10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2014

OR

oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________  

Commission file number 1-225

KIMBERLY-CLARK CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	39-0394230
(State or other jurisdiction of incorporation)	(I.R.S. Employer Identification No.)

P. O. Box 619100

Dallas, Texas

75261-9100

(Address of principal executive offices)

(Zip code)

(972) 281-1200

(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	x	Accelerated filer	o
Non-accelerated filer	o  (Do not check if a smaller reporting company)	Smaller reporting company	o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  o    No  x

As of April 14, 2014, there were 376,791,476 shares of the Corporation's common stock outstanding.

Table of Contents

PART I – FINANCIAL INFORMATION	3
Item 1. Financial Statements	3
UNAUDITED CONSOLIDATED INCOME STATEMENT - FOR THE THREE MONTHS ENDED MARCH 31, 2014 AND 2013	3
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - FOR THE THREE MONTHS ENDED MARCH 31, 2014 AND 2013	4
CONSOLIDATED BALANCE SHEET - AS OF MARCH 31, 2014 (UNAUDITED) AND DECEMBER 31, 2013	5
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT - FOR THE THREE MONTHS ENDED MARCH 31, 2014 AND 2013	6
UNAUDITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS	7
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	16
Item 4. Controls and Procedures	22
PART II – OTHER INFORMATION	23
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	23
Item 6. Exhibits	24

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES

CONSOLIDATED INCOME STATEMENT

(Unaudited)

	Three Months Ended March 31
(Millions of dollars, except per share amounts)	2014			2013
Net Sales	$	5,278		$	5,318
Cost of products sold	3,453			3,496
Gross Profit	1,825			1,822
Marketing, research and general expenses	971			1,027
Other (income) and expense, net	57			12
Operating Profit	797			783
Interest income	3			5
Interest expense	(71		)	(67		)
Income Before Income Taxes and Equity Interests	729			721
Provision for income taxes	(226		)	(223		)
Income Before Equity Interests	503			498
Share of net income of equity companies	43			53
Net Income	546			551
Net income attributable to noncontrolling interests	(8		)	(20		)
Net Income Attributable to Kimberly-Clark Corporation	$	538		$	531
Per Share Basis
Net Income Attributable to Kimberly-Clark Corporation
Basic	$	1.42		$	1.37
Diluted	$	1.41		$	1.36
Cash Dividends Declared	$	0.84		$	0.81

See Notes to Consolidated Financial Statements.

3

KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended March 31
(Millions of dollars)	2014			2013
Net Income	$	546		$	551
Other Comprehensive Income (Loss), Net of Tax
Unrealized currency translation adjustments	(7		)	(168		)
Employee postretirement benefits	14			53
Other	(4		)	17
Total Other Comprehensive Income (Loss), Net of Tax	3			(98		)
Comprehensive Income	549			453
Comprehensive income attributable to noncontrolling interests	(3		)	(12		)
Comprehensive Income Attributable to Kimberly-Clark Corporation	$	546		$	441

See Notes to Consolidated Financial Statements.

4

KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(2014 Data is Unaudited)

(Millions of dollars)	March 31, 2014		December 31, 2013
ASSETS
Current Assets
Cash and cash equivalents	$	1,165	$	1,054
Accounts receivable, net	2,618		2,545
Inventories	2,285		2,233
Other current assets	580		718
Total Current Assets	6,648		6,550
Property, Plant and Equipment, Net	7,841		7,948
Investments in Equity Companies	419		382
Goodwill	3,210		3,181
Other Intangible Assets	232		243
Other Assets	652		615
TOTAL ASSETS	$	19,002	$	18,919
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Debt payable within one year	$	927	$	375
Redeemable preferred securities of subsidiary	506		506
Trade accounts payable	2,553		2,598
Accrued expenses	1,955		2,060
Dividends payable	318		309
Total Current Liabilities	6,259		5,848
Long-Term Debt	5,385		5,386
Noncurrent Employee Benefits	1,133		1,312
Deferred Income Taxes	894		817
Other Liabilities	334		344
Redeemable Preferred and Common Securities of Subsidiaries	72		72
Stockholders' Equity
Kimberly-Clark Corporation	4,668		4,856
Noncontrolling Interests	257		284
Total Stockholders' Equity	4,925		5,140
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	19,002	$	18,919

See Notes to Consolidated Financial Statements.

