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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 | |
---|---|---|---|---|---|---|---|---|
0.10 | 0.08% | 131.94 | 132.615 | 131.40 | 132.22 | 1,413,947 | 01:00:00 |
|
|
|
|
|
Delaware
|
|
39-0394230
|
(State or other jurisdiction of
incorporation)
|
|
(I.R.S. Employer
Identification No.)
|
|
Large accelerated filer
|
x
|
|
Accelerated filer
|
o
|
Non-accelerated filer
|
o
(Do not check if a smaller reporting company)
|
|
Smaller reporting company
|
o
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31
|
||||||
(Millions of dollars, except per share amounts)
|
|
2016
|
|
2015
|
||||
Net Sales
|
|
$
|
4,476
|
|
|
$
|
4,691
|
|
Cost of products sold
|
|
2,837
|
|
|
3,032
|
|
||
Gross Profit
|
|
1,639
|
|
|
1,659
|
|
||
Marketing, research and general expenses
|
|
825
|
|
|
849
|
|
||
Other (income) and expense, net
|
|
10
|
|
|
62
|
|
||
Operating Profit
|
|
804
|
|
|
748
|
|
||
Interest income
|
|
4
|
|
|
4
|
|
||
Interest expense
|
|
(76
|
)
|
|
(72
|
)
|
||
Income Before Income Taxes and Equity Interests
|
|
732
|
|
|
680
|
|
||
Provision for income taxes
|
|
(207
|
)
|
|
(230
|
)
|
||
Income Before Equity Interests
|
|
525
|
|
|
450
|
|
||
Share of net income of equity companies
|
|
35
|
|
|
36
|
|
||
Net Income
|
|
560
|
|
|
486
|
|
||
Net income attributable to noncontrolling interests
|
|
(15
|
)
|
|
(18
|
)
|
||
Net Income Attributable to Kimberly-Clark Corporation
|
|
$
|
545
|
|
|
$
|
468
|
|
|
|
|
|
|
||||
Per Share Basis
|
|
|
|
|
||||
Net Income Attributable to Kimberly-Clark Corporation
|
|
|
|
|
||||
Basic
|
|
$
|
1.51
|
|
|
$
|
1.28
|
|
Diluted
|
|
$
|
1.50
|
|
|
$
|
1.27
|
|
|
|
|
|
|
||||
Cash Dividends Declared
|
|
$
|
0.92
|
|
|
$
|
0.88
|
|
|
|
Three Months Ended March 31
|
||||||
(Millions of dollars)
|
|
2016
|
|
2015
|
||||
Net Income
|
|
$
|
560
|
|
|
$
|
486
|
|
Other Comprehensive Income (Loss), Net of Tax
|
|
|
|
|
||||
Unrealized currency translation adjustments
|
|
208
|
|
|
(468
|
)
|
||
Employee postretirement benefits
|
|
(6
|
)
|
|
8
|
|
||
Other
|
|
(19
|
)
|
|
20
|
|
||
Total Other Comprehensive Income (Loss), Net of Tax
|
|
183
|
|
|
(440
|
)
|
||
Comprehensive Income
|
|
743
|
|
|
46
|
|
||
Comprehensive income attributable to noncontrolling interests
|
|
(22
|
)
|
|
(15
|
)
|
||
Comprehensive Income Attributable to Kimberly-Clark Corporation
|
|
$
|
721
|
|
|
$
|
31
|
|
(Millions of dollars)
|
|
March 31,
2016 |
|
December 31, 2015
|
||||
ASSETS
|
|
|
|
|
||||
Current Assets
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
635
|
|
|
$
|
619
|
|
Accounts receivable, net
|
|
2,255
|
|
|
2,281
|
|
||
Inventories
|
|
1,902
|
|
|
1,909
|
|
||
Other current assets
|
|
359
|
|
|
617
|
|
||
Total Current Assets
|
|
5,151
|
|
|
5,426
|
|
||
Property, Plant and Equipment, Net
|
|
7,188
|
|
|
7,104
|
|
||
Investments in Equity Companies
|
|
284
|
|
|
247
|
|
||
Goodwill
|
|
1,498
|
|
|
1,446
|
|
||
Other Assets
|
|
699
|
|
|
619
|
|
||
TOTAL ASSETS
|
|
$
|
14,820
|
|
|
$
|
14,842
|
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
||||
Current Liabilities
|
|
|
|
|
||||
Debt payable within one year
|
|
$
|
999
|
|
|
$
|
1,669
|
|
Trade accounts payable
|
|
2,442
|
|
|
2,612
|
|
||
Accrued expenses
|
|
1,618
|
|
|
1,750
|
|
||
