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KMB Kimberly Clark Corp

138.42
1.39 (1.01%)
23 Nov 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Kimberly Clark Corp NYSE:KMB NYSE Common Stock
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  1.39 1.01% 138.42 139.10 137.485 137.50 1,977,597 01:00:00

Form 8-K - Current report

22/10/2024 11:37am

Edgar (US Regulatory)


0000055785FALSE00000557852024-10-222024-10-22

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: October 22, 2024
(Date of earliest event reported)
K-C Logo Blue (JPG).jpg

KIMBERLY-CLARK CORPORATION
(Exact name of registrant as specified in its charter)
Delaware1-22539-0394230
(State or other jurisdiction of incorporation)(Commission file number)(I.R.S. Employer Identification No.)
P.O. Box 619100
Dallas, TX
75261-9100
(Address of principal executive offices)
(Zip code)

Registrant’s telephone number, including area code: (972) 281-1200

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockKMBNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging 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. ☐




Item 2.02    Results of Operations and Financial Condition.

Attached and incorporated herein by reference as Exhibit 99.1 is a copy of the press release of Kimberly-Clark Corporation (the "Corporation"), dated October 22, 2024 reporting the Corporation’s results of operations for the quarter ended September 30, 2024.

The information, including exhibits attached hereto, in Item 2.02 of this Current Report is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in Item 2.02 of this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing.

Item 9.01    Financial Statements and Exhibits.

(a)Exhibits.

101    Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104    The cover page from this Current Report on Form 8-K, formatted as Inline XBRL.




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.





KIMBERLY-CLARK CORPORATION
Date: October 22, 2024By:/s/ Andrew S. Drexler
Andrew S. Drexler
Vice President and Controller





Exhibit 99.1
k-clogobluejpga.jpg
Kimberly-Clark Announces Third Quarter 2024 Results and Reaffirms 2024 Profit Outlook
Delivers net sales of $5.0 billion on 1 percent organic sales growth
Results and outlook reflect strong in-market execution, effective cost management and productivity


DALLAS, October 22, 2024 - Kimberly-Clark Corporation (NYSE: KMB) today reported third quarter 2024 results driven by market-leading consumption growth from pioneering, innovative new products, and leveraging sustained productivity momentum.
“Our third quarter results reflect strong execution across the business as we transform our organization,” said Kimberly-Clark Chairman and CEO, Mike Hsu. “I’m very proud of our teams' ability to deliver organic top-and-bottom-line growth, driven by market share gains and improved productivity, even against the backdrop of a dynamic consumer environment.”
Hsu continued, “With our Powering Care strategy in full swing, we are accelerating our innovation pipeline and reducing costs to deliver higher-quality consumer solutions for every price point, and simplifying our operational structure so that we can be faster and more responsive in our markets. We are on track to deliver strong operating profit, margin, and EPS growth in 2024 while investing to maintain our business momentum into 2025.”
Quarter Highlights
Net sales of $5.0 billion were down 4 percent, with organic sales growth of 1 percent versus the prior year.
Reported gross margin was 36.0 percent, adjusted gross margin was 36.7 percent, up 90 basis points versus the prior year, driven by strong gross productivity gains.
Diluted earnings per share were $2.69; adjusted earnings per share were $1.83, up 5 percent versus prior year including a $0.07 year-on-year headwind from currency translation.
Third Quarter 2024 Results
Third quarter sales of $5.0 billion were 4 percent lower than the prior-year period, including negative impacts of approximately 3 percent from foreign currency translation and approximately 1 percent from the divestiture of the K-C Professional Personal Protective Equipment (PPE) business completed in July 2024. Organic sales increased 1 percent, driven by a 1 percent increase in price while volume and mix were in line with a year ago. Price-led gains reflected necessary pricing actions to address higher local costs in hyperinflationary economies, mainly in Argentina. Volume and mix were positive in Developed Markets (representing Australia, South Korea and Western/Central Europe) offset by a decline in North America while volumes in Developing and Emerging (D&E) markets were in line with year ago.
In North America, organic sales decreased 1 percent versus the prior year, driven by a 3 percent decline in K-C Professional and 1 percent in Consumer Tissue while Personal Care was in line with year ago.
In D&E markets, organic sales rose 8 percent reflecting pricing gains primarily in hyperinflationary economies. Organic sales for Developed Markets were 2 percent lower, driven by lower pricing that primarily reflected