5

KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES

CONSOLIDATED CASH FLOW STATEMENT

(Unaudited)

	Three Months Ended March 31
(Millions of dollars)	2014			2013
Operating Activities
Net income	$	546		$	551
Depreciation and amortization	218			221
Stock-based compensation	9			30
Deferred income taxes	51			14
Net (gains) losses on asset dispositions	7			(13		)
Equity companies' earnings in excess of dividends paid	(43		)	(53		)
(Increase) decrease in operating working capital	(210		)	(121		)
Postretirement benefits	(156		)	(55		)
Other	15			33
Cash Provided by Operations	437			607
Investing Activities
Capital spending	(258		)	(274		)
Proceeds from dispositions of property	5			74
Investments in time deposits	(38		)	—
Maturities of time deposits	157			20
Other	—			1
Cash Used for Investing	(134		)	(179		)
Financing Activities
Cash dividends paid	(309		)	(289		)
Change in short-term borrowings	654			335
Debt proceeds	1			59
Debt repayments	(101		)	(38		)
Cash paid on redeemable preferred securities of subsidiaries	(7		)	(7		)
Proceeds from exercise of stock options	37			50
Acquisitions of common stock for the treasury	(441		)	(486		)
Other	(14		)	(10		)
Cash Used for Financing	(180		)	(386		)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(12		)	(39		)
Increase (Decrease) in Cash and Cash Equivalents	111			3
Cash and Cash Equivalents - Beginning of Year	1,054			1,106
Cash and Cash Equivalents - End of Period	$	1,165		$	1,109

See Notes to Consolidated Financial Statements.

6

KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1. Accounting Policies

Basis of Presentation

The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form  10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all material adjustments which are of a normal and recurring nature necessary for a fair presentation of the results for the periods presented have been reflected. Dollar amounts are reported in millions, except per share dollar amounts, unless otherwise noted.

For further information, refer to the Consolidated Financial Statements and footnotes included in our Annual Report on Form  10-K for the year ended December 31, 2013. The terms "Corporation," "Kimberly-Clark," "K-C," "we," "our" and "us" refer to Kimberly-Clark Corporation and its consolidated subsidiaries.

Highly Inflationary Accounting for Venezuelan Operations

We account for our operations in Venezuela using highly inflationary accounting. On February 13, 2013, the Venezuelan government announced a devaluation of the Central Bank of Venezuela ("Central Bank") regulated currency exchange system rate to 6.3bolivars per U.S. dollar and the elimination of the SITME rate. As a result of the devaluation, we recorded a $26after-tax charge ($36 pre-tax) related to the remeasurement of the local currency-denominated balance sheet to the new exchange rate in the quarter endedMarch 31, 2013. Prior to this devaluation, we used the Central Bank SITME rate of5.4bolivars per U.S. dollar to measure K-C Venezuela's bolivar-denominated transactions into U.S. dollars. The$36pre-tax charge is reflected in the Consolidated Income Statement in other (income) and expense, net for the three months endedMarch 31, 2013. In the Consolidated Cash Flow Statement, this non-cash charge is included in other in cash provided by operations.

During March 2013, the Venezuelan government announced a complementary currency exchange system, SICAD. Participation in SICAD is controlled by the Venezuelan government. SICAD is intended to function as an auction system, allowing entities in specific sectors to bid for U.S. dollars to be used for specified import transactions. In February 2014, the president of Venezuela announced that another exchange system (referred to as SICAD 2) would be initiated. Initial exchanges under SICAD 2 began on March 24, 2014, and the volume of U.S. dollars available in this process is still unclear.

We measure results in Venezuela at the rate in which we transact our business. Since March 2013, exchange transactions have taken place through letters of credit which resulted in an effective exchange rate of6.3bolivars per U.S. dollar and through approved transactions using the regulated currency exchange system, which were also at a6.3exchange rate. To date, we have not gained access to U.S. dollars in Venezuela through either SICAD or SICAD 2 auctions. Whether we will be able to access either SICAD system in the foreseeable future and what volume of currency exchange will transact through these alternative mechanisms is unclear. Accordingly, we continued to measure K-C Venezuela operations at the rate of6.3bolivars per U.S. dollar through March 31, 2014.

We continue to monitor the availability and transaction volume of currency exchange through the various alternatives that exist in Venezuela.

AtMarch 31, 2014, K-C Venezuela had a bolivar-denominated net monetary asset position (primarily cash) of$357, and our net investment in K-C Venezuela was$499, both valued at6.3bolivars per U.S. dollar. Net sales of K-C Venezuela represented less than3 percentand2 percentof consolidated net sales for the three months endedMarch 31, 2014and2013, respectively.