Dividends payable
|
|
332
|
|
|
318
|
|
||
Total Current Liabilities
|
|
5,391
|
|
|
6,349
|
|
||
Long-Term Debt
|
|
6,904
|
|
|
6,106
|
|
||
Noncurrent Employee Benefits
|
|
1,167
|
|
|
1,137
|
|
||
Deferred Income Taxes
|
|
594
|
|
|
766
|
|
||
Other Liabilities
|
|
371
|
|
|
380
|
|
||
Redeemable Preferred Securities of Subsidiaries
|
|
64
|
|
|
64
|
|
||
Stockholders' Equity (Deficit)
|
|
|
|
|
||||
Kimberly-Clark Corporation
|
|
109
|
|
|
(174
|
)
|
||
Noncontrolling Interests
|
|
220
|
|
|
214
|
|
||
Total Stockholders' Equity
|
|
329
|
|
|
40
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
14,820
|
|
|
$
|
14,842
|
|
|
|
Three Months Ended March 31
|
||||||
(Millions of dollars)
|
|
2016
|
|
2015
|
||||
Operating Activities
|
|
|
|
|
||||
Net income
|
|
$
|
560
|
|
|
$
|
486
|
|
Depreciation and amortization
|
|
172
|
|
|
194
|
|
||
Stock-based compensation
|
|
15
|
|
|
15
|
|
||
Deferred income taxes
|
|
(34
|
)
|
|
171
|
|
||
Equity companies' earnings (in excess of) less than dividends paid
|
|
(30
|
)
|
|
(35
|
)
|
||
(Increase) decrease in operating working capital
|
|
(105
|
)
|
|
(446
|
)
|
||
Postretirement benefits
|
|
(16
|
)
|
|
(414
|
)
|
||
Charge related to Venezuelan operations
|
|
—
|
|
|
45
|
|
||
Other
|
|
(9
|
)
|
|
4
|
|
||
Cash Provided by Operations
|
|
553
|
|
|
20
|
|
||
Investing Activities
|
|
|
|
|
||||
Capital spending
|
|
(220
|
)
|
|
(284
|
)
|
||
Investments in time deposits
|
|
(59
|
)
|
|
(46
|
)
|
||
Maturities of time deposits
|
|
42
|
|
|
73
|
|
||
Other
|
|
8
|
|
|
(24
|
)
|
||
Cash Used for Investing
|
|
(229
|
)
|
|
(281
|
)
|
||
Financing Activities
|
|
|
|
|
||||
Cash dividends paid
|
|
(318
|
)
|
|
(310
|
)
|
||
Change in short-term debt
|
|
(675
|
)
|
|
291
|
|
||
Debt proceeds
|
|
796
|
|
|
497
|
|
||
Debt repayments
|
|
(2
|
)
|
|
(4
|
)
|
||
Proceeds from exercise of stock options
|
|
31
|
|
|
41
|
|
||
Acquisitions of common stock for the treasury
|
|
(140
|
)
|
|
(248
|
)
|
||
Shares purchased from noncontrolling interest
|
|
—
|
|
|
(151
|
)
|
||
Other
|
|
(7
|
)
|
|
(12
|
)
|
||
Cash (Used for) Provided by Financing
|
|
(315
|
)
|
|
104
|
|
||
Effect of Exchange Rate Changes on Cash and Cash Equivalents
|
|
7
|
|
|
(45
|
)
|
||
Increase (Decrease) in Cash and Cash Equivalents
|
|
16
|
|
|
(202
|
)
|
||
Cash and Cash Equivalents - Beginning of Year
|
|
619
|
|
|
789
|
|
||
Cash and Cash Equivalents - End of Period
|
|
$
|
635
|
|
|
$
|
587
|
|
|
Fair Value Hierarchy Level
|
|
Carrying Amount
|
|
Estimated Fair Value
|
|
Carrying Amount
|
|
Estimated Fair Value
|
||||||||
|
|
March 31, 2016
|
|
December 31, 2015
|
|||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
(a)
|
1
|
|
$
|
635
|
|
|
$
|
635
|
|
|
$
|
619
|
|
|
$
|
619
|
|
Time deposits and other
(b)
|
1
|
|
135
|
|
|
135
|
|
|
124
|
|
|
124
|
|
||||
Liabilities and redeemable securities of subsidiaries
|
|
|
|
|
|
|
|
|
|
||||||||
Short-term debt
(c)
|
2
|
|
400
|
|
|
400
|
|
|
1,071
|
|
|
1,071
|
|
||||
Long-term debt
(d)
|
2
|
|
7,503
|
|
|
8,267
|
|
|
6,704
|
|
|
7,300
|
|
(a)
|
Cash equivalents are composed of certificates of deposit, time deposits and other interest-bearing investments with original maturity dates of 90 days or less. Cash equivalents are recorded at cost, which approximates fair value.
