Delaware | 39-0394230 | |||||||
(State or other jurisdiction of incorporation) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock-$1.25 par value | KMB | New York Stock Exchange | ||||||
0.625% Notes due 2024 | KMB24 | New York Stock Exchange |
Large accelerated filer
|
☒
|
Accelerated filer | ☐ | Emerging growth company | ☐ | ||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
Page | ||||||||
Part I | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 1B. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Information About Our Executive Officers
|
||||||||
Part II | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Item 7. | ||||||||
Item 7A. | ||||||||
Item 8. | ||||||||
Item 9. | ||||||||
Item 9A. | ||||||||
Item 9B. | ||||||||
Part III | ||||||||
Item 10. | ||||||||
Item 11. | ||||||||
Item 12. | ||||||||
Item 13. | ||||||||
Item 14. | ||||||||
Part IV | ||||||||
Item 15. | ||||||||
Item 16. | ||||||||
KIMBERLY-CLARK CORPORATION - 2020 Annual Report
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PART I |
1
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
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2
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3
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4
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5
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6
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Geographic Area:
|
Number of
Facilities |
||||
North America (in 14 states in the U.S.) | 30 | ||||
Outside North America | 54 | ||||
Total (in 34 countries)
|
84 |
7
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
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PART II |
Period (2020) |
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 |
||||||||||||||||||||||
October 1 to October 31 | 608,048 | $ | 145.78 | 34,181,776 | 5,818,224 | |||||||||||||||||||||
November 1 to November 30 | 570,400 | 138.69 | 34,752,176 | 5,247,824 | ||||||||||||||||||||||
December 1 to December 31 | 554,300 | 135.86 | 35,306,476 | 4,693,524 | ||||||||||||||||||||||
Total
|
1,732,748 |
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
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Year Ended December 31 | |||||||||||||||||||||||||||||
2020(a)
|
2019(b)
|
2018(c)
|
2017(d)
|
2016(e)
|
|||||||||||||||||||||||||
Net Sales | $ | 19,140 | $ | 18,450 | $ | 18,486 | $ | 18,348 | $ | 18,287 | |||||||||||||||||||
Gross Profit | 6,822 | 6,035 | 5,597 | 6,587 | 6,691 | ||||||||||||||||||||||||
Operating Profit | 3,244 | 2,991 | 2,229 | 3,358 | 3,383 | ||||||||||||||||||||||||
Share of Net Income of Equity Companies | 142 | 123 | 103 | 104 | 132 | ||||||||||||||||||||||||
Net Income | 2,396 | 2,197 | 1,445 | 2,319 | 2,219 | ||||||||||||||||||||||||
Net Income Attributable to Noncontrolling Interests
|
(44) | (40) | (35) | (41) | (53) | ||||||||||||||||||||||||
Net Income Attributable to Kimberly-Clark Corporation
|
2,352 | 2,157 | 1,410 | 2,278 | 2,166 | ||||||||||||||||||||||||
Per Share Basis | |||||||||||||||||||||||||||||
Basic | 6.90 | 6.28 | 4.05 | 6.44 | 6.03 | ||||||||||||||||||||||||
Diluted | 6.87 | 6.24 | 4.03 | 6.40 | 5.99 | ||||||||||||||||||||||||
Cash Dividends Per Share | |||||||||||||||||||||||||||||
Declared | 4.28 | 4.12 | 4.00 | 3.88 | 3.68 | ||||||||||||||||||||||||
Paid | 4.24 | 4.09 | 3.97 | 3.83 | 3.64 | ||||||||||||||||||||||||
Total Assets | 17,523 | 15,283 | 14,518 | 15,151 | 14,602 | ||||||||||||||||||||||||
Long-Term Debt | 7,878 | 6,213 | 6,247 | 6,472 | 6,439 | ||||||||||||||||||||||||
Total Stockholders' Equity | 869 | 194 | (46) | 882 | 117 |
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14
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Selected Financial Results | Year Ended December 31 | ||||||||||||||||||||||||||||
2020 | 2019 |
Change
2020 vs. 2019 |
|||||||||||||||||||||||||||
Net Sales: | |||||||||||||||||||||||||||||
North America | $ | 10,394 | $ | 9,735 | +7 | % | |||||||||||||||||||||||
Outside North America | 9,018 | 8,981 | — | ||||||||||||||||||||||||||
Intergeographic sales | (272) | (266) | +2 | % | |||||||||||||||||||||||||
Total Net Sales | 19,140 | 18,450 | +4 | % | |||||||||||||||||||||||||
Operating Profit: | |||||||||||||||||||||||||||||
North America | 2,689 | 2,441 | +10 | % | |||||||||||||||||||||||||
Outside North America | 1,221 | 1,127 | +8 | % | |||||||||||||||||||||||||
Corporate & Other(a)
|
(720) | (787) | N.M. | ||||||||||||||||||||||||||
Other (income) and expense, net(a)
|
(54) | (210) | -74 | % | |||||||||||||||||||||||||
Total Operating Profit | 3,244 | 2,991 | +8 | % | |||||||||||||||||||||||||
Provision for income taxes | (676) | (576) | +17 | % | |||||||||||||||||||||||||
Share of net income of equity companies | 142 | 123 | +15 | % | |||||||||||||||||||||||||
Net Income Attributable to Kimberly-Clark Corporation | 2,352 | 2,157 | +9 | % | |||||||||||||||||||||||||
Diluted Earnings per Share | 6.87 | 6.24 | +10 | % |
Twelve Months Ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
As
Reported |
2018 Global Restructuring Program | Softex Indonesia Acquisition-Related Costs | Brazil Business Tax Credits |
As
Adjusted Non-GAAP |
||||||||||||||||||||||||||||||||||
Cost of products sold | $ | 12,318 | $ | 283 | $ | — | $ | — | $ | 12,035 | ||||||||||||||||||||||||||||
Gross Profit | 6,822 | (283) | — | — | 7,105 | |||||||||||||||||||||||||||||||||
Marketing, research and general expenses | 3,632 | 109 | 32 | — | 3,491 | |||||||||||||||||||||||||||||||||
Other (income) and expense, net | (54) | (9) | — | (77) | 32 | |||||||||||||||||||||||||||||||||
Operating Profit | 3,244 | (383) | (32) | 77 | 3,582 | |||||||||||||||||||||||||||||||||
Nonoperating expense
|
(70) | (36) | — | — | (34) | |||||||||||||||||||||||||||||||||
Provision for income taxes | (676) | 94 | 5 | (26) | (749) | |||||||||||||||||||||||||||||||||
Effective tax rate | 23.1 | % | — | — | — | 22.7 | % | |||||||||||||||||||||||||||||||
Share of net income of equity companies | 142 | (1) | — | — | 143 | |||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (44) | 3 | — | — | (47) | |||||||||||||||||||||||||||||||||
Net Income Attributable to Kimberly-Clark Corporation
|
2,352 | (323) | (27) | 51 | 2,651 | |||||||||||||||||||||||||||||||||
Diluted Earnings per Share(a)
|
6.87 | (0.94) | (0.08) | 0.15 | 7.74 |
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Twelve Months Ended December 31, 2019 | ||||||||||||||||||||||||||
As
Reported |
2018 Global Restructuring Program | Property Sale Gain |
As
Adjusted Non-GAAP |
|||||||||||||||||||||||
Cost of products sold | $ | 12,415 | $ | 416 | $ | — | $ | 11,999 | ||||||||||||||||||
Gross profit | 6,035 | (416) | — | 6,451 | ||||||||||||||||||||||
Marketing, research and general expenses | 3,254 | 99 | — | 3,155 | ||||||||||||||||||||||
Other (income) and expense, net | (210) | (194) | (31) | 15 | ||||||||||||||||||||||
Operating profit | 2,991 | (321) | 31 | 3,281 | ||||||||||||||||||||||
Nonoperating expense | (91) | (45) | — | (46) | ||||||||||||||||||||||
Provision for income taxes | (576) | 118 | (7) | (687) | ||||||||||||||||||||||
Effective tax rate | 21.7 | % | — | — | 23.0 | % | ||||||||||||||||||||
Share of net income of equity companies | 123 | (2) | — | 125 | ||||||||||||||||||||||
Net income attributable to noncontrolling interests | (40) | 2 | — | (42) | ||||||||||||||||||||||
Net income attributable to Kimberly-Clark Corporation | 2,157 | (248) | 24 | 2,381 | ||||||||||||||||||||||
Diluted Earnings per Share(a)
|
6.24 | (0.72) | 0.07 | 6.89 |
Net Sales | Percent Change | Adjusted Operating Profit | Percent Change | |||||||||||||||||||||||||||||
2020 vs. 2019 | 2020 vs. 2019 | |||||||||||||||||||||||||||||||
Volume | 4 | Volume | 8 | |||||||||||||||||||||||||||||
Net Price | 1 | Net Price | 8 | |||||||||||||||||||||||||||||
Mix/Other | 1 | Input Costs | 5 | |||||||||||||||||||||||||||||
Currency | (2) |
Cost Savings(c)
|
17 | |||||||||||||||||||||||||||||
Total(a)
|
4 | Currency Translation | (1) | |||||||||||||||||||||||||||||
Other(d)
|
(28) | |||||||||||||||||||||||||||||||
Organic(b)
|
6 | Total | 9 |
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
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2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||
Net Sales | $ | 9,339 | $ | 9,108 | Operating Profit | $ | 1,933 | $ | 1,904 |
Net Sales | Percent Change | Operating Profit | Percent Change | |||||||||||||||||||||||||||||
2020 vs. 2019 | 2020 vs. 2019 | |||||||||||||||||||||||||||||||