-2-
comparisons with temporary, energy surcharge-related price increases in Western Europe in the prior-year period partially offset by low single digit volume led gains.
Third quarter operating profit was $1.2 billion, including $565 million of gains from the divestiture of the PPE business. Adjusted operating profit increased by 5 percent despite an unfavorable impact of 4 percentage points from currency translation that was primarily driven by hyperinflationary economies. Excluding currency impacts, growth in adjusted operating profit reflected gross productivity gains, relatively neutral pricing net of cost inflation, supply chain related investments, as well as planned increases in marketing, research and general expenses.
Net interest expense was $49 million versus $56 million in the prior-year.
The third quarter effective tax rate was 20.5 percent. On an adjusted basis, the effective rate in the third quarter was 22.7 percent compared to 22.5 percent in the prior year.
Net income of equity companies was $48 million compared to $50 million in the prior-year period.
Diluted EPS was $2.69 on a reported basis and included a positive $1.34 impact from the sale of the PPE business, a negative $0.31 impact from costs related to the company's Transformation Initiative and a negative $0.17 impact from impairment of intangible assets. On an adjusted basis, EPS increased 5 percent to $1.83, driven primarily by the 5 percent increase in adjusted operating profit.
Year-To-Date Results
For the first nine months of the year, sales of $15.1 billion decreased 2 percent including negative impacts of approximately 4 percent from foreign currency translation and approximately 1 percent from divestitures. Organic sales grew 4 percent, driven by an approximately 2 percent increase in price, primarily in hyperinflationary economies, 1 percent from favorable product mix and 1 percent increase in volume.
Year-to-date operating profit was $2.7 billion, including $565 million of gains from the divestiture of the PPE business, and $359 million of costs related to the company's transformation initiative.
Year-to-date adjusted operating profit was $2.6 billion versus $2.3 billion in the prior year. This was an increase of 12 percent versus prior year including an unfavorable impact of 8 percentage points from currency translation, primarily driven by hyperinflationary economies. Excluding currency impacts, the growth in adjusted operating profit was driven by a combination of organic growth and strong productivity savings that were partially offset by input cost inflation, primarily in D&E markets, supply chain related investments, impact of divestitures and planned increases in marketing, research and general expenses.
Through the first nine months of the year, diluted earnings per share were $6.21 in 2024 compared to $3.70 last year. Year-to-date adjusted earnings per share were $5.80 compared to $5.06 last year.


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Business Segment Net Sales Results
Q3 change vs year ago (%)VolumeMix/OtherNet Price
Divestitures and Business Exits(a)
Currency Translation
Total(b)
Organic(c)
Personal Care13(6)(2)3
North America1(1)(1)
D&E Markets11(15)(4)11
Developed Markets1(4)(1)(4)(3)
Consumer Tissue(1)(2)(1)
North America(2)1(1)(1)
D&E Markets4(4)(1)(1)(3)(1)
Developed Markets3(5)(1)(3)(2)
K-C Professional(1)(1)(7)(2)(10)(1)
North America(2)(1)(9)(11)(3)
D&E Markets(6)19(4)(9)(9)4
Developed Markets7(8)(6)(1)(7)(1)
Consolidated1(1)(3)(4)1

YTD change vs year ago (%)VolumeMix/OtherNet Price
Divestitures and Business Exits(a)
Currency Translation
Total(b)
Organic(c)
Personal Care115(8)(1)7
North America2122
D&E Markets2114(20)(3)17
Developed Markets(1)(2)(2)(5)(3)
Consumer Tissue(1)(2)(3)(1)
North America(1)211
D&E Markets(2)(3)(9)(1)(15)(6)
Developed Markets3(5)(2)(2)
K-C Professional(1)1(4)(2)(6)
North America(3)(3)(5)(3)
D&E Markets111(11)(11)(10)13
Developed Markets41(7)(2)(1)(5)(2)
Consolidated112(1)(4)(2)4
(a)    Impact of the sale of the Brazil tissue and K-C Professional business, sale of the PPE business and other exited businesses and markets in conjunction with the 2024 Transformation Initiative.
(b)    Total may not equal the sum of volume, mix/other, net price, divestitures and business exits and currency due to rounding and excludes intergeographic sales.    
(c)    Combined impact of changes in volume, mix/other and net price excluding prior year's impact of divestitures and business exits.