|
(b)
|
Time deposits are composed of deposits with original maturities of more than 90 days but less than one year and instruments with original maturities of greater than one year, included in other current assets or other assets in the Consolidated Balance Sheet, as appropriate. Other, included in other current assets, is composed of funds held in escrow. Time deposits and other are recorded at cost, which approximates fair value.
|
(c)
|
Short-term debt is composed of U.S. commercial paper and/or other similar short-term debt issued by non-U.S. subsidiaries, all of which are recorded at cost, which approximates fair value.
|
(d)
|
Long-term debt includes the current portion of these debt instruments. Fair values were estimated based on quoted prices for financial instruments for which all significant inputs were observable, either directly or indirectly.
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||
|
Three Months Ended March 31
|
||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Service cost
|
$
|
14
|
|
|
$
|
10
|
|
|
$
|
3
|
|
|
$
|
4
|
|
Interest cost
|
38
|
|
|
64
|
|
|
8
|
|
|
8
|
|
||||
Expected return on plan assets
|
(41
|
)
|
|
(75
|
)
|
|
—
|
|
|
—
|
|
||||
Recognized net actuarial loss
|
13
|
|
|
29
|
|
|
—
|
|
|
—
|
|
||||
Settlements
|
—
|
|
|
9
|
|
|
—
|
|
|
—
|
|
||||
Other
|
(3
|
)
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
||||
Net periodic benefit cost
|
$
|
21
|
|
|
$
|
32
|
|
|
$
|
11
|
|
|
$
|
12
|
|
|
|
Three Months Ended March 31
|
||||
(Millions of shares)
|
|
2016
|
|
2015
|
||
Basic
|
|
360.7
|
|
|
365.2
|
|
Dilutive effect of stock options and restricted share unit awards
|
|
2.7
|
|
|
2.7
|
|
Diluted
|
|
363.4
|
|
|
367.9
|
|
|
|
Stockholders' Equity (Deficit) Attributable to
|
||||||
|
|
The Corporation
|
|
Noncontrolling Interests
|
||||
Balance at December 31, 2015
|
|
$
|
(174
|
)
|
|
$
|
214
|
|
Net Income
|
|
545
|
|
|
14
|
|
||
Other comprehensive income, net of tax
|
|
|
|
|
||||
Unrealized translation
|
|
200
|
|
|
8
|
|
||
Employee postretirement benefits
|
|
(5
|
)
|
|
(1
|
)
|
||
Other
|
|
(19
|
)
|
|
—
|
|
||
Stock-based awards exercised or vested
|
|
30
|
|
|
—
|
|
||
Recognition of stock-based compensation
|
|
15
|
|
|
—
|
|
||
Income tax benefits on stock-based compensation
|
|
9
|
|
|
—
|
|
||
Shares repurchased
|
|
(160
|
)
|
|
—
|
|
||
Dividends declared
|
|
(332
|
)
|
|
(16
|
)
|
||
Other
|
|
—
|
|
|
1
|
|
||
Balance at March 31, 2016
|
|
$
|
109
|
|
|
$
|
220
|
|
|
|
Unrealized Translation
|
|
Defined Benefit Pension Plans
|
|
Other Postretirement Benefit Plans
|
|
Cash Flow Hedges and Other
|
||||||||
Balance as of December 31, 2014
|
|
$
|
(1,335
|
)
|
|
$
|
(1,924
|
)
|
|
$
|
(37
|
)
|
|
$
|
(16
|
)
|
Other comprehensive income (loss) before reclassifications
|
|
(465
|
)
|
|
(8
|
)
|
|
2
|
|
|
37
|
|
||||
(Income) loss reclassified from AOCI
|
|
—
|
|
|
14
|
|
(a)
|
—
|
|
|
(17
|
)
|
||||
Net current period other comprehensive income (loss)
|
|
(465
|
)
|
|
6
|
|
|
2
|
|
|
20
|
|
||||
Shares purchased from noncontrolling interest and other
|
|
(12
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Balance as of March 31, 2015
|
|
$
|
(1,812
|
)
|
|
$
|
(1,918
|
)
|
|
$
|
(35
|
)
|
|
$
|
4
|
|
|
|
|
|
|
|
|
|
|
||||||||
Balance as of December 31, 2015
|
|
$
|
(2,252
|
)
|
|
$
|
(1,013
|
)
|
|
$
|
(3
|
)
|
|
$
|
(10
|
)
|
Other comprehensive income (loss) before reclassifications
|
|
200
|
|
|
(12
|
)
|
|
—
|
|
|
(13
|
)
|
||||
(Income) loss reclassified from AOCI
|
|
—
|
|
|
7
|
|
(a)
|
—
|
|
|
(6
|
)
|
||||
Net current period other comprehensive income (loss)
|
|
200
|
|
|
(5
|
)
|
|
—
|
|
|
(19
|
)
|
||||
Balance as of March 31, 2016
|
|
$
|
(2,052
|
)
|
|
$
|
(1,018
|
)
|
|
$
|
(3
|
)
|
|
$
|
(29
|
)
|
(a)
|
Included in computation of net periodic pension costs (see Note
4
).