Volume | 4 | Volume | 7 | |||||||||||||||||||||||||||||
Net Price | — | Net Price | 2 | |||||||||||||||||||||||||||||
Mix/Other | 1 | Input Costs | 2 | |||||||||||||||||||||||||||||
Acquisition | 1 |
Cost Savings(c)
|
15 | |||||||||||||||||||||||||||||
Currency | (4) | Currency Translation | (2) | |||||||||||||||||||||||||||||
Total(a)
|
3 |
Other(d)
|
(22) | |||||||||||||||||||||||||||||
Organic(b)
|
5 | Total | 2 |
17
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
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2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||
Net Sales | $ | 6,718 | $ | 5,993 | Operating Profit | $ | 1,448 | $ | 1,007 |
Net Sales | Percent Change | Operating Profit | Percent Change | |||||||||||||||||||||||||||||
2020 vs. 2019 | 2020 vs. 2019 | |||||||||||||||||||||||||||||||
Volume | 12 | Volume | 27 | |||||||||||||||||||||||||||||
Net Price | 2 | Net Price | 12 | |||||||||||||||||||||||||||||
Mix/Other | (1) | Input Costs | 13 | |||||||||||||||||||||||||||||
Currency | (1) |
Cost Savings(c)
|
20 | |||||||||||||||||||||||||||||
Total(a)
|
12 | Currency Translation | — | |||||||||||||||||||||||||||||
Other(d)
|
(28) | |||||||||||||||||||||||||||||||
Organic(b)
|
13 | Total | 44 |
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
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2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||
Net Sales | $ | 3,019 | $ | 3,292 | Operating Profit | $ | 528 | $ | 657 |
Net Sales | Percent Change | Operating Profit | Percent Change | |||||||||||||||||||||||||||||
2020 vs. 2019 | 2020 vs. 2019 | |||||||||||||||||||||||||||||||
Volume | (11) | Volume | (21) | |||||||||||||||||||||||||||||
Net Price | 3 | Net Price | 13 | |||||||||||||||||||||||||||||
Mix/Other | 2 | Input Costs | — | |||||||||||||||||||||||||||||
Currency | (1) |
Cost Savings(c)
|
13 | |||||||||||||||||||||||||||||
Total(a)
|
(8) | Currency Translation | (1) | |||||||||||||||||||||||||||||
Other(d)
|
(24) | |||||||||||||||||||||||||||||||
Organic(b)
|
(7) | Total | (20) |
19
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
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2020(a)
|
2019(a)
|
||||||||||||||||||||||||||||||||||||||||||||||
Fourth | Third | Second | First | Fourth | Third | Second | First | ||||||||||||||||||||||||||||||||||||||||
Net Sales | $ | 4,836 | $ | 4,683 | $ | 4,612 | $ | 5,009 | $ | 4,583 | $ | 4,640 | $ | 4,594 | $ | 4,633 | |||||||||||||||||||||||||||||||
Gross Profit | 1,664 | 1,590 | 1,777 | 1,791 | 1,566 | 1,555 | 1,486 | 1,428 | |||||||||||||||||||||||||||||||||||||||
Operating Profit | 749 | 666 | 925 | 904 | 751 | 915 | 670 | 655 | |||||||||||||||||||||||||||||||||||||||
Net Income
|
546 | 483 | 692 | 675 | 556 | 680 | 495 | 466 | |||||||||||||||||||||||||||||||||||||||
Net Income Attributable to Kimberly-Clark Corporation
|
539 | 472 | 681 | 660 | 547 | 671 | 485 | 454 | |||||||||||||||||||||||||||||||||||||||
Per Share Basis-Diluted | 1.58 | 1.38 | 1.99 | 1.92 | 1.59 | 1.94 | 1.40 | 1.31 |
Total | 2021 | 2022 | 2023 | 2024 | 2025 | 2026+ | |||||||||||||||||||||||||||||||||||
Long-term debt | $ | 8,156 | $ | 265 | $ | 314 | $ | 475 | $ | 618 | $ | 557 | $ | 5,927 | |||||||||||||||||||||||||||
Interest payments on long-term debt
|
3,507 | 257 | 249 | 243 | 237 | 224 | 2,297 | ||||||||||||||||||||||||||||||||||
Operating lease liabilities | 603 | 148 | 126 | 100 | 76 | 63 | 90 | ||||||||||||||||||||||||||||||||||
Unconditional purchase obligations | 3,487 | 1,422 | 1,010 | 622 | 103 | 108 | 222 | ||||||||||||||||||||||||||||||||||
Open purchase orders | 2,626 | 2,514 | 101 | 10 | 1 | — | — | ||||||||||||||||||||||||||||||||||
Total contractual obligations
|
$ | 18,379 | $ | 4,606 | $ | 1,800 | $ | 1,450 | $ | 1,035 | $ | 952 | $ | 8,536 |
20
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
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23
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24
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
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25
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
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26
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
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Year Ended December 31 | ||||||||||||||||||||
(Millions of dollars, except per share amounts) | 2020 | 2019 | 2018 | |||||||||||||||||
Net Sales | $ | 19,140 | $ | 18,450 | $ | 18,486 | ||||||||||||||
Cost of products sold | 12,318 | 12,415 | 12,889 | |||||||||||||||||
Gross Profit | 6,822 | 6,035 | 5,597 | |||||||||||||||||
Marketing, research and general expenses | 3,632 | 3,254 | 3,367 | |||||||||||||||||
Other (income) and expense, net | (54) | (210) | 1 | |||||||||||||||||
Operating Profit | 3,244 | 2,991 | 2,229 | |||||||||||||||||
Nonoperating expense | (70) | (91) | (163) | |||||||||||||||||
Interest income | 8 | 11 | 10 | |||||||||||||||||
Interest expense | (252) | (261) | (263) | |||||||||||||||||
Income Before Income Taxes and Equity Interests
|
2,930 | 2,650 | 1,813 | |||||||||||||||||
Provision for income taxes | (676) | (576) | (471) | |||||||||||||||||
Income Before Equity Interests | 2,254 | 2,074 | 1,342 | |||||||||||||||||
Share of net income of equity companies | 142 | 123 | 103 | |||||||||||||||||
Net Income | 2,396 | 2,197 | 1,445 | |||||||||||||||||
Net income attributable to noncontrolling interests | (44) | (40) | (35) | |||||||||||||||||
Net Income Attributable to Kimberly-Clark Corporation | $ | 2,352 | $ | 2,157 | $ | 1,410 | ||||||||||||||
Per Share Basis | ||||||||||||||||||||
Net Income Attributable to Kimberly-Clark Corporation
|
||||||||||||||||||||
Basic | $ | 6.90 | $ | 6.28 | $ | 4.05 | ||||||||||||||
Diluted | $ | 6.87 | $ | 6.24 | $ | 4.03 | ||||||||||||||
27
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
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Year Ended December 31 | ||||||||||||||||||||
(Millions of dollars) | 2020 | 2019 | 2018 | |||||||||||||||||
Net Income | $ | 2,396 | $ | 2,197 | $ | 1,445 | ||||||||||||||
Other Comprehensive Income (Loss), Net of Tax | ||||||||||||||||||||
Unrealized currency translation adjustments | 129 | 19 | (428) | |||||||||||||||||
Employee postretirement benefits | 37 | 12 | 140 | |||||||||||||||||
Other | (34) | (34) | 51 | |||||||||||||||||
Total Other Comprehensive Income (Loss), Net of Tax | 132 | (3) | (237) | |||||||||||||||||
Comprehensive Income | 2,528 | 2,194 | 1,208 | |||||||||||||||||
Comprehensive income attributable to noncontrolling interests | (55) | (31) | (22) | |||||||||||||||||
Comprehensive Income Attributable to Kimberly-Clark Corporation | $ | 2,473 | $ | 2,163 | $ | 1,186 |
28
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
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December 31 | ||||||||||||||
(Millions of dollars) | 2020 | 2019 | ||||||||||||
ASSETS | ||||||||||||||
Current Assets | ||||||||||||||
Cash and cash equivalents | $ | 303 | $ | 442 | ||||||||||
Accounts receivable, net | 2,235 | 2,263 | ||||||||||||
Inventories | 1,903 | 1,790 | ||||||||||||
Other current assets | 733 | 562 | ||||||||||||
Total Current Assets | 5,174 | 5,057 | ||||||||||||
Property, Plant and Equipment, Net | 8,042 | 7,450 | ||||||||||||
Investments in Equity Companies | 300 | 268 | ||||||||||||
Goodwill | 1,895 | 1,467 | ||||||||||||
Other Intangible Assets, Net | 832 | 29 | ||||||||||||
Other Assets | 1,280 | 1,012 | ||||||||||||
TOTAL ASSETS | $ | 17,523 | $ | 15,283 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||
Current Liabilities | ||||||||||||||
Debt payable within one year | $ | 486 | $ | 1,534 | ||||||||||
Trade accounts payable | 3,336 | 3,055 | ||||||||||||
Accrued expenses and other current liabilities | 2,262 | 1,978 | ||||||||||||
Dividends payable | 359 | 352 | ||||||||||||
Total Current Liabilities | 6,443 | 6,919 | ||||||||||||
Long-Term Debt | 7,878 | 6,213 | ||||||||||||
Noncurrent Employee Benefits | 864 | 897 | ||||||||||||
Deferred Income Taxes | 723 | 511 | ||||||||||||
Other Liabilities | 718 | 520 | ||||||||||||
Redeemable Preferred Securities of Subsidiaries | 28 | 29 | ||||||||||||
Stockholders' Equity | ||||||||||||||
Kimberly-Clark Corporation | ||||||||||||||
Preferred stock - no par value - authorized 20.0 million shares, none issued | — | — | ||||||||||||
Common stock - $1.25 par value - authorized 1.2 billion shares;
issued 378.6 million shares at December 31, 2020 and 2019 |
473 | 473 | ||||||||||||