Unaudited


-4-
Personal Care Segment
Personal Care sales of $2.6 billion decreased 2 percent in the quarter, while organic sales increased 3 percent from a combination of pricing actions in hyperinflationary economies as well as mix gains while volume was in line with year ago across all markets. Product innovation and solid commercial execution resulted in Baby and Child Care gaining global weighted market share on a year-to-date basis.
Third quarter operating profit of $482 million decreased 4 percent driven by a step up in advertising investment partially offset by optimization in overheads while gross profit was broadly in line with year ago.
Consumer Tissue Segment
Consumer Tissue sales of $1.5 billion decreased 2 percent, with a decline in organic sales of 1 percent. Organic decline was driven by retailer inventory reductions in North America as well as expected lower pricing in Western Europe due to lapping of temporary pricing related to energy surcharges in the prior year period.
Third quarter operating profit of $265 million decreased 1 percent, with gross productivity gains offset by higher manufacturing costs and increased advertising levels.
K-C Professional (KCP) Segment
KCP sales of $767 million decreased 10 percent due to divestitures and business exits as well as unfavorable currency impacts. Organic sales decreased 1 percent driven by 1 percent unfavorable price impact due to lapping of energy surcharges in Western Europe.
Third quarter operating profit of $161 million decreased 4 percent primarily impacted by the divestiture of the PPE business, underlying operating profit benefited from productivity gains partially offset by volume softness.
Cash Flow and Balance Sheet
Year-to-date cash provided by operations was $2.4 billion compared to $2.3 billion last year driven primarily by stronger operating results. Year-to-date capital spending was $512 million compared to $549 million last year. The company returned $2.0 billion to shareholders through dividends and repurchases of common stock. Total debt was $7.5 billion as of September 30, 2024, down from $8.0 billion as of December 31, 2023.
2024 Outlook
Based on its year-to-date results, the company has updated its 2024 outlook, with all factors compared to 2023, as follows:
Organic Net Sales are expected to grow between 3%-4% versus a mid-single digit rate previously, primarily reflecting discrete headwinds from changes in retail inventory levels. Reported Net Sales are still expected to be negatively impacted by 400 basis points of currency translation and 120 basis points from divestitures.
Adjusted Operating Profit and Adjusted Earnings Per Share are still expected to grow at a mid-to-high teens percentage rate on a constant-currency basis.
Reported Operating Profit and Reported Earnings Per Share are now expected to be negatively impacted by approximately 650 basis points from currency translation versus a previous expectation of 700 basis points.
This outlook reflects assumptions subject to change given the macro environment.