|
|
|
Three Months Ended March 31, 2015
|
||
Net income attributable to Kimberly-Clark Corporation
|
|
$
|
468
|
|
Decrease in Kimberly-Clark Corporation's additional paid-in capital for acquisition
|
|
(94
|
)
|
|
Change from net income attribution to Kimberly-Clark Corporation and transfers to noncontrolling interests
|
|
$
|
374
|
|
|
Assets
|
|
Liabilities
|
||||||||||||
|
March 31,
2016 |
|
December 31,
2015 |
|
March 31,
2016 |
|
December 31,
2015 |
||||||||
Foreign currency exchange contracts
|
$
|
67
|
|
|
$
|
56
|
|
|
$
|
40
|
|
|
$
|
27
|
|
Commodity price contracts
|
—
|
|
|
—
|
|
|
13
|
|
|
15
|
|
||||
Total
|
$
|
67
|
|
|
$
|
56
|
|
|
$
|
53
|
|
|
$
|
42
|
|
•
|
Personal Care
brands offer our consumers a trusted partner in caring for themselves and their families by delivering confidence, protection and discretion through a wide variety of innovative solutions and products such as disposable diapers, training and youth pants, swimpants, baby wipes, feminine and incontinence care products, and other related products. Products in this segment are sold under the Huggies, Pull-Ups, Little Swimmers, GoodNites, DryNites, Kotex, U by Kotex, Intimus, Depend, Plenitud, Poise and other brand names.
|
•
|
Consumer Tissue
offers a wide variety of innovative solutions and trusted brands that touch and improve people's lives every day. Products in this segment include facial and bathroom tissue, paper towels, napkins and related products, and are sold under the Kleenex, Scott, Cottonelle, Viva, Andrex, Scottex, Neve and other brand names.
|
•
|
K-C Professional
partners with businesses to create Exceptional Workplaces, helping to make them healthier, safer and more productive through a range of solutions and supporting products such as wipers, tissue, towels, apparel, soaps and sanitizers. Our brands, including Kleenex, Scott, WypAll, Kimtech and Jackson Safety, are well-known for quality and trusted to help people around the world work better.
|
|
|
Three Months Ended March 31
|
|
|
|||||||
|
|
2016
|
|
2015
|
|
Change
|
|||||
NET SALES
|
|
|
|
|
|
|
|||||
Personal Care
|
|
$
|
2,207
|
|
|
$
|
2,308
|
|
|
-4.4
|
%
|
Consumer Tissue
|
|
1,496
|
|
|
1,574
|
|
|
-5.0
|
%
|
||
K-C Professional
|
|
763
|
|
|
795
|
|
|
-4.0
|
%
|
||
Corporate & Other
|
|
10
|
|
|
14
|
|
|
N.M.
|
|
||
TOTAL NET SALES
|
|
$
|
4,476
|
|
|
$
|
4,691
|
|
|
-4.6
|
%
|
|
|
|
|
|
|
|
|||||
OPERATING PROFIT
|
|
|
|
|
|
|
|||||
Personal Care
|
|
$
|
449
|
|
|
$
|
455
|
|
|
-1.3
|
%
|
Consumer Tissue
|
|
280
|
|
|
291
|
|
|
-3.8
|
%
|
||
K-C Professional
|
|
150
|
|
|
134
|
|
|
+11.9
|
%
|
||
Corporate & Other
|
|
(65
|
)
|
|
(70
|
)
|
|
N.M.