Additional paid-in capital | 657 | 556 | ||||||||||||
Common stock held in treasury, at cost - 39.9 and 37.1 million
shares at December 31, 2020 and 2019, respectively |
(4,899) | (4,454) | ||||||||||||
Retained earnings | 7,567 | 6,686 | ||||||||||||
Accumulated other comprehensive income (loss) | (3,172) | (3,294) | ||||||||||||
Total Kimberly-Clark Corporation Stockholders' Equity | 626 | (33) | ||||||||||||
Noncontrolling Interests | 243 | 227 | ||||||||||||
Total Stockholders' Equity | 869 | 194 | ||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 17,523 | $ | 15,283 |
29
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
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(Millions of dollars, shares in thousands, except per share amounts) |
Common Stock
Issued |
Additional
Paid-in Capital |
Treasury Stock |
Retained
Earnings |
Accumulated
Other Comprehensive Income (Loss) |
Non-
controlling Interests |
Total Stockholders'
Equity |
|||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2017 | 378,597 | $ | 473 | $ | 594 | 27,491 | $ | (3,288) | $ | 5,769 | $ | (2,919) | $ | 253 | $ | 882 | ||||||||||||||||||||||||||||||||||||||||
Net income in stockholders' equity, excludes redeemable interests' share
|
— | — | — | — | — | 1,410 | — | 31 | 1,441 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax, excludes redeemable interests' share
|
— | — | — | — | — | — | (224) | (12) | (236) | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based awards exercised or vested
|
— | — | (90) | (1,351) | 152 | — | — | — | 62 | |||||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | — | — | — | 7,495 | (820) | — | — | — | (820) | |||||||||||||||||||||||||||||||||||||||||||||||
Recognition of stock-based compensation
|
— | — | 39 | — | — | — | — | — | 39 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($4.00 per share)
|
— | — | — | — | — | (1,391) | — | (32) | (1,423) | |||||||||||||||||||||||||||||||||||||||||||||||
Other
|
— | — | 5 | — | — | 159 | (156) | 1 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018
|
378,597 | 473 | 548 | 33,635 | (3,956) | 5,947 | (3,299) | 241 | (46) | |||||||||||||||||||||||||||||||||||||||||||||||
Net income in stockholders' equity, excludes redeemable interests' share
|
— | — | — | — | — | 2,157 | — | 37 | 2,194 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax, excludes redeemable interests' share
|
— | — | — | — | — | — | 6 | (10) | (4) | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based awards exercised or vested
|
— | — | (93) | (2,817) | 322 | — | — | — | 229 | |||||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | — | — | — | 6,331 | (820) | — | — | — | (820) | |||||||||||||||||||||||||||||||||||||||||||||||
Recognition of stock-based compensation
|
— | — | 94 | — | — | — | — | — | 94 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($4.12 per share)
|
— | — | — | — | — | (1,415) | — | (42) | (1,457) | |||||||||||||||||||||||||||||||||||||||||||||||
Other
|
— | — | 7 | — | — | (3) | (1) | 1 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019
|
378,597 | 473 | 556 | 37,149 | (4,454) | 6,686 | (3,294) | 227 | 194 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income in stockholders' equity, excludes redeemable interests' share
|
— | — | — | — | — | 2,352 | — | 41 | 2,393 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax, excludes redeemable interests' share
|
— | — | — | — | — | — | 121 | 12 | 133 | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based awards exercised or vested
|
— | — | (55) | (2,339) | 271 | — | — | — | 216 | |||||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | — | — | — | 5,063 | (716) | — | — | — | (716) | |||||||||||||||||||||||||||||||||||||||||||||||
Recognition of stock-based compensation
|
— | — | 142 | — | — | — | — | — | 142 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($4.28 per share)
|
— | — | — | — | — | (1,458) | — | (36) | (1,494) | |||||||||||||||||||||||||||||||||||||||||||||||
Other
|
— | — | 14 | — | — | (13) | 1 | (1) | 1 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020
|
378,597 | $ | 473 | $ | 657 | 39,873 | $ | (4,899) | $ | 7,567 | $ | (3,172) | $ | 243 | $ | 869 |
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
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Year Ended December 31 | ||||||||||||||||||||
(Millions of dollars) | 2020 | 2019 | 2018 | |||||||||||||||||
Operating Activities | ||||||||||||||||||||
Net income | $ | 2,396 | $ | 2,197 | $ | 1,445 | ||||||||||||||
Depreciation and amortization | 796 | 917 | 882 | |||||||||||||||||
Asset impairments | 17 | — | 74 | |||||||||||||||||
Stock-based compensation | 147 | 96 | 41 | |||||||||||||||||
Deferred income taxes | 45 | 29 | 2 | |||||||||||||||||
Net (gains) losses on asset dispositions | 68 | (193) | 52 | |||||||||||||||||
Equity companies' earnings (in excess of) less than dividends paid | (30) | (6) | 18 | |||||||||||||||||
Operating working capital | 363 | (288) | 389 | |||||||||||||||||
Postretirement benefits | (28) | 13 | (25) | |||||||||||||||||
Other | (45) | (29) | 92 | |||||||||||||||||
Cash Provided by Operations | 3,729 | 2,736 | 2,970 | |||||||||||||||||
Investing Activities | ||||||||||||||||||||
Capital spending | (1,217) | (1,209) | (877) | |||||||||||||||||
Acquisition, net of cash acquired | (1,083) | (4) | — | |||||||||||||||||
Proceeds from dispositions of property | 31 | 242 | 51 | |||||||||||||||||
Investments in time deposits | (753) | (568) | (353) | |||||||||||||||||
Maturities of time deposits | 690 | 542 | 272 | |||||||||||||||||
Other | 27 | (45) | 5 | |||||||||||||||||
Cash Used for Investing | (2,305) | (1,042) | (902) | |||||||||||||||||
Financing Activities | ||||||||||||||||||||
Cash dividends paid | (1,451) | (1,408) | (1,386) | |||||||||||||||||
Change in short-term debt | (561) | 303 | (34) | |||||||||||||||||
Debt proceeds | 1,845 | 706 | 507 | |||||||||||||||||
Debt repayments | (854) | (707) | (407) | |||||||||||||||||
Proceeds from exercise of stock options | 217 | 228 | 62 | |||||||||||||||||
Acquisitions of common stock for the treasury | (700) | (800) | (800) | |||||||||||||||||
Other | (63) | (114) | (57) | |||||||||||||||||
Cash Used for Financing | (1,567) | (1,792) | (2,115) | |||||||||||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 4 | 1 | (30) | |||||||||||||||||
Change in Cash and Cash Equivalents | (139) | (97) | (77) | |||||||||||||||||
Cash and Cash Equivalents - Beginning of Year | 442 | 539 | 616 | |||||||||||||||||
Cash and Cash Equivalents - End of Year | $ | 303 | $ | 442 | $ | 539 |
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
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Year Ended December 31 | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Cost of products sold: | |||||||||||||||||
Charges for workforce reductions | $ | 10 | $ | 31 | $ | 149 | |||||||||||
Asset impairments | 17 | — | 74 | ||||||||||||||
Asset write-offs | 63 | 54 | 112 | ||||||||||||||
Incremental depreciation | 94 | 235 | 172 | ||||||||||||||
Other exit costs | 99 | 96 | 34 | ||||||||||||||
Total | 283 | 416 | 541 | ||||||||||||||
Marketing, research and general expenses: | |||||||||||||||||
Charges for workforce reductions | 13 | (12) | 243 | ||||||||||||||
Other exit costs | 96 | 111 | 137 | ||||||||||||||
Total | 109 | 99 | 380 | ||||||||||||||
Other (income) and expense, net(a)
|
(9) | (194) | (12) | ||||||||||||||
Nonoperating expense(b)
|
36 | 45 | 127 | ||||||||||||||
Total charges | 419 | 366 | 1,036 | ||||||||||||||
Provision for income taxes | (94) | (118) | (243) | ||||||||||||||
Net charges | 325 | 248 | 793 | ||||||||||||||
Net impact related to equity companies and
noncontrolling interests |
(2) | — | (10) | ||||||||||||||
Net charges attributable to Kimberly-Clark
Corporation |
$ | 323 | $ | 248 | $ | 783 |
2020 | 2019 | |||||||||||||
Restructuring liabilities at January 1 | $ | 132 | $ | 210 | ||||||||||
Charges for workforce reductions and other cash exit costs | 210 | 221 | ||||||||||||
Cash payments | (249) | (302) | ||||||||||||
Currency and other | — | 3 | ||||||||||||
Restructuring liabilities at December 31 | $ | 93 | $ | 132 |
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
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Cash and cash equivalents | $ | 9 | ||||||
Accounts receivables, net | 97 | |||||||
Inventories | 42 | |||||||
Other current assets | 12 | |||||||
Goodwill | 390 | |||||||
Other Intangible Assets | 757 | |||||||
Property, Plant and Equipment, Net | 196 | |||||||