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Supplemental Materials and Live Webcast
Supplemental materials will be available at approximately 6:35 a.m. Eastern Daylight Time in the Investor Relations section of www.kimberly-clark.com. The company will host a live Q&A session with investors and analysts on October 22, 2024, at 8:00 a.m. Eastern Daylight Time. The supplemental materials and Kimberly-Clark's Q&A session can be accessed at investor.kimberly-clark.com. A replay of the webcast will be available following the event through the same website.
About Kimberly-Clark
Kimberly-Clark (NYSE: KMB) and its trusted brands are an indispensable part of life for people in more than 175 countries and territories. Fueled by ingenuity, creativity, and an understanding of people’s most essential needs, we create products that help individuals experience more of what’s important to them. Our portfolio of brands, including Huggies, Kleenex, Scott, Kotex, Cottonelle, Poise, Depend, Andrex, Pull-Ups, GoodNites, Intimus, Plenitud, Sweety, Softex, Viva and WypAll, hold No. 1 or No. 2 share positions in approximately 70 countries. We use sustainable practices that support a healthy planet, build strong communities, and ensure our business thrives for decades to come. We are proud to be recognized as one of the World’s Most Ethical Companies(R) by Ethisphere for the fifth year in a row. To keep up with the latest news and to learn more about the company's 150-year history of innovation, visit kimberly-clark.com.
Copies of Kimberly-Clark's Annual Report to Stockholders and its proxy statements and other SEC filings, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, are made available free of charge on the company's website on the same day they are filed with the SEC. To view these filings, visit the Investors section of the company's website.
Forward Looking Statements
Certain matters contained in this news release concerning the business outlook, including raw material, energy and other input costs, the anticipated charges and savings from the 2024 Transformation Initiative, cash flow and uses of cash, growth initiatives, innovations, marketing and other spending, net sales, anticipated currency rates and exchange risks, including the impact in Argentina and Türkiye, effective tax rate, contingencies and anticipated transactions of Kimberly-Clark, including dividends, share repurchases and pension contributions, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are based upon management's expectations and beliefs concerning future events impacting Kimberly-Clark. There can be no assurance that these future events will occur as anticipated or that our results will be as estimated. Forward-looking statements speak only as of the date they were made, and we undertake no obligation to publicly update them.
The assumptions used as a basis for the forward-looking statements include many estimates that, among other things, depend on the achievement of future cost savings and projected volume increases. In addition, many factors outside our control, including the risk that we are not able to realize the anticipated benefits of the 2024 Transformation Initiative (including risks related to disruptions to our business or operations or related to any delays in implementation), war in Ukraine (including the related responses of consumers, customers, and suppliers and sanctions issued by the U.S., the European Union, Russia or other countries), pandemics, epidemics, fluctuations in foreign currency exchange rates, the prices and availability of our raw materials, supply chain


-6-
disruptions, disruptions in the capital and credit markets, counterparty defaults (including customers, suppliers and financial institutions with which we do business), failure to realize the expected benefits or synergies from our acquisition and disposition activity, impairment of goodwill and intangible assets and our projections of operating results and other factors that may affect our impairment testing, changes in customer preferences, severe weather conditions, regional instabilities and hostilities (including the war in Israel), government trade or similar regulatory actions, potential competitive pressures on selling prices for our products, energy costs, general economic and political conditions globally and in the markets in which we do business, as well as our ability to maintain key customer relationships, could affect the realization of these estimates.
The factors described under Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, or in our other SEC filings, among others, could cause our future results to differ from those expressed in any forward-looking statements made by us or on our behalf. Other factors not presently known to us or that we presently consider immaterial could also affect our business operations and financial results.
Non-GAAP Financial Measures
This news release and the accompanying tables include the following financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S., or GAAP, and are therefore referred to as non-GAAP financial measures:
Adjusted earnings and earnings per share
Adjusted gross and operating profit
Adjusted effective tax rate
These non-GAAP financial measures exclude the following items for the relevant time periods as indicated in the accompanying non-GAAP reconciliation tables:
2024 Transformation Initiative - In 2024, we initiated this transformation initiative to improve our focus on growth and reduce our structural cost base by reorganizing into three new business segments, making the corporate and regional overhead cost structures more efficient and optimizing our global supply chain. Results in 2024 include charges related to this program.
Sale of PPE business - In 2024, we recognized a gain related to the sale of our PPE business.
Impairment of intangible assets - In the third quarter of 2024 and the second quarter of 2023, we recognized charges related to the impairment of certain intangible assets related to Softex and Thinx.
Sale of Brazil tissue and K-C Professional business - In the second quarter of 2023, we recognized a net benefit related to the sale of our Brazil tissue and K-C Professional business.
Pension settlements - In 2023, we recognized pension settlement charges related to lump-sum distributions from pension plan assets exceeding the total of annual service and interest costs resulting in a recognition of deferred actuarial losses.
The income tax effect of these non-GAAP items is calculated based upon the tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment. The impact of these non-GAAP items on the Company’s effective tax rate represents the difference in the effective tax rate calculated with and without the non-GAAP adjustment on Income Before Income Taxes and Equity Interests and Provision for income taxes.


