QUESTION: Use the following table for Kellogg to answer the critical thinking question.

	Kellogg	DuPont	Analysis
	12/31/14	12/31/15	12/31/16	12/31/17	12/31/18
Return on Equity (ROE)	22.2%	28.7%	36.0%	57.0%	42.3%
Profit Margin (PM)	4.3%	4.6%	5.3%	9.8%	9.9%
Total Asset Turnover (TAT)	0.96 times	0.88 times	0.86 times	0.79 times	0.76 times
Equity Multiplier (EM)	5.31 times	7.14 times	7.85 times	7.34 times	5.63 times

Kellogg has experienced a significant increase in its return on equity (ROE) over the past five years. Use the DuPont analysis to determine if this improvement in ROE is due to gains in operating efficiencies, improvements in asset management, and/or changing debt management strategies? Explain.