Other assets | 2 | |||||||
Accrued expenses and other current liabilities | (109) | |||||||
Deferred income taxes | (152) | |||||||
Other liabilities | (139) | |||||||
Fair value of net assets acquired | $ | 1,105 |
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
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Fair Value Hierarchy Level |
Carrying
Amount |
Estimated
Fair Value |
Carrying
Amount |
Estimated
Fair Value |
|||||||||||||||||||||||||
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and cash equivalents(a)
|
1 | $ | 303 | $ | 303 | $ | 442 | $ | 442 | ||||||||||||||||||||
Time deposits(b)
|
1 | 364 | 364 | 275 | 275 | ||||||||||||||||||||||||
Liabilities
|
|||||||||||||||||||||||||||||
Short-term debt(c)
|
2 | 223 | 223 | 775 | 775 | ||||||||||||||||||||||||
Long-term debt(d)
|
2 | 8,141 | 9,627 | 6,972 | 7,877 |
Weighted-
Average Interest Rate |
Maturities | December 31 | |||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Notes and debentures | 3.3% | 2021 - 2050 | $ | 7,897 | $ | 6,749 | |||||||||||||||||
Industrial development revenue bonds | 0.6% | 2023 - 2045 | 169 | 169 | |||||||||||||||||||
Bank loans and other financings in various currencies | 6.3% | 2021 - 2039 | 75 | 54 | |||||||||||||||||||
Total long-term debt | 8,141 | 6,972 | |||||||||||||||||||||
Less current portion | 263 | 759 | |||||||||||||||||||||
Long-term portion | $ | 7,878 | $ | 6,213 |
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Year Ended December 31 | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Dividend yield | 3.3 | % | 3.3 | % | 3.9 | % | |||||||||||
Volatility | 21.9 | % | 17.0 | % | 20.8 | % | |||||||||||
Risk-free interest rate | 0.3 | % | 2.3 | % | 2.8 | % | |||||||||||
Expected life - years | 4.5 | 4.6 | 4.6 |
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
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December 31, 2020 |
Weighted-Average
Service Years |
||||||||||
Stock options | $ | 15 | 1.3 | ||||||||
Restricted shares and time-vested restricted share units | 12 | 1.5 | |||||||||
Performance-based restricted share units | 82 | 1.8 |
Stock Options |
Shares
(in thousands) |
Weighted-Average
Exercise Price |
Weighted-Average
Remaining Contractual Term |
Aggregate Intrinsic
Value |
|||||||||||||||||||
Outstanding at January 1, 2020 | 5,892 | $ | 115.26 | ||||||||||||||||||||
Granted | 1,568 | 139.18 | |||||||||||||||||||||
Exercised | (1,909) | 113.58 | |||||||||||||||||||||
Forfeited or expired | (160) | 124.97 | |||||||||||||||||||||
Outstanding at December 31, 2020 | 5,391 | 123.14 | 7.75 | $ | 70 | ||||||||||||||||||
Exercisable at December 31, 2020 | 2,813 | 116.94 | 5.34 | $ | 50 |
Time-Vested
Restricted Share Units |
Performance-Based
Restricted Share Units |
||||||||||||||||||||||
Other Stock-Based Awards |
Shares
(in thousands) |
Weighted-
Average Grant-Date Fair Value |
Shares
(in thousands) |
Weighted-
Average Grant-Date Fair Value |
|||||||||||||||||||
Nonvested at January 1, 2020 | 156 | $ | 123.15 | 1,584 | $ | 118.71 | |||||||||||||||||
Granted | 123 | 134.31 | 623 | 134.81 | |||||||||||||||||||
Vested | (83) | 122.07 | (370) | 124.41 | |||||||||||||||||||
Forfeited | (14) | 122.14 | (300) | 128.52 | |||||||||||||||||||
Nonvested at December 31, 2020 | 182 | 130.91 | 1,537 | 122.56 |
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Pension Benefits | Other Benefits | ||||||||||||||||||||||
Year Ended December 31 | |||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 4,047 | $ | 3,687 | $ | 693 | $ | 673 | |||||||||||||||
Service cost | 22 | 21 | 8 | 8 | |||||||||||||||||||
Interest cost | 95 | 121 | 23 | 28 | |||||||||||||||||||
Actuarial (gain) loss(a)
|
333 | 446 | 42 | 36 | |||||||||||||||||||
Currency and other | 134 | 51 | (10) | — | |||||||||||||||||||
Benefit payments from plans | (169) | (142) | — | — | |||||||||||||||||||
Direct benefit payments | (8) | (10) | (47) | (52) | |||||||||||||||||||
Settlements and curtailments | (113) | (127) | — | — | |||||||||||||||||||
Benefit obligation at end of year | 4,341 | 4,047 | 709 | 693 | |||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||
Fair value of plan assets at beginning of year | 3,803 | 3,398 | — | — | |||||||||||||||||||
Actual return on plan assets | 489 | 572 | — | — | |||||||||||||||||||
Employer contributions | 40 | 50 | — | — | |||||||||||||||||||
Currency and other | 120 | 51 | — | — | |||||||||||||||||||
Benefit payments | (169) | (142) | — | — | |||||||||||||||||||
Settlements | (90) | (126) | — | — | |||||||||||||||||||
Fair value of plan assets at end of year | 4,193 | 3,803 | — | — | |||||||||||||||||||
Funded Status | $ | (148) | $ | (244) | $ | (709) | $ | (693) |
Principal Plans |
All Other
Pension Plans |
Total | |||||||||||||||||||||||||||||||||
Year Ended December 31 | |||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||
Projected benefit obligation (“PBO”) | $ | 3,629 | $ | 3,406 | $ | 712 | $ | 641 | $ | 4,341 | $ | 4,047 | |||||||||||||||||||||||
Accumulated benefit obligation (“ABO”) | 3,629 | 3,406 | 619 | 561 | 4,248 | 3,967 | |||||||||||||||||||||||||||||
Fair value of plan assets | 3,627 | 3,303 | 566 | 500 | 4,193 | 3,803 |
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December 31 | |||||||||||
2020 | 2019 | ||||||||||
ABO | $ | 311 | $ | 1,956 | |||||||
Fair value of plan assets | 119 | 1,714 |
December 31 | |||||||||||
2020 | 2019 | ||||||||||
PBO | $ | 744 | $ | 2,303 | |||||||
Fair value of plan assets | 529 | 2,039 |
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||||
Year Ended December 31 | |||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||
Service cost | $ | 22 | $ | 21 | $ | 36 | $ | 8 | $ | 8 | $ | 11 | |||||||||||||||||||||||
Interest cost | 95 | 121 | 128 | 23 | 28 | 28 | |||||||||||||||||||||||||||||
Expected return on plan assets(a)
|
(134) | (144) | (166) | — | — | — | |||||||||||||||||||||||||||||
Recognized net actuarial loss | 42 | 44 | 47 | 1 | — | 1 | |||||||||||||||||||||||||||||
Settlements and curtailments
|
49 | 45 | 136 | — | — | — | |||||||||||||||||||||||||||||
Other
|
(4) | (4) | (7) | (2) | (1) | (3) | |||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 70 | $ | 83 | $ | 174 | $ | 30 | $ | 35 | $ | 37 |
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||||||||||
Projected 2021 | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||
Discount rate | 1.93 | % | 2.44 | % | 3.40 | % | 3.23 | % | 3.51 | % | 4.50 | % | 3.91 | % | |||||||||||||||||||||||||||
Expected long-term return on plan assets | 3.41 | % | 3.66 | % | 4.39 | % | 4.50 | % | — | — | — | ||||||||||||||||||||||||||||||
Rate of compensation increase | 3.07 | % | 3.08 | % | 3.08 | % | 2.27 | % | — | — | — |
Pension Benefits | Other Benefits | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Discount rate | 1.93 | % | 2.51 | % | 2.69 | % | 3.51 | % | |||||||||||||||
Rate of compensation increase | 3.07 | % | 3.08 | % | — | — |
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
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Fair Value Measurements at December 31, 2020 | |||||||||||||||||||||||
Total
Plan Assets |
Assets at Quoted Prices
in Active Markets for Identical Assets (Level 1) |
Assets at Significant
Observable Inputs (Level 2) |
Assets at Significant
Unobservable Inputs (Level 3) |
||||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||||
Held directly | $ | 56 | $ | 56 | $ | — | $ | — | |||||||||||||||
Held through mutual and pooled funds measured at net asset value | 15 | — | — | — | |||||||||||||||||||
Fixed Income | |||||||||||||||||||||||
Held directly | |||||||||||||||||||||||
U.S. government and municipals | 191 | 171 | 20 | — | |||||||||||||||||||
U.S. corporate debt | 310 | — | 310 | — | |||||||||||||||||||
International bonds | 42 | — | 42 | — | |||||||||||||||||||
Held through mutual and pooled funds measured at net asset value | |||||||||||||||||||||||
U.S. government and municipals | 167 | — | — | — | |||||||||||||||||||
U.S. corporate debt | 730 | — | — | — | |||||||||||||||||||
International bonds | 1,062 | — | — | — | |||||||||||||||||||
Equity | |||||||||||||||||||||||
Held directly | |||||||||||||||||||||||
U.S. equity | 18 | 18 | — | — | |||||||||||||||||||
International equity | 31 | 31 | — | — | |||||||||||||||||||
Held through mutual and pooled funds measured at net asset value | |||||||||||||||||||||||
Non-U.S. equity | 107 | — | — | — | |||||||||||||||||||
Global equity | 517 | — | — | — | |||||||||||||||||||
Insurance Contracts | 380 | — | — | 380 | |||||||||||||||||||