|
|
||
Other (income) and expense, net
|
|
10
|
|
|
62
|
|
|
-83.9
|
%
|
||
TOTAL OPERATING PROFIT
|
|
$
|
804
|
|
|
$
|
748
|
|
|
+7.5
|
%
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
(Summary of Inventories by Major Class)
|
|
LIFO
|
|
Non-LIFO
|
|
Total
|
|
LIFO
|
|
Non-LIFO
|
|
Total
|
||||||||||||
Raw materials
|
|
$
|
99
|
|
|
$
|
286
|
|
|
$
|
385
|
|
|
$
|
100
|
|
|
$
|
297
|
|
|
$
|
397
|
|
Work in process
|
|
113
|
|
|
98
|
|
|
211
|
|
|
110
|
|
|
93
|
|
|
203
|
|
||||||
Finished goods
|
|
499
|
|
|
705
|
|
|
1,204
|
|
|
525
|
|
|
689
|
|
|
1,214
|
|
||||||
Supplies and other
|
|
—
|
|
|
283
|
|
|
283
|
|
|
—
|
|
|
278
|
|
|
278
|
|
||||||
|
|
711
|
|
|
1,372
|
|
|
2,083
|
|
|
735
|
|
|
1,357
|
|
|
2,092
|
|
||||||
Excess of FIFO or weighted-average cost over
LIFO cost |
|
(181
|
)
|
|
—
|
|
|
(181
|
)
|
|
(183
|
)
|
|
—
|
|
|
(183
|
)
|
||||||
Total
|
|
$
|
530
|
|
|
$
|
1,372
|
|
|
$
|
1,902
|
|
|
$
|
552
|
|
|
$
|
1,357
|
|
|
$
|
1,909
|
|
|
March 31,
2016 |
|
December 31,
2015 |
||||
Land
|
$
|
166
|
|
|
$
|
164
|
|
Buildings
|
2,583
|
|
|
2,537
|
|
||
Machinery and equipment
|
13,583
|
|
|
13,393
|
|
||
Construction in progress
|
427
|
|
|
453
|
|
||
|
16,759
|
|
|
16,547
|
|
||
Less accumulated depreciation
|
(9,571
|
)
|
|
(9,443
|
)
|
||
Total
|
$
|
7,188
|
|
|
$
|
7,104
|
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
•
|
Overview of
First
Quarter
2016
Results
|
•
|
Results of Operations and Related Information
|
•
|
Liquidity and Capital Resources
|
•
|
Legal Matters
|
•
|
Business Outlook
|
•
|
Pension settlement charges - In 2015, we recorded settlement-related charges from certain actions taken for our U.S. pension plan.
|
•
|
2014 Organization Restructuring - In 2014, we initiated a restructuring plan in order to improve organization efficiency and offset the impact of stranded overhead costs resulting from the spin-off of our health care business. Results in both 2016 and 2015 include charges related to this initiative.
|
•
|
Charge related to Venezuelan Operations - Results in 2015 include a charge for remeasuring the local currency balance sheet in Venezuela.
|
•
|
Net sales of $4.5 billion decreased 5 percent compared to prior year, as changes in foreign currency exchange rates reduced net sales 7 percent. Organic net sales rose 2 percent, including a 5 percent increase in developing and emerging markets.
|
•
|
Operating profit of $804 and net income attributable to Kimberly-Clark Corporation of $545 increased 7 percent and 16 percent, respectively, compared to the prior year. The increases were driven by lower expense in other (income) and expense, net and a lower effective tax rate.
|
•
|
Diluted earnings per share of $1.50 in 2016 increased versus the prior year of $1.27 due to the higher earnings and a lower share count.