-7-
The company provides these non-GAAP financial measures as supplemental information to our GAAP financial measures. Management and the company's Board of Directors use adjusted earnings, adjusted earnings per share and adjusted gross and operating profit to (a) evaluate the company's historical and prospective financial performance and its performance relative to its competitors, (b) allocate resources and (c) measure the operational performance of the company's business units and their managers. Management also believes that the use of an adjusted effective tax rate provides improved insight into the tax effects of our ongoing business operations.
Additionally, the Management Development and Compensation Committee of the company's Board of Directors has used certain of the non-GAAP financial measures when setting and assessing achievement of incentive compensation goals. These goals are based, in part, on the company's adjusted earnings per share.
Certain non-GAAP financial measures referenced in this news release are presented on a forward-looking basis. Kimberly-Clark does not provide a reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures on a forward-looking basis because it is unable to predict certain adjustment items without unreasonable effort. Please note that these items could be material to Kimberly-Clark’s results calculated in accordance with GAAP.
This news release includes information regarding organic sales growth, which describes the impact of changes in volume, net selling prices and product mix excluding prior year's impact of divestitures and business exits on net sales. Changes in foreign currency exchange rates and divestitures and business exits also impact the year-over-year change in net sales.


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KIMBERLY-CLARK CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Millions, except per share amounts)

Three Months Ended September 30
 20242023Change
Net Sales$4,952 $5,132 -4 %
Cost of products sold3,168 3,294 -4 %
Gross Profit1,784 1,838 -3 %
Marketing, research and general expenses1,097 1,029 +7 %
Impairment of intangible assets97 — N.M.
Other (income) and expense, net(564)35 N.M.
Operating Profit1,154 774 +49 %
Nonoperating expense(15)(20)-25 %
Interest income18 18 — %
Interest expense(67)(74)-9 %
Income Before Income Taxes and Equity Interests1,090 698 +56 %
Provision for income taxes(223)(157)+42 %
Income Before Equity Interests867 541 +60 %
Share of net income of equity companies48 50 -4 %
Net Income915 591 +55 %
Net income attributable to noncontrolling interests(8)(4)+100 %
Net Income Attributable to Kimberly-Clark Corporation$907 $587 +55 %
Per Share Basis
Net Income Attributable to Kimberly-Clark Corporation
Basic$2.70 $1.74 +55 %
Diluted$2.69 $1.73 +55 %
Cash Dividends Declared$1.22 $1.18 +3 %
Common Shares OutstandingSeptember 30
20242023
Outstanding shares as of333.5 338.0 
Average diluted shares for three months ended337.2 338.9 













Unaudited
N.M. - Not Meaningful


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KIMBERLY-CLARK CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Millions, except per share amounts)

Nine Months Ended September 30
 20242023Change
Net Sales$15,130 $15,461 -2 %
Cost of products sold9,625 10,166 -5 %
Gross Profit5,505 5,295 +4 %
Marketing, research and general expenses3,202 2,968 +8 %
Impairment of intangible assets97 658 -85 %
Other (income) and expense, net(456)(5)N.M.
Operating Profit2,662 1,674 +59 %
Nonoperating expense(45)(78)-42 %
Interest income37 34 +9 %
Interest expense(206)(223)-8 %
Income Before Income Taxes and Equity Interests2,448 1,407 +74 %
Provision for income taxes(494)(298)+66 %
Income Before Equity Interests1,954 1,109 +76 %
Share of net income of equity companies172 143 +20 %
Net Income2,126 1,252 +70 %
Net (income) loss attributable to noncontrolling interests(28)N.M.
Net Income Attributable to Kimberly-Clark Corporation$2,098 $1,255 +67 %
Per Share Basis
Net Income Attributable to Kimberly-Clark Corporation
Basic$6.23 $3.71 +68 %
Diluted$6.21 $3.70 +68 %
Cash Dividends Declared$3.66 $3.54 +3 %
Common Shares OutstandingSeptember 30
20242023
Average diluted shares for nine months ended337.9 338.8 














Unaudited
N.M. - Not Meaningful



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KIMBERLY-CLARK CORPORATION
NON-GAAP RECONCILIATIONS
(Millions, except per share amounts)

Three months ended September 30, 2024
As
Reported
2024 Transformation InitiativeSale of PPE BusinessImpairment of Intangible AssetsAs Adjusted
Non-GAAP
Cost of products sold$3,168 $31 $ $ $3,137 
Gross Profit1,784 (31)  1,815 
Marketing, research and general expenses1,097 93 1  1,003 
Impairment of intangible assets97   97  
Other (income) and expense, net(564) (566) 2 
Operating Profit1,154 (124)565 (97)810 
Provision for income taxes(223)18 (112)40 (169)
Effective tax rate20.5 %   22.7 %
Net Income Attributable to Kimberly-Clark Corporation907 (106)453 (57)617 
Diluted Earnings per Share(a)
2.69 (0.31)1.34 (0.17)1.83 