Other | 1 | 1 | — | — | |||||||||||||||||||
Total Plan Assets | $ | 3,627 | $ | 277 | $ | 372 | $ | 380 |
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
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Fair Value Measurements at December 31, 2019 | |||||||||||||||||||||||
Total
Plan Assets |
Assets at Quoted Prices
in Active Markets for Identical Assets (Level 1) |
Assets at Significant Observable Inputs (Level 2) |
Assets at Significant
Unobservable Inputs (Level 3) |
||||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||||
Held directly | $ | 44 | $ | 44 | $ | — | $ | — | |||||||||||||||
Held through mutual and pooled funds measured at net asset value | 31 | — | — | — | |||||||||||||||||||
Fixed Income | |||||||||||||||||||||||
Held directly | |||||||||||||||||||||||
U.S. government and municipals | 161 | 147 | 14 | — | |||||||||||||||||||
U.S. corporate debt | 221 | — | 221 | — | |||||||||||||||||||
International bonds | 9 | — | 9 | — | |||||||||||||||||||
Held through mutual and pooled funds measured at net asset value | |||||||||||||||||||||||
U.S. government and municipals | 153 | — | — | — | |||||||||||||||||||
U.S. corporate debt | 662 | — | — | — | |||||||||||||||||||
International bonds | 937 | — | — | — | |||||||||||||||||||
Equity | |||||||||||||||||||||||
Held directly | |||||||||||||||||||||||
U.S. equity
|
39 | 39 | — | — | |||||||||||||||||||
International equity | 32 | 32 | — | — | |||||||||||||||||||
Held through mutual and pooled funds measured at net asset value | |||||||||||||||||||||||
Non-U.S. equity | 86 | — | — | — | |||||||||||||||||||
Global equity | 572 | — | — | — | |||||||||||||||||||
Insurance Contracts | 372 | — | — | 372 | |||||||||||||||||||
Other | (16) | (4) | — | — | |||||||||||||||||||
Total Plan Assets | $ | 3,303 | $ | 258 | $ | 244 | $ | 372 |
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Pension Benefits | Other Benefits | ||||||||||
2021 | $ | 207 | $ | 56 | |||||||
2022 | 227 | 58 | |||||||||
2023 | 220 | 58 | |||||||||
2024 | 224 | 58 | |||||||||
2025 | 220 | 55 | |||||||||
2026-2030 | 1,085 | 247 |
Unrealized Translation | Defined Benefit Pension Plans | Other Postretirement Benefit Plans | Cash Flow Hedges and Other | |||||||||||||||||||||||
Balance as of December 31, 2018 | $ | (2,297) | $ | (1,017) | $ | 12 | $ | 3 | ||||||||||||||||||
Other comprehensive income (loss) before reclassifications
|
26 | (27) | (24) | (22) | ||||||||||||||||||||||
(Income) loss reclassified from AOCI | — | 65 | (a) | (1) | (a) | (12) | ||||||||||||||||||||
Net current period other comprehensive income (loss) | 26 | 38 | (25) | (34) | ||||||||||||||||||||||
Balance as of December 31, 2019 | (2,271) | (979) | (13) | (31) | ||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications
|
114 | 4 | (26) | (31) | ||||||||||||||||||||||
(Income) loss reclassified from AOCI | — | 63 | (a) | (1) | (a) | (1) | ||||||||||||||||||||
Net current period other comprehensive income (loss) | 114 | 67 | (27) | (32) | ||||||||||||||||||||||
Balance as of December 31, 2020 | $ | (2,157) | $ | (912) | $ | (40) | $ | (63) |
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
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Year Ended December 31 | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Unrealized translation | $ | 98 | $ | 21 | $ | (408) | |||||||||||
Tax effect(a)
|
16 | 5 | (25) | ||||||||||||||
114 | 26 | (433) | |||||||||||||||
Defined benefit pension plans
|
|||||||||||||||||
Unrecognized net actuarial loss and transition amount
|
|||||||||||||||||
Funded status recognition | 24 | (17) | (57) | ||||||||||||||
Amortization
|
41 | 44 | 47 | ||||||||||||||
Settlements and curtailments | 49 | 46 | 134 | ||||||||||||||
Currency and other | (26) | (13) | 29 | ||||||||||||||
88 | 60 | 153 | |||||||||||||||
Unrecognized prior service cost/credit
|
|||||||||||||||||
Funded status recognition | 2 | (1) | (22) | ||||||||||||||
Amortization
|
(4) | (5) | (8) | ||||||||||||||
Curtailments | — | (1) | 2 | ||||||||||||||
Currency and other | 1 | (2) | (1) | ||||||||||||||
(1) | (9) | (29) | |||||||||||||||
Tax effect(a)
|
(20) | (13) | (165) | ||||||||||||||
67 | 38 | (41) | |||||||||||||||
Other postretirement benefit plans
|
|||||||||||||||||
Unrecognized net actuarial loss and transition amount and other
|
(35) | (35) | 79 | ||||||||||||||
Tax effect(a)
|
8 | 10 | (28) | ||||||||||||||
(27) | (25) | 51 | |||||||||||||||
Cash flow hedges and other | |||||||||||||||||
Recognition of effective portion of hedges
|
(32) | (23) | 56 | ||||||||||||||
Amortization
|
(2) | (16) | 12 | ||||||||||||||
Currency and other | (5) | (1) | (2) | ||||||||||||||
Tax effect(a)
|
7 | 6 | (23) | ||||||||||||||
(32) | (34) | 43 | |||||||||||||||
Change in AOCI
|
$ | 122 | $ | 5 | $ | (380) | |||||||||||
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Year Ended December 31 | ||||||||||||||||||||||||||
2020 | 2019 | Income Statement Classification | ||||||||||||||||||||||||
Lease cost | $ | 168 | $ | 162 | Cost of products sold, Marketing, research and general expenses | |||||||||||||||||||||
Variable lease cost(a)
|
202 | 145 | Cost of products sold, Marketing, research and general expenses | |||||||||||||||||||||||
Total lease cost | $ | 370 | $ | 307 |
December 31 | ||||||||||||||||||||
2020 | 2019 | Balance Sheet Classification | ||||||||||||||||||
Lease assets | $ | 540 | $ | 396 | Other Assets | |||||||||||||||
Current lease liabilities | $ | 133 | $ | 130 | Accrued expenses and other current liabilities | |||||||||||||||
Noncurrent lease liabilities | 423 | 274 | Other Liabilities | |||||||||||||||||
Total lease liabilities | $ | 556 | $ | 404 |
December 31, 2020 | ||||||||||||||||||||
2021 | $ | 148 | ||||||||||||||||||
2022 | 126 | |||||||||||||||||||
2023 | 100 | |||||||||||||||||||
2024 | 76 | |||||||||||||||||||
2025 | 63 | |||||||||||||||||||
Thereafter | 90 | |||||||||||||||||||
Total lease payments | 603 | |||||||||||||||||||
Less imputed interest | 47 | |||||||||||||||||||
Present value of lease liabilities | $ | 556 |
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
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December 31 | ||||||||||||||
2020 | 2019 | |||||||||||||
Operating cash flows from leases included in the measurement of lease liabilities | $ | 164 | $ | 163 | ||||||||||
Leased assets obtained in exchange for new lease obligations | $ | 198 | $ | 504 | ||||||||||
Other non-cash modifications to lease assets | $ | 98 | $ | 31 |
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Year Ended December 31 | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Current income taxes | |||||||||||||||||
United States | $ | 252 | $ | 215 | $ | 177 | |||||||||||
State | 81 | 94 | 63 | ||||||||||||||
Other countries | 298 | 238 | 229 | ||||||||||||||
Total | 631 | 547 | 469 | ||||||||||||||
Deferred income taxes | |||||||||||||||||
United States | 62 | 50 | 16 | ||||||||||||||
State | 5 | (16) | 22 | ||||||||||||||
Other countries | (22) | (5) | (36) | ||||||||||||||
Total | 45 | 29 | 2 | ||||||||||||||
Total provision for income taxes | $ | 676 | $ | 576 | $ | 471 |
Year Ended December 31 | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
United States | $ | 2,336 | $ | 2,252 | $ | 1,606 | |||||||||||
Other countries | 594 | 398 | 207 | ||||||||||||||
Total income before income taxes | $ | 2,930 | $ | 2,650 | $ | 1,813 |
December 31 | ||||||||||||||
2020 | 2019 | |||||||||||||
Deferred tax assets | ||||||||||||||
Pension and other postretirement benefits | $ | 239 | $ | 253 | ||||||||||
Tax credits and loss carryforwards | 477 | 411 | ||||||||||||
Lease liability | 117 | 104 | ||||||||||||
Other | 465 | 388 | ||||||||||||
1,298 | 1,156 | |||||||||||||
Valuation allowances | (272) | (248) | ||||||||||||
Total deferred tax assets | 1,026 | 908 | ||||||||||||
Deferred tax liabilities | ||||||||||||||
Property, plant and equipment, net | 900 | 795 | ||||||||||||
Investments in subsidiaries | 111 | 103 | ||||||||||||
Goodwill | 54 | 66 | ||||||||||||
Intangible assets | 159 | 4 | ||||||||||||
Lease asset | 117 | 105 | ||||||||||||
Other | 146 | 104 | ||||||||||||
Total deferred tax liabilities | 1,487 | 1,177 | ||||||||||||
Net deferred tax assets (liabilities) | $ | (461) | $ | (269) |
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
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Year Ended December 31 | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
