Kellogg Company (K) said its Board of Directors has approved a share repurchase authorization of up to $1.5 billion. The company's previous $1.5 billion authorization expires on December 31, 2022. Under the new share repurchase authorization, the company may buy back Kellogg shares at its discretion from January 1, 2023, through December 31, 2025.
The company noted that it uses buybacks as a way to offset dilution from options exercises and other stock grants, as well as to opportunistically return cash to share owners.
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