreign currency derivatives \| Not Designated as Hedging Instrument \| Gain (loss) recognized in other income (expense), net
Derivatives, Fair Value [Line Items]
Gain (loss) recognized in income	$ 0	$ 0	$ 0	$ 0

Supplemental financial statem_3

Supplemental financial statement data (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023
Condensed Financial Statements, Captions [Line Items]
Trade receivables	$ 169	$ 225
Allowance for expected credit losses	(1)	0
Other receivables	31	19
Accounts receivable, net	199	244
Raw materials	54	49
Manufacturing supplies	55	53
Materials in process	21	15
Finished goods	209	228
Inventories	339	345
Property, cost	2,745	2,676
Accumulated depreciation	(1,976)	(1,937)
Accumulated impairment	(5)	0
Property, net	764	739
Accounts payable	508	541
Obligations under Transition Services Agreement	12	52
Operating lease obligations	18	6
Income taxes payable	13	7
Other	58	40
Other current liabilities	101	105
Other third party
Condensed Financial Statements, Captions [Line Items]
Accounts payable	500	502
Kellanova
Condensed Financial Statements, Captions [Line Items]
Accounts payable	$ 8	$ 39