Note 2. Potential Spin-Off of Health Care Business

In November 2013, we announced that our Board of Directors authorized management to pursue a potential tax-free spin-off of our health care business. A spin-off would create a stand-alone, publicly traded health care company with approximately $1.6 billion in annual net sales, focused on the sale of surgical and infection prevention products for the operating room and other medical supplies, and medical devices focused on pain management, respiratory and digestive health.

We continue to analyze the potential spin-off and expect to seek approval from the Board of Directors to file a Form 10 registration statement with the SEC in early May. We expect that the spin-off will be completed at the end of the third quarter or potentially in the fourth quarter of 2014, assuming Board approval and subject to market, regulatory and other conditions. However, there are no assurances as to when the potential spin-off will be completed, if at all, or if the spin-off will be completed based on the

7

expected plans. During the three months ended March 31, 2014, $7 was recorded in marketing, research and general expenses for transaction and related costs associated with the potential spin-off.

Note 3. European Strategic Changes

In 2012, we initiated strategic changes related to our Western and Central European consumer and professional businesses to focus our resources and investments on stronger market positions and growth opportunities. We have exited the diaper category in that region, with the exception of the Italian market, and divested or exited some lower-margin businesses, mostly in consumer tissue, in certain markets. The changes primarily affect our consumer businesses, with a modest impact on K-C Professional ("KCP"). The restructuring actions commenced in 2012 and are expected to be completed by December 31, 2014.

Restructuring actions related to the strategic changes involved the sale or closure of five of our European manufacturing facilities and the streamlining of our administrative organization.

The following charges were incurred in connection with the European strategic changes:

	Three Months Ended March 31
	2014			2013
Charges for workforce reductions	$	—		$	26
Asset write-offs	—			6
Incremental depreciation	—			9
Benefit from pension curtailment	—			(26		)
Other exit costs	6			5
Cost of products sold	6			20
Charges for workforce reductions and other exit costs included in marketing, research and general expenses	4			11
Provision for income taxes	(5		)	(10		)
Net charges	$	5		$	21

See Note 9 for charges related to the European strategic changes by segment.

Through March 31, 2014, cumulative pre-tax charges for the strategic changes were $390 ($313 after tax), including cumulative pre-tax cash charges of $213.

The following summarizes the cash charges recorded and reconciles these charges to accrued expenses:

	2014			2013
Accrued expenses - January 1	$	37		$	133
Charges for workforce reductions and other exit costs	10			41
Cash payments	(17		)	(13		)
Currency and other	(1		)	(7		)
Accrued expenses - March 31	$	29		$	154

Note 4. Fair Value Information

The following fair value information is based on a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The three levels in the hierarchy used to measure fair value are:

Level 1 – Unadjusted quoted prices in active markets accessible at the reporting date for identical assets and liabilities.

Level 2 – Quoted prices for similar assets or liabilities in active markets. Quoted prices for identical or similar assets and liabilities in markets that are not considered active or financial instruments for which all significant inputs are observable, either directly or indirectly.

Level 3 – Prices or valuations that require inputs that are significant to the valuation and are unobservable.

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

8

During the three months ended March 31, 2014 and for the full year 2013, there were no significant transfers among level 1, 2, or 3 fair value determinations.

Set forth below are the assets and liabilities that are measured on a recurring basis at fair value and the inputs used to develop those fair value measurements.

	March 31, 2014		Fair Value Measurements
			Level 1		Level 2		Level 3
Assets
Company-owned life insurance (“COLI”)	$	56	$	—	$	56	$	—
Available-for-sale securities	22		22		—		—
Derivatives	55		—		55		—
Total	$	133	$	22	$	111	$	—
Liabilities
Derivatives	$	40	$	—	$	40	$	—

	December 31, 2013		Fair Value Measurements
			Level 1		Level 2		Level 3
Assets
COLI	$	55	$	—	$	55	$	—
Available-for-sale securities	22		22		—		—
Derivatives	62		—		62		—
Total	$	139	$	22	$	117	$	—
Liabilities
Derivatives	$	49	$	—	$	49	$	—

The COLI policies are a source of funding primarily for our nonqualified employee benefits and are included in other assets. Available-for-sale securities are included in other assets. See Note 8 for information on the classification of derivatives in the Consolidated Balance Sheet.

Level 1 Fair Values - The fair values of certain available-for-sale securities are based on quoted market prices in active markets for identical assets.