U.S. statutory rate applied to income before income taxes | 21.0 | % | 21.0 | % | 21.0 | % | |||||||||||
State income taxes, net of federal tax benefit | 2.3 | 2.5 | 3.7 | ||||||||||||||
Routine tax incentives
|
(4.3) | (3.5) | (5.4) | ||||||||||||||
Net tax cost on foreign income | 2.7 | 1.5 | 1.6 | ||||||||||||||
Net impact of the Tax Act
|
— | — | 6.4 | ||||||||||||||
Valuation allowance
|
0.7 | 1.0 | 1.6 | ||||||||||||||
Nonrecurring capital loss
|
— | (1.8) | — | ||||||||||||||
Other - net(a)
|
0.7 | 1.0 | (2.9) | ||||||||||||||
Effective income tax rate | 23.1 | % | 21.7 | % | 26.0 | % |
2020 | 2019 | 2018 | |||||||||||||||
Balance at January 1 | $ | 383 | $ | 298 | $ | 354 | |||||||||||
Gross increases for tax positions of prior years | 144 | 36 | 75 | ||||||||||||||
Gross decreases for tax positions of prior years | (34) | (13) | (86) | ||||||||||||||
Gross increases for tax positions of the current year | 36 | 87 | 41 | ||||||||||||||
Settlements | (22) | (13) | (70) | ||||||||||||||
Other | (10) | (12) | (16) | ||||||||||||||
Balance at December 31 | $ | 497 | $ | 383 | $ | 298 |
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
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Jurisdiction | Years | ||||
United States | 2016 to 2020 | ||||
United Kingdom | 2017 to 2020 | ||||
Brazil | 2015 to 2020 | ||||
Australia | 2014 to 2020 | ||||
China | 2009 to 2020 |
(Millions of shares) | 2020 | 2019 | 2018 | |||||||||||||||||
Basic | 340.7 | 343.6 | 348.0 | |||||||||||||||||
Dilutive effect of stock options and restricted share unit awards | 1.8 | 2.0 | 1.6 | |||||||||||||||||
Diluted | 342.5 | 345.6 | 349.6 |
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
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Year Ended December 31 | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
NET SALES(a)
|
|||||||||||||||||
Personal Care | $ | 9,339 | $ | 9,108 | $ | 9,037 | |||||||||||
Consumer Tissue | 6,718 | 5,993 | 6,015 | ||||||||||||||
K-C Professional | 3,019 | 3,292 | 3,382 | ||||||||||||||
Corporate & Other | 64 | 57 | 52 | ||||||||||||||
TOTAL NET SALES | $ | 19,140 | $ | 18,450 | $ | 18,486 | |||||||||||
OPERATING PROFIT(b)
|
|||||||||||||||||
Personal Care | $ | 1,933 | $ | 1,904 | $ | 1,833 | |||||||||||
Consumer Tissue | 1,448 | 1,007 | 875 | ||||||||||||||
K-C Professional | 528 | 657 | 634 | ||||||||||||||
Corporate & Other(c)
|
(719) | (787) | (1,112) | ||||||||||||||
Other (income) and expense, net(d)
|
(54) | (210) | 1 | ||||||||||||||
TOTAL OPERATING PROFIT | $ | 3,244 | $ | 2,991 | $ | 2,229 |
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
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Personal
Care |
Consumer
Tissue |
K-C
Professional |
Corporate
& Other |
Total |
|||||||||||||||||||||||||
Depreciation and Amortization
|
|||||||||||||||||||||||||||||
2020 | $ | 347 | $ | 334 | $ | 111 | $ | 4 | $ | 796 | |||||||||||||||||||
2019 | 430 | 372 | 111 | 4 | 917 | ||||||||||||||||||||||||
2018 | 426 | 331 | 121 | 4 | 882 | ||||||||||||||||||||||||
Capital Spending | |||||||||||||||||||||||||||||
2020 | 616 | 391 | 204 | 6 | 1,217 | ||||||||||||||||||||||||
2019 | 518 | 489 | 195 | 7 | 1,209 | ||||||||||||||||||||||||
2018 | 415 | 299 | 157 | 6 | 877 | ||||||||||||||||||||||||
Goodwill(a)
|
|||||||||||||||||||||||||||||
2020 | 984 | 519 | 392 | — | 1,895 | ||||||||||||||||||||||||
2019 | 557 | 522 | 388 | — | 1,467 | ||||||||||||||||||||||||
2018 | 564 | 522 | 388 | — | 1,474 | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
2020 | 8,486 | 5,227 | 2,551 | 1,259 | 17,523 | ||||||||||||||||||||||||
2019 | 6,630 | 4,954 | 2,442 | 1,257 | 15,283 | ||||||||||||||||||||||||
2018 | 6,208 | 4,738 | 2,285 | 1,287 | 14,518 |
(Billions of dollars) | 2020 | 2019 | 2018 | |||||||||||||||||
Baby and child care products | $ | 6.4 | $ | 6.3 | $ | 6.3 | ||||||||||||||
Consumer tissue products | 6.7 | 6.0 | 6.0 | |||||||||||||||||
Away-from-home professional products | 3.0 | 3.3 | 3.4 | |||||||||||||||||
All other | 3.0 | 2.9 | 2.8 | |||||||||||||||||
Consolidated | $ | 19.1 | $ | 18.5 | $ | 18.5 |
Year Ended December 31 | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Advertising expense | $ | 956 | $ | 757 | $ | 655 | |||||||||||
Research expense | 276 | 284 | 317 | ||||||||||||||
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
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Net
Sales |
Gross
Profit |
Operating
Profit |
Net
Income |
Corporation's
Share of Net Income |
|||||||||||||||||||||||||
2020 | $ | 2,358 | $ | 786 | $ | 507 | $ | 299 | $ | 142 | |||||||||||||||||||
2019 | 2,379 | 727 | 454 | 255 | 123 | ||||||||||||||||||||||||
2018 | 2,264 | 635 | 388 | 215 | 103 | ||||||||||||||||||||||||
Current
Assets |
Noncurrent
Assets |
Current
Liabilities |
Noncurrent
Liabilities |
Stockholders'
Equity |
|||||||||||||||||||||||||
2020 | $ | 1,585 | $ | 1,203 | $ | 842 | $ | 1,563 | $ | 382 | |||||||||||||||||||
2019 | 1,020 | 1,275 | 749 | 1,196 | 350 | ||||||||||||||||||||||||
2018 | 921 | 1,247 | 578 | 1,237 | 353 |
December 31 | |||||||||||
Summary of Accounts Receivable, Net | 2020 | 2019 | |||||||||
From customers | $ | 2,132 | $ | 2,131 | |||||||
Other | 153 | 181 | |||||||||
Less allowance for doubtful accounts and sales discounts | (50) | (49) | |||||||||
Total | $ | 2,235 | $ | 2,263 |
December 31 | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Summary of Inventories by Major Class | LIFO |
Non-
LIFO |
Total | LIFO |
Non-
LIFO |
Total | |||||||||||||||||||||||||||||
Raw materials | $ | 131 | $ | 263 | $ | 394 | $ | 85 | $ | 236 | $ | 321 | |||||||||||||||||||||||
Work in process | 103 | 86 | 189 | 113 | 93 | 206 | |||||||||||||||||||||||||||||
Finished goods | 453 | 749 | 1,202 | 451 | 696 | 1,147 | |||||||||||||||||||||||||||||
Supplies and other | — | 263 | 263 | — | 271 | 271 | |||||||||||||||||||||||||||||
687 | 1,361 | 2,048 | 649 | 1,296 | 1,945 | ||||||||||||||||||||||||||||||
Excess of FIFO or weighted-average cost over LIFO cost | (145) | — | (145) | (155) | — | (155) | |||||||||||||||||||||||||||||
Total | $ | 542 | $ | 1,361 | $ | 1,903 | $ | 494 | $ | 1,296 | $ | 1,790 |
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
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December 31 | |||||||||||
Summary of Property, Plant and Equipment, Net | 2020 | 2019 | |||||||||
Land | $ | 174 | $ | 165 | |||||||
Buildings | 2,932 | 2,877 | |||||||||
Machinery and equipment | 14,382 | 13,946 | |||||||||
Construction in progress | 845 | 851 | |||||||||
18,333 | 17,839 | ||||||||||
Less accumulated depreciation | (10,291) | (10,389) | |||||||||
Total | $ | 8,042 | $ | 7,450 |
December 31 | |||||||||||
Summary of Accrued Expenses and Other Current Liabilities | 2020 | 2019 | |||||||||
Accrued advertising and promotion | $ | 443 | $ | 415 | |||||||
Accrued salaries and wages | 531 | 463 | |||||||||
Accrued rebates | 255 | 241 | |||||||||
Accrued taxes - income and other | 332 | 231 | |||||||||
Operating leases | 133 | 130 | |||||||||
Accrued restructuring | 73 | 93 | |||||||||
Accrued interest | 87 | 81 | |||||||||
Other | 408 | 324 | |||||||||
Total | $ | 2,262 | $ | 1,978 |
Summary of Cash Flow Effects of Operating Working Capital | Year Ended December 31 | ||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Accounts receivable | $ | 95 | $ | (116) | $ | 33 | |||||||||||
Inventories | (96) | 24 | (127) | ||||||||||||||
Trade accounts payable | 239 | (153) | 392 | ||||||||||||||
Accrued expenses | 132 | 11 | 115 | ||||||||||||||
Accrued income taxes | 42 | (6) | 64 | ||||||||||||||
Derivatives | (9) | 1 | 30 | ||||||||||||||
Currency and other | (40) | (49) | (118) | ||||||||||||||
Total | $ | 363 | $ | (288) | $ | 389 |
Year Ended December 31 | |||||||||||||||||
Other Cash Flow Data | 2020 | 2019 | 2018 | ||||||||||||||
Interest paid | $ | 245 | $ | 255 | $ | 264 | |||||||||||
Income taxes paid | 533 | 528 | 395 |
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
|
/s/ DELOITTE & TOUCHE LLP
|
||
Deloitte & Touche LLP | ||
Dallas, Texas | ||
February 11, 2021 |
61
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
|
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
|
/s/ DELOITTE & TOUCHE LLP
|
||
Deloitte & Touche LLP | ||
Dallas, Texas | ||
February 11, 2021 |
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
|
PART III |
64
|
KIMBERLY-CLARK CORPORATION - 2020 Annual Report
|
PART IV |
Exhibit No. (4)d. |
Copies of instruments defining the rights of holders of long-term debt will be furnished to the Securities and Exchange Commission on request.