|
Selected Financial Results
|
Three Months Ended March 31
|
|||||||||
|
2016
|
|
2015
|
|
Change
2016 vs. 2015
|
|||||
Net Sales
|
$
|
4,476
|
|
|
$
|
4,691
|
|
|
-4.6
|
%
|
Other (income) and expense, net
|
10
|
|
|
62
|
|
|
-83.9
|
%
|
||
Operating Profit
|
804
|
|
|
748
|
|
|
+7.5
|
%
|
||
Provision for income taxes
|
207
|
|
|
230
|
|
|
-10.0
|
%
|
||
Share of net income from equity companies
|
35
|
|
|
36
|
|
|
-2.8
|
%
|
||
Net Income
|
560
|
|
|
486
|
|
|
+15.2
|
%
|
||
Net Income Attributable to Kimberly-Clark Corporation
|
545
|
|
|
468
|
|
|
+16.5
|
%
|
||
Diluted Earnings per Share
|
1.50
|
|
|
1.27
|
|
|
+18.1
|
%
|
|
Three Months Ended March 31
|
||||||
|
2016
|
|
2015
|
||||
Operating Profit, GAAP
|
$
|
804
|
|
|
$
|
748
|
|
Plus adjustments for:
|
|
|
|
||||
2014 Organization Restructuring
|
14
|
|
|
13
|
|
||
Pension Settlements
|
—
|
|
|
9
|
|
||
Charge Related to Venezuelan Operations
|
—
|
|
|
45
|
|
||
Adjusted Operating Profit
|
$
|
818
|
|
|
$
|
815
|
|
Net Sales
|
|
Percent Change
|
|
Adjusted Operating Profit
|
|
Percent Change
|
||
Volume
|
|
2
|
|
|
Volume
|
|
5
|
|
Net Price
|
|
—
|
|
|
Net Price
|
|
1
|
|
Mix/Other
(a)
|
|
—
|
|
|
Input Costs
|
|
4
|
|
Currency
|
|
(7
|
)
|
|
Cost Savings
|
|
12
|
|
Total
|
|
(4.6
|
)
|
|
Currency Translation
|
|
(6
|
)
|
(a)
Mix/Other includes rounding
|
|
|
|
Other
|
|
(16
|
)
|
|
|
|
|
|
Total
|
|
0.4
|
|
|
Three Months Ended March 31
|
||||||
|
2016
|
|
2015
|
||||
Other (income) and expense, net, GAAP
|
$
|
10
|
|
|
$
|
62
|
|
Less adjustments for:
|
|
|
|
||||
Pension Settlements
|
—
|
|
|
9
|
|
||
Charge Related to Venezuelan Operations
|
—
|
|
|
40
|
|
||
Adjusted other (income) and expense, net
|
$
|
10
|
|
|
$
|
13
|
|
|
Three Months Ended March 31
|
||||||
|
2016
|
|
2015
|
||||
Effective Tax Rate, GAAP
|
28.3
|
%
|
|
33.8
|
%
|
||
Provision for income taxes, GAAP
|
$
|
207
|
|
|
$
|
230
|
|
Plus adjustments for:
|
|
|
|
||||
2014 Organization Restructuring
|
4
|
|
|
8
|
|
||
Pension Settlements
|
—
|
|
|
3
|
|
||
Adjusted Provision for income taxes
|
$
|
211
|
|
|
$
|
241
|
|
Adjusted Effective Tax Rate
|
28.3
|
%
|
|
32.3
|
%
|
|
Three Months Ended March 31
|
||||||
|
2016
|
|
2015
|
||||
Net Income Attributable to Kimberly-Clark, GAAP
|
$
|
545
|
|
|
$
|
468
|
|
Plus adjustments (net of tax) for:
|
|
|
|
||||
2014 Organization Restructuring
|
10
|
|
|
5
|
|
||
Pension Settlements
|
—
|
|
|
6
|
|
||
Charge Related to Venezuelan Operations
|
—
|
|
|
45
|
|
||
Adjusted Net Income Attributable to Kimberly-Clark
|
$
|
555
|
|
|
$
|
524
|
|
|
Three Months Ended March 31
|
||||||
|
2016
|
|
2015
|
||||
Diluted Earnings Per Share, GAAP
|
$
|
1.50
|
|
|
$
|
1.27
|
|
Plus adjustments for:
|
|
|
|
||||
2014 Organization Restructuring
|
0.03
|
|
|
0.01
|
|
||
Pension Settlements
|
—
|
|
|
0.02
|
|
||
Charge Related to Venezuelan Operations
|
—
|
|
|
0.12
|
|
||
Adjusted Earnings Per Share
|
$
|
1.53
|
|
|
$
|
1.42
|
|
|
|
Three Months Ended March 31
|
||||||
|
|
2016
|
|
2015
|
||||
NET SALES
|
|
|
|
|
||||
North America
|
|
$
|
2,373
|
|
|
$
|
2,360
|
|
Outside North America
|
|
2,175
|
|
|
2,418
|
|
||
Intergeographic sales
|
|
(72
|
)
|
|
(87
|
)
|
||
TOTAL NET SALES
|
|
$
|
4,476
|
|
|
$
|
4,691
|
|
|
|
|
|
|
||||
OPERATING PROFIT
|
|
|
|
|
||||
North America
|
|
$
|
570
|
|
|
$
|
528
|
|
Outside North America
|
|
309
|
|
|
352
|
|
||
Corporate & Other
(a)
|
|
(65
|
)
|
|
(70
|
)
|
||
Other (income) and expense, net
(a)
|
|
10
|
|
|
62
|
|
||
TOTAL OPERATING PROFIT
|
|
$
|
804
|
|
|
$
|
748
|
|
(a)
|
Corporate & Other and other (income) and expense, net include expenses not associated with the business segments, including charges as indicated in the Non-GAAP Reconciliations.