Three Months Ended September 30, 2023
As
Reported
Pension SettlementsAs
Adjusted
Non-GAAP
Nonoperating expense$(20)$(4)$(16)
Provision for income taxes(157)(158)
Effective tax rate22.5 %— 22.5 %
Net Income Attributable to Kimberly-Clark Corporation587 (3)590 
Diluted Earnings per Share(a)
1.73 (0.01)1.74 
(a)"As Adjusted Non-GAAP" may not equal "As Reported" plus "Adjustments" as a result of rounding.


















Unaudited



-11-
KIMBERLY-CLARK CORPORATION
NON-GAAP RECONCILIATIONS
(Millions, except per share amounts)

Nine Months Ended September 30, 2024
As
Reported
2024 Transformation InitiativeSale of PPE BusinessImpairment of Intangible AssetsAs
Adjusted
Non-GAAP
Cost of products sold$9,625 $76 $ $ $9,549 
Gross Profit5,505 (76)  5,581 
Marketing, research and general expenses3,202 208 1  2,993 
Impairment of intangible assets97   97  
Other (income) and expense, net(456)75 (566) 35 
Operating Profit2,662 (359)565 (97)2,553 
Provision for income taxes(494)102 (112)40 (524)
Effective tax rate20.2 %   22.4 %
Net Income Attributable to Kimberly-Clark Corporation2,098 (257)453 (57)1,959 
Diluted Earnings per Share(a)
6.21 (0.76)1.34 (0.17)5.80 

Nine Months Ended September 30, 2023
As
Reported
Sale of Brazil Tissue and K-C Professional BusinessImpairment of Intangible Assets Pension SettlementsAs
Adjusted
Non-GAAP
Cost of products sold$10,166 $15 $— $— $10,151 
Gross Profit5,295 (15)— — 5,310 
Marketing, research and general expenses2,968 15 — — 2,953 
Impairment of intangible assets658 — 658 — — 
Other (income) and expense, net(5)(74)— — 69 
Operating Profit1,674 44 (658)— 2,288 
Nonoperating expense(78)— — (31)(47)
Provision for income taxes(298)(18)175 (463)
Effective tax rate21.2 %— — — 22.6 %
Net (income) loss attributable to noncontrolling interests— 20 — (17)
Net Income Attributable to Kimberly-Clark Corporation1,255 26 (463)(23)1,715 
Diluted Earnings per Share(a)
3.70 0.08 (1.36)(0.07)5.06 
(a)"As Adjusted Non-GAAP" may not equal "As Reported" plus "Adjustments" as a result of rounding.

Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for the comparable GAAP measures, and they should be read only in conjunction with the company's consolidated financial statements prepared in accordance with GAAP. There are limitations to these non-GAAP financial measures because they are not prepared in accordance with GAAP and may not be comparable to similarly titled measures of other companies due to potential differences in methods of calculation and items being excluded. The company compensates for these limitations by using these non-GAAP financial measures as a supplement to the GAAP measures and by providing reconciliations of the non-GAAP and comparable GAAP financial measures.


Unaudited



-12-
KIMBERLY-CLARK CORPORATION
CONSOLIDATED BALANCE SHEETS
(Millions)

September 30, 2024December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents$1,111 $1,093 
Accounts receivable, net2,229 2,135 
Inventories1,937 1,955 
Other current assets570 520 
Total Current Assets5,847 5,703 
Property, Plant and Equipment, Net7,703 7,913 
Investments in Equity Companies362 306 
Goodwill2,058 2,085 
Other Intangible Assets, Net97 197 
Other Assets1,098 1,140 
TOTAL ASSETS$17,165 $17,344 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Debt payable within one year$569 $567 
Trade accounts payable3,643 3,653 
Accrued expenses and other current liabilities2,449 2,316 
Dividends payable405 394 
Total Current Liabilities7,066 6,930 
Long-Term Debt6,882 7,417 
Noncurrent Employee Benefits641 669 
Deferred Income Taxes355 374 
Other Liabilities751 860 
Redeemable Preferred Securities of Subsidiaries26 26 
Stockholders' Equity
Kimberly-Clark Corporation1,285 915 
Noncontrolling Interests159 153 
Total Stockholders' Equity1,444 1,068 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$17,165 $17,344 