|
Exhibit No. (4)e. |
65
|
KIMBERLY-CLARK CORPORATION - 2020 Annual Report
|
Exhibit No. (10)a. |
Exhibit No. (10)b. |
Exhibit No. (10)j. |
Exhibit No. (10)n. |
Exhibit No. (10)q. |
Exhibit No. (10)r. |
Exhibit No. (10)s. |
Exhibit No. (21). |
66
|
KIMBERLY-CLARK CORPORATION - 2020 Annual Report
|
Exhibit No. (24). |
Exhibit No. (101).INS |
XBRL Instance Document - the instant document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
|
Exhibit No. (101).SCH | XBRL Taxonomy Extension Schema Document |
Exhibit No. (101).CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
Exhibit No. (101).DEF | XBRL Taxonomy Extension Definition Linkbase Document |
Exhibit No. (101).LAB | XBRL Taxonomy Extension Label Linkbase Document |
Exhibit No. (101).PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
Exhibit No. 104 | The cover page from this Current Report on Form 10-K formated as Inline XBRL |
* | A management contract or compensatory plan or arrangement required to be identified pursuant to Item 15(a)(3) of this Annual Report on Form 10-K. |
67
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
|
KIMBERLY-CLARK CORPORATION | ||||||||
February 11, 2021 | By: | /s/ Andrew S. Drexler | ||||||
Andrew S. Drexler | ||||||||
Vice President and Controller |
/s/ Michael D. Hsu |
Chairman of the Board and Chief Executive Officer and Director
(principal executive officer) |
February 11, 2021 | |||||||||
Michael D. Hsu
|
|||||||||||
/s/ Maria Henry |
Senior Vice President and Chief Financial Officer
(principal financial officer) |
February 11, 2021 | |||||||||
Maria Henry
|
|||||||||||
/s/ Andrew S. Drexler |
Vice President and Controller
(principal accounting officer) |
February 11, 2021 | |||||||||
Andrew S. Drexler
|
Directors | ||||||||
Abelardo E. Bru | Christa S. Quarles | |||||||
John W. Culver | Ian C. Read | |||||||
Robert W. Decherd | Dunia A. Shive | |||||||
Mae C. Jemison | Mark T. Smucker | |||||||
S. Todd Maclin | Michael D. White | |||||||
Sherilyn S. McCoy |
By: |
/s/ Andrew S. Drexler
|
February 11, 2021 | |||||||||
Andrew S. Drexler
Attorney-in-Fact |
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
|
Description |
Balance at
Beginning of Period |
Additions | Deductions | ||||||||||||||||||||||||||||||||
Charged to
Costs and Expenses |
Charged to
Other
Accounts(a)
|
Write-Offs and
Reclassifications |
Balance
at End of Period |
||||||||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Allowances deducted from assets to which they apply
|
|||||||||||||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 32 | $ | 3 | $ | 1 | $ | 2 |
(b)
|
$ | 34 | ||||||||||||||||||||||||
Allowances for sales discounts | 17 | 240 | (3) | 238 |
(c)
|
16 | |||||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||
Allowances deducted from assets to which they apply
|
|||||||||||||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 36 | $ | 2 | $ | (1) | $ | 5 |
(b)
|
$ | 32 | ||||||||||||||||||||||||
Allowances for sales discounts | 17 | 249 | (4) | 245 |
(c)
|
17 | |||||||||||||||||||||||||||||
December 31, 2018 | |||||||||||||||||||||||||||||||||||
Allowances deducted from assets to which they apply
|
|||||||||||||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 38 | $ | 15 | $ | (3) | $ | 14 |
(b)
|
$ | 36 | ||||||||||||||||||||||||
Allowances for sales discounts | 18 | 248 | (4) | 245 |
(c)
|
17 |
Additions | |||||||||||||||||||||||||||||||||||
Description |
Balance at
Beginning of Period |
Charged to
Costs and Expenses |
Charged to
Other Accounts |
Deductions(a)
|
Balance
at End of Period |
||||||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Deferred taxes | |||||||||||||||||||||||||||||||||||
Valuation allowance | $ | 248 | $ | 21 | $ | — | $ | (3) | $ | 272 | |||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||
Deferred taxes | |||||||||||||||||||||||||||||||||||
Valuation allowance | $ | 220 | $ | 26 | $ | — | $ | (2) | $ | 248 | |||||||||||||||||||||||||
December 31, 2018 | |||||||||||||||||||||||||||||||||||
Deferred taxes | |||||||||||||||||||||||||||||||||||
Valuation allowance | $ | 176 | $ | 55 | $ | — | $ | 11 | $ | 220 |
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KIMBERLY-CLARK CORPORATION - 2020 Annual Report
|
Abdelia Comercial Ltda., Brazil
|
||
Bacraft Industria de Papel Ltda., Brazil
|
||
Badgers LLC, Delaware
|
||
Badgers II LLC, Delaware
|
||
Beco, Inc., Wisconsin
|
||
Colombiana Kimberly Colpapel S.A., Colombia
|
||
Delaware Overseas Finance, Inc., Wisconsin
|
||
Durafab, LLC, Wisconsin
|
||
Excell Paper Sales Company, Pennsylvania
|
||
Gerinconfort Industria e Comercio de Productos Higienicos Ltda., Brazil
|
||
Hoosiers LLC, Delaware
|
||
Housing Horizons, LLC, Texas
|
||
I-Flow, LLC, Delaware
|
||
Jackson Products, Inc., Wisconsin
|
||
K-C Advertising, Inc., Wisconsin
|
||
K-C AFC Manufacturing, S. de R.L. de C. V., Mexico
|
||
K-C Antioquia Global Ltda., Colombia
|
||
K-C Equipment Finance LP, United Kingdom
|
||
K-C Guernsey I Limited, Isle of Guernsey
|
||
K-C Guernsey II Limited, Isle of Guernsey
|
||
K-C (Hong Kong II) Limited, Hong Kong
|
||
K.C.S.A. Holdings (Pty) Limited, South Africa
|
||
Kalayaan Land Corporation, Philippines
|
||
KCA Super Pty Limited, Australia
|
||
KCSSA East Africa Limited, Kenya
|
||
KCSSA West Africa Limited, Nigeria
|
||
Kimberly Bolivia S.A., Bolivia
|
||
Kimberly Clark MEA DMCC, Dubai
|
||
Kimberly-Clark (China) Company Ltd, China
|
||
Kimberly-Clark (Cyprus) Limited, Cyprus
|
||
Kimberly-Clark (Hong Kong) Limited, Hong Kong
|
||
Kimberly-Clark (Nanjing) Care Products Co. Ltd., China
|
||
Kimberly-Clark (Nanjing) Personal Hygienic Products Company Limited, China
|
||
Kimberly-Clark (Tianjin) Care Products Co., Ltd., China
|
||
Kimberly-Clark (Trinidad) Ltd., Trinidad & Tobago
|
||
Kimberly-Clark (Wuxi) Equipment Technology Co., Ltd., China
|
||
Kimberly-Clark Amsterdam Holdings, B.V., Netherlands
|
||
Kimberly-Clark Argentina S.A., Argentina
|
||
Kimberly-Clark Asia Holdings Pte. Ltd, Singapore
|
||
Kimberly-Clark Asia Pacific Headquarters Pte Ltd, Singapore
|
||
Kimberly-Clark Asia Pacific Pte. Ltd, Singapore
|
||
Kimberly-Clark Atlantic Holding Limited, United Kingdom
|
||
Kimberly-Clark Australia Holdings Pty Limited, Australia
|
Kimberly-Clark Australia Pty. Limited, Australia
|
||
Kimberly-Clark B.V., Netherlands
|
||
Kimberly-Clark BVBA, Belgium
|
||
Kimberly-Clark Bahrain Holding Company S.P.C., Bahrain
|
||
Kimberly-Clark Brasil Holdings Limitada, Brazil
|
||
Kimberly-Clark Brasil Industria e Comercio de Produtos de Higiene Ltda, Brazil
|
||
Kimberly-Clark Brazil Holdings, LLC, Delaware
|
||
Kimberly-Clark Canada Holdings, Inc., Canada
|
||
Kimberly-Clark Canada International Holdings Inc., Canada
|
||
Kimberly-Clark Cayman Islands Company, Cayman Islands
|
||
* Kimberly-Clark Central American Holdings, S.A., Panama
|
||
Kimberly-Clark Centro de Inovacao, Brazil
|
||
Kimberly-Clark Chile S.A., Chile
|
||
Kimberly-Clark Colombia Holding Limitada, Colombia
|
||
Kimberly-Clark Commercial, Inc., Wisconsin
|
||
* Kimberly-Clark Costa Rica Limitada, Costa Rica
|
||
* Kimberly-Clark de Centro America, Limitada de Capital Variable, El Salvador
|
||
* Kimberly-Clark de Honduras, S.de R.L. de C.V., Honduras
|
||
Kimberly-Clark Dominican Republic S.A., Dominican Republic
|
||
Kimberly-Clark Dominican Services SRL, Dominican Republic