|
|
|
|
|
Three Months Ended March 31
|
|
|
|
Three Months Ended March 31
|
||||||||||||
|
|
|
|
2016
|
|
2015
|
|
|
|
2016
|
|
2015
|
||||||||
Net Sales
|
|
|
|
$
|
2,207
|
|
|
$
|
2,308
|
|
|
Operating Profit
|
$
|
449
|
|
|
$
|
455
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net Sales
|
|
|
|
Percent Change
|
|
Adjusted Operating Profit
|
|
Percent Change
|
||||||||||||
Volume
|
|
|
|
3
|
|
|
Volume
|
|
8
|
|
||||||||||
Net Price
|
|
|
|
—
|
|
|
Net Price
|
|
(1
|
)
|
||||||||||
Mix/Other
(a)
|
|
|
|
2
|
|
|
Input Costs
|
|
6
|
|
||||||||||
Currency
|
|
|
|
(9
|
)
|
|
Cost Savings
|
|
14
|
|
||||||||||
Total
|
|
|
|
(4.4
|
)
|
|
Currency Translation
|
|
(8
|
)
|
||||||||||
(a)
Mix/Other includes rounding
|
|
|
|
|
|
Other
|
|
(20
|
)
|
|||||||||||
|
|
|
|
|
|
Total
|
|
(1.3
|
)
|
|
|
|
|
Three Months Ended March 31
|
|
|
|
Three Months Ended March 31
|
||||||||||||
|
|
|
|
2016
|
|
2015
|
|
|
|
2016
|
|
2015
|
||||||||
Net Sales
|
|
|
|
$
|
1,496
|
|
|
$
|
1,574
|
|
|
Operating Profit
|
|
$
|
280
|
|
|
$
|
291
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net Sales
|
|
|
|
Percent Change
|
|
Adjusted Operating Profit
|
|
Percent Change
|
||||||||||||
Volume
|
|
|
|
—
|
|
|
Volume
|
|
—
|
|
||||||||||
Net Price
|
|
|
|
1
|
|
|
Net Price
|
|
4
|
|
||||||||||
Mix/Other
(a)
|
|
|
|
(1
|
)
|
|
Input Costs
|
|
1
|
|
||||||||||
Currency
|
|
|
|
(5
|
)
|
|
Cost Savings
|
|
5
|
|
||||||||||
Total
|
|
|
|
(5.0
|
)
|
|
Currency Translation
|
|
(2
|
)
|
||||||||||
(a)
Mix/Other includes rounding
|
|
|
|
Other
|
|
(12
|
)
|
|||||||||||||
|
|
|
|
|
|
Total
|
|
(3.8
|
)
|
|
|
|
|
Three Months Ended March 31
|
|
|
|
Three Months Ended March 31
|
||||||||||||
|
|
|
|
2016
|
|
2015
|
|
|
|
2016
|
|
2015
|
||||||||
Net Sales
|
|
|
|
$
|
763
|
|
|
$
|
795
|
|
|
Operating Profit
|
$
|
150
|
|
|
$
|
134
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net Sales
|
|
|
|
Percent Change
|
|
Adjusted Operating Profit
|
|
Percent Change
|
||||||||||||
Volume
|
|
|
|
1
|
|
|
Volume
|
|
7
|
|
||||||||||
Net Price
|
|
|
|
1
|
|
|
Net Price
|
|
4
|
|
||||||||||
Mix/Other
(a)
|
|
|
|
(1
|
)
|
|
Input Costs
|
|
1
|
|
||||||||||
Currency
|
|
|
|
(5
|
)
|
|
Cost Savings
|
|
9
|
|
||||||||||
Total
|
|
|
|
(4.0
|
)
|
|
Currency Translation
|
|
(5
|
)
|
||||||||||
(a)
Mix/Other includes rounding
|
|
|
|
|
|
Other
|
|
(4
|
)
|
|||||||||||
|
|
|
|
|
|
Total
|
|
11.9
|
|
•
|
Growth in organic net sales is expected to be in the combined 3 to 5 percent range.