2024 Data is Unaudited



-13-
KIMBERLY-CLARK CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions)

Nine Months Ended September 30
20242023
Operating Activities
Net income$2,126 $1,252 
Depreciation and amortization564 566 
Asset impairments114 676 
Stock-based compensation110 131 
Deferred income taxes(86)(297)
Net (gains) losses on asset and business dispositions(474)(77)
Equity companies' earnings (in excess of) less than dividends paid(93)(74)
Operating working capital154 111 
Postretirement benefits10 34 
Other(8)
Cash Provided by Operations2,417 2,327 
Investing Activities
Capital spending(512)(549)
Proceeds from asset and business dispositions649 219 
Investments in time deposits(456)(545)
Maturities of time deposits428 605 
Other(15)
Cash Provided by (Used for) Investing94 (266)
Financing Activities
Cash dividends paid(1,220)(1,189)
Change in short-term debt2 (336)
Debt proceeds 357 
Debt repayments(554)(350)
Proceeds from exercise of stock options128 97 
Acquisitions of common stock for the treasury(752)(95)
Cash paid for redemption of common securities of Thinx (48)
Cash dividends paid to noncontrolling interests(19)(16)
Other(65)(40)
Cash Used for Financing(2,480)(1,620)
Effect of Exchange Rate Changes on Cash and Cash Equivalents(13)(54)
Change in Cash and Cash Equivalents18 387 
Cash and Cash Equivalents - Beginning of Period1,093 427 
Cash and Cash Equivalents - End of Period$1,111 $814 







Unaudited



-14-
KIMBERLY-CLARK CORPORATION
BUSINESS SEGMENT RESULTS
(Millions)

Three Months Ended September 30Nine Months Ended September 30
 20242023Change20242023Change
NET SALES
Personal Care$2,635 $2,700 -2 %$8,040 $8,089 -1 %
Consumer Tissue1,539 1,567 -2 %4,624 4,750 -3 %
K-C Professional767 854 -10 %2,431 2,588 -6 %
Corporate & Other11 11 N.M.35 34 N.M.
TOTAL NET SALES$4,952 $5,132 -4 %$15,130 $15,461 -2 %
OPERATING PROFIT
Personal Care$482 $502 -4 %$1,567 $1,461 +7 %
Consumer Tissue265 267 -1 %800 707 +13 %
K-C Professional161 168 -4 %535 514 +4 %
Corporate & Other(a)
(318)(128)N.M.(696)(1,013)N.M.
Other (income) and expense, net(a)
(564)35 N.M.(456)(5)N.M.
TOTAL OPERATING PROFIT$1,154 $774 +49 %$2,662 $1,674 +59 %
(a)Corporate & Other and Other (income) and expense, net include income and expense not associated with the ongoing operations of the business segments, including adjustments as indicated in the Non-GAAP Reconciliations.














Unaudited
N.M. - Not Meaningful








Investor Relations contact: Christopher Jakubik, CFA, KC.InvestorRelations@kcc.com
Media Relations contact: David Kellis, media.relations@kcc.com

[KMB-F]
###


v3.24.3
Cover Page
Oct. 22, 2024
Document Information [Line Items]  
Document Type 8-K
Document Period End Date Oct. 22, 2024
Entity Information [Line Items]  
Entity Registrant Name KIMBERLY-CLARK CORPORATION
Entity Incorporation, State or Country Code DE
Entity File Number 1-225
Entity Tax Identification Number 39-0394230
Entity Information [Line Items]  
Entity Address, Address Line One P.O. Box 619100
Entity Address, City or Town Dallas,
Entity Address, State or Province TX
Entity Address, Postal Zip Code 75261-9100
City Area Code (972)
Local Phone Number 281-1200
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock
Trading Symbol KMB
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0000055785
Amendment Flag false

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