|
||
Kimberly-Clark Dominicana, S.A., Dominican Republic
|
||
Kimberly-Clark Dutch Holdings B.V., Netherlands
|
||
Kimberly-Clark Ecuador S.A., Ecuador
|
||
Kimberly-Clark Ede Holdings B.V., Netherlands
|
||
Kimberly-Clark EMEA GBS Services Spolka Z Ograniczona Odpowiedzialnoscia, Poland
|
||
Kimberly-Clark EMEA Holdings Ltd., United Kingdom
|
||
Kimberly-Clark Europe Limited, United Kingdom
|
||
Kimberly-Clark European Investment B.V., Netherlands
|
||
Kimberly-Clark European Services Limited, United Kingdom
|
||
Kimberly-Clark Finance Limited, United Kingdom
|
||
Kimberly-Clark Financial Services, Inc., Tennessee
|
||
Kimberly-Clark Germany Holding GmbH, Germany
|
||
Kimberly-Clark Global Sales, LLC, Wisconsin
|
||
Kimberly-Clark GmbH, Austria
|
||
Kimberly-Clark GmbH, Germany
|
||
Kimberly-Clark GmbH, Switzerland
|
||
* Kimberly-Clark Guatemala, Limitada, Guatemala
|
||
Kimberly-Clark Hellas EPE, Greece
|
||
Kimberly-Clark Holding Limited, United Kingdom
|
||
Kimberly-Clark Holding srl, Italy
|
||
Kimberly-Clark Holland Holdings B.V., Netherlands
|
||
Kimberly-Clark Hygiene Products Private Limited, India
|
||
Kimberly-Clark Inc., Canada
|
||
Kimberly-Clark India Private Limited, India
|
||
Kimberly-Clark Integrated Services Corporation, Wisconsin
|
||
Kimberly-Clark Intercontinental Holding Ltd., United Kingdom
|
||
Kimberly-Clark International Holding Limited, United Kingdom
|
||
Kimberly-Clark International, S.A., Panama
|
||
Kimberly-Clark International Sales, LLC., Delaware
|
Kimberly-Clark International Services Corporation, Wisconsin
|
||
Kimberly-Clark Investment, Inc., Nevada
|
||
Kimberly-Clark Israel Ltd, Israel
|
||
Kimberly-Clark Israel Marketing Ltd., Israel
|
||
Kimberly-Clark Japan Godo Kaisha, Japan
|
||
Kimberly-Clark Kazakhstan Limited Liability Partnership, Kazakhstan
|
||
Kimberly-Clark Latin America Investments, Inc., Wisconsin
|
||
Kimberly-Clark Latin America, Inc., Wisconsin
|
||
Kimberly-Clark LDA, Portugal
|
||
Kimberly-Clark Limited, United Kingdom
|
||
Kimberly-Clark Luxembourg Finance S.à r.l., Luxembourg
|
||
Kimberly-Clark Luxembourg Financial Holdings S.a.r.l., Luxembourg
|
||
Kimberly-Clark Luxembourg Holdings S.à r.l., Luxembourg
|
||
Kimberly-Clark Luxembourg International S.a.r.L., Luxembourg
|
||
Kimberly-Clark Luxembourg S.à r.l., Luxembourg
|
||
Kimberly-Clark Maghreb SARL, Morocco
|
||
Kimberly-Clark Magyarorszag Kft., Hungary
|
||
Kimberly-Clark Manufacturing (Thailand) Limited, Thailand
|
||
Kimberly-Clark Mediterranean Finance Company Ltd., Malta
|
||
Kimberly-Clark Netherlands Holdings B.V., Netherlands
|
||
* Kimberly-Clark Nicaragua & Compania Limitada, Nicaragua
|
||
* Kimberly-Clark Nicaragua Services & Compania Limitada, Nicaragua
|
||
Kimberly-Clark Noordzee Coöperatief U.A., Netherlands
|
||
Kimberly-Clark North Asia (HK) Limited, Hong Kong
|
||
Kimberly-Clark of South Africa (Pty) Ltd., South Africa
|
||
Kimberly-Clark Pacific Finance Company, Cayman Islands
|
||
Kimberly-Clark Pacific Holdings Pty Limited, Australia
|
||
Kimberly-Clark Paper (Shanghai) Co. Ltd, China
|
||
Kimberly-Clark Paraguay, S.A., Paraguay
|
||
Kimberly-Clark Patriot Holdings, Inc., Cayman Islands
|
||
Kimberly-Clark Pennsylvania, LLC, Wisconsin
|
||
Kimberly-Clark Pension Trusts Ltd., United Kingdom
|
||
Kimberly-Clark Personal Hygienic Products Co. Ltd., Beijing, China
|
||
Kimberly-Clark Peru S.R.L., Peru
|
||
Kimberly-Clark Philippines Inc., Philippines
|
||
Kimberly-Clark Polska Sp. Z.o.o., Poland
|
||
Kimberly-Clark Products (M) Sdn. Bhd., Malaysia
|
||
Kimberly-Clark Produtos Para Saude Limitada, Brazil
|
||
Kimberly-Clark Regional Services (M) Sdn. Bhd., Malaysia
|
||
Kimberly-Clark SAS, France
|
||
Kimberly-Clark S.L.U., Spain
|
||
Kimberly-Clark s.r.l., Italy
|
||
Kimberly-Clark s.r.o., Czech Republic
|
||
Kimberly-Clark Services Asia-Pacific Pty Limited, Australia
|
||
Kimberly-Clark Services, Inc., Wisconsin
|
||
Kimberly-Clark Singapore Intercontinental Pte. Ltd., Singapore
|
||
Kimberly-Clark Singapore Pte. Ltd., Singapore
|
||
Kimberly-Clark Southeast Asia Holdings Pte. Ltd., Singapore
|
||
Kimberly-Clark Southern Africa (Holdings) (Pty) Ltd., South Africa
|
Kimberly-Clark Switzerland GmbH, Switzerland
|
||
Kimberly-Clark Taiwan, Cayman Islands
|
||
Kimberly-Clark Thailand Limited, Thailand
|
||
Kimberly-Clark Trading (M) Sdn. Bhd., Malaysia
|
||
* Kimberly-Clark Trading and Services Limitada, Costa Rica
|
||
Kimberly-Clark Trading Kft, Hungary
|
||
Kimberly-Clark Treasury Australia Pty Limited, Australia
|
||
Kimberly-Clark Tuketim Mallari Sanayi ve Ticaret A.S., Turkey
|
||
Kimberly-Clark Tulip Holdings, B.V., Netherlands
|
||
Kimberly-Clark U.K. Operations Limited, United Kingdom
|
||
Kimberly-Clark Uruguay S.A., Uruguay
|
||
Kimberly-Clark Utrecht Holdings B.V., Netherlands
|
||
Kimberly-Clark Ventures, LLC, Delaware
|
||
Kimberly-Clark Vietnam Holdings Pte. Ltd., Singapore
|
||
Kimberly-Clark Vietnam Ltd., Vietnam
|
||
Kimberly-Clark Worldwide Australia Holdings Pty. Limited, Australia
|
||
Kimberly-Clark Worldwide Taiwan Investment Limited, Taiwan
|
||
Kimberly-Clark Worldwide, Inc., Wisconsin
|
||
KS & J Industria e Comercio Limitada, Brazil
|
||
Lava Products Limited, Hong Kong
|
||
Limited Liability Company Kimberly-Clark, Russia
|
||
Limited Liability Company with Foreign Investment ‘Kimberly-Clark Ukraine’, Ukraine
|
||
Mimo S.A., Argentina
|
||
Minnetonka Overseas Investments Limited, Cayman Islands
|
||
Papeles del Cauca S.A., Colombia
|
||
* PT Karya Pratama Nusantara Raya, Indonesia
|
||
* P.T. Kimberly-Clark Indonesia, Indonesia
|
||
PT Maju Andalan, Indonesia
|
||
PT Softex Indonesia, Indonesia
|
||
Ridgeway Insurance Company Limited, Bermuda
|
||
Ropers II LLC, Delaware
|
||
SK Corporation, Taiwan
|
||
Softex Holdings Limited, Hong Kong
|
||
Softex International Limited, Hong Kong
|
||
Taiwan Scott Paper Corporation, Taiwan
|
||
Technology Systems S.A., Argentina
|
||
Texans II LLC, Delaware
|
||
Three Rivers Timber Company, Washington
|
||
* VOID Technologies Limited, United Kingdom
|
||
* Yuhan-Kimberly Limited, South Korea
|
||
* Indicates a company that is not wholly owned directly or indirectly by the Corporation.
|
||
We have additional subsidiaries that, if considered in the aggregate as a single subsidiary, do not constitute a significant subsidiary.
|
/s/ DELOITTE & TOUCHE LLP
|
||
Deloitte & Touche LLP | ||
Dallas, Texas | ||
February 11, 2021 |
/s/ Abelardo E. Bru | ||
Abelardo E. Bru |
/s/ John W. Culver | ||
John W. Culver |
/s/ Robert W. Decherd | ||
Robert W. Decherd |
/s/ Mae C. Jemison | ||
Mae C. Jemison |
/s/ S. Todd Maclin | ||
S. Todd Maclin |
/s/ Sherilyn S. McCoy | ||
Sherilyn S. McCoy |
/s/ Christa S. Quarles | ||
Christa S. Quarles |
/s/ Ian C. Read | ||
Ian C. Read |
/s/ Dunia A. Shive | ||
Dunia A. Shive |
/s/ Mark T. Smucker | ||
Mark T. Smucker |
/s/ Michael D. White | ||
Michael D. White |
/s/ Michael D. Hsu | ||||||||
Michael D. Hsu | ||||||||
Chief Executive Officer | ||||||||
February 11, 2021 |
/s/ Maria Henry | ||||||||
Maria Henry | ||||||||
Chief Financial Officer | ||||||||
February 11, 2021 |
/s/ Michael D. Hsu | ||||||||
Michael D. Hsu | ||||||||
Chief Executive Officer | ||||||||
February 11, 2021 |
/s/ Maria Henry | ||||||||
Maria Henry | ||||||||
Chief Financial Officer | ||||||||
February 11, 2021 |