|
•
|
We expect negative foreign currency translation effects on net sales and operating profit to be toward the low end of the previously assumed range of 5 to 6 percent. Currency transaction effects are also anticipated to negatively impact operating profit.
|
•
|
Benefits from higher net selling prices are expected to be somewhat lower than prior assumptions as a result of the updated estimates for changes in foreign currency exchange rates and cost inputs.
|
•
|
We anticipate the net impact of changes in commodity costs to be between $0 and $150 of deflation year-on-year compared to the prior range of $50 inflation to $100 of deflation.
|
•
|
We plan to achieve cost savings of at least $350 from our FORCE program, and at least $50 from the 2014 Organization Restructuring.
|
•
|
We anticipate that advertising spending will be similar to, or up slightly, as a percentage of net sales to support targeted growth initiatives, brand building and innovation activities.
|
•
|
We expect the adjusted effective tax rate to be between 30.5 and 32.5 percent.
|
•
|
Our share of net income from equity companies is expected to be similar to, or down somewhat, compared to 2015. The prior assumption was for net income to be similar to, or up somewhat, compared to 2015. The update assumes more negative currency effects at K-C de Mexico.
|
•
|
We anticipate capital spending will be between $950 and $1,050 and share repurchases of $600 to $900, subject to market conditions.
|
Item 4.
|
Controls and Procedures
|
Period (2016)
|
|
Total Number
of Shares
Purchased
(a)
|
|
Average
Price Paid
Per Share
|
|
Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs
|
|
Maximum Number
of Shares That May
Yet Be Purchased
Under the Plans or
Programs
|
January 1 to January 31
|
|
103,000
|
|
$125.97
|
|
3,836,811
|
|
36,163,189
|
February 1 to February 29
|
|
503,000
|
|
129.78
|
|
4,339,811
|
|
35,660,189
|
March 1 to March 31
|
|
537,000
|
|
133.46
|
|
4,876,811
|
|
35,123,189
|
Total
|
|
1,143,000
|
|
|
|
|
|
|
(a)
|
Share repurchases were made pursuant to a share repurchase program authorized by our Board of Directors on November 13, 2014. This program allows for the repurchase of 40 million shares in an amount not to exceed $5 billion.
|
(a)
|
Exhibits
|
|
|
|
KIMBERLY-CLARK CORPORATION
|
||
(Registrant)
|
||
|
|
|
By:
|
|
/s/ Maria Henry
|
|
|
Maria Henry
|
|
|
Senior Vice President and
|
|
|
Chief Financial Officer
|
|
|
(principal financial officer)
|
|
|
|
By:
|
|
/s/ Michael T. Azbell
|
|
|
Michael T. Azbell
|
|
|
Vice President and Controller
|
|
|
(principal accounting officer)
|
|
|
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Exhibit No.
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Description
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(3)a.
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Amended and Restated Certificate of Incorporation, dated April 30, 2009, incorporated by reference to Exhibit No. (3)a of the Corporation's Current Report on Form 8-K dated May 1, 2009.
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(3)b.
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By-Laws, as amended December 14, 2015, incorporated by reference to Exhibit No. (3)b of the Corporation's Current Report on Form 8-K dated December 14, 2015.
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(4).
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Copies of instruments defining the rights of holders of long-term debt will be furnished to the Securities and Exchange Commission on request.
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(10)q.
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Form of Award Agreement under 2011 Equity Participation Plan for Performance Restricted Stock Units, filed herewith.
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(31)a.
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Certification of Chief Executive Officer required by Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), filed herewith.
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(31)b.
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Certification of Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a) of the Exchange Act, filed herewith.
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(32)a.
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Certification of Chief Executive Officer required by Rule 13a-14(b) or Rule 15d-14(b) of the Exchange Act and Section 1350 of Chapter 63 of Title 18 of the United States Code, furnished herewith.
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(32)b.
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Certification of Chief Financial Officer required by Rule 13a-14(b) or Rule 15d-14(b) of the Exchange Act and Section 1350 of Chapter 63 of Title 18 of the United States Code, furnished herewith.
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(101).INS
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XBRL Instance Document
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(101).SCH
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XBRL Taxonomy Extension Schema Document
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(101).CAL
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XBRL Taxonomy Extension Calculation Linkbase Document
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(101).DEF
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XBRL Taxonomy Extension Definition Linkbase Document
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(101).LAB
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XBRL Taxonomy Extension Label Linkbase Document
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(101).PRE
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XBRL Taxonomy Extension Presentation Linkbase Document
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