Level 2 Fair Values - The fair value of the COLI policies is derived from investments in a mix of money market, fixed income and equity funds managed by unrelated fund managers. The fair values of derivatives used to manage interest rate risk and commodity price risk are based on LIBOR rates and interest rate swap curves and NYMEX price quotations, respectively. The fair value of hedging instruments used to manage foreign currency risk is based on published quotations of spot currency rates and forward points, which are converted into implied forward currency rates. Additional information on our use of derivative instruments is contained in Note 8.

9

The following table includes the fair value of our financial instruments for which disclosure of fair value is required:

	Fair Value Hierarchy Level	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
		March 31, 2014				December 31, 2013
Assets
Cash and cash equivalents(a)	1	$	1,165	$	1,165	$	1,054	$	1,054
Time deposits(b)	1	102		102		222		222
Liabilities and redeemable securities of subsidiaries
Short-term debt(c)	2	715		715		63		63
Long-term debt(d)	2	5,597		6,278		5,698		6,271
Redeemable preferred securities of subsidiaries(e)	3	532		547		532		552
Redeemable common securities of subsidiary(f)	3	46		46		46		46

(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. Time deposits 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.

(e) Redeemable preferred securities of subsidiaries are not traded in active markets. Accordingly, their fair values were calculated using a floating rate pricing model that compared the stated spread to the fair value spread to determine the price at which each of the financial instruments should trade. The model used the following inputs to calculate fair values: face value, current LIBOR rate, unobservable fair value credit spread, stated spread, maturity date and interest or dividend payment dates.

(f) The fair value of the redeemable common securities of subsidiary was based on various inputs, including an independent third-party appraisal, adjusted for current market conditions.

Note 5. Employee Postretirement Benefits

The table below presents net periodic benefit cost information for defined benefit plans and other postretirement benefit plans:

	Pension Benefits						Other Benefits
	Three Months Ended March 31
	2014			2013			2014		2013
Service cost	$	11		$	14		$	4	$	4
Interest cost	68			64			9		8
Expected return on plan assets	(82		)	(81		)	—		—
Recognized net actuarial loss	24			34			—		—
Curtailment (see Note 3)	—			(26		)	—		—
Other	5			(3		)	—		—
Net periodic benefit cost	$	26		$	2		$	13	$	12

For the three months ended March 31, 2014 and 2013, we made cash contributions of$180 and $55, respectively, to our pension trusts. We expect to contribute approximately $200 to our defined benefit pension plans for the full year 2014.

10

Note 6. Earnings Per Share ("EPS")

There are no adjustments required to be made to net income for purposes of computing EPS. A reconciliation of the average number of common shares outstanding used in the basic and diluted EPS computations follows:

	Three Months Ended March 31
(Millions of shares)	2014	2013
Basic	379.0	387.3
Dilutive effect of stock options	1.3	1.7
Dilutive effect of restricted share and restricted share unit awards	1.8	1.5
Diluted	382.1	390.5

There were no significant outstanding stock-based awards excluded from the computation of diluted EPS during the three month periods ended March 31, 2014 and 2013.

The number of common shares outstanding as of March 31, 2014 and 2013 was 377.2 million and 384.7 million, respectively.

Note 7. Stockholders' Equity

Set forth below is a reconciliation for the three months ended March 31, 2014 of the carrying amount of total stockholders' equity from the beginning of the period to the end of the period.

	Stockholders' Equity Attributable to
	The Corporation			Noncontrolling Interests
Balance at December 31, 2013	$	4,856		$	284
Net Income	538			—
Other comprehensive income, net of tax
Unrealized translation	(2		)	(4		)
Employee postretirement benefits	14			—
Other	(4		)	—
Stock-based awards exercised or vested	38			—
Recognition of stock-based compensation	9			—
Income tax benefits on stock-based compensation	12			—
Shares repurchased	(473		)	—
Dividends declared	(318		)	(24		)
Other	(2		)	1
Balance at March 31, 2014	$	4,668		$	257

During the three months ended March 31, 2014, we repurchased 4.3 million shares at a total cost of $464.

Net unrealized currency gains or losses resulting from the translation of assets and liabilities of foreign subsidiaries, except those in highly inflationary economies, are recorded in accumulated other comprehensive income ("AOCI"). For these operations, changes in exchange rates generally do not affect cash flows; therefore, unrealized translation is recorded in AOCI rather than net income. Upon sale or substantially complete liquidation of any of these subsidiaries, the applicable unrealized translation would be removed from AOCI and reported as part of the gain or loss on the sale or liquidation.

Also included in unrealized translation are the effects of foreign exchange rate changes on intercompany balances of a long-term investment nature and transactions designated as hedges of net foreign investments.

The change in net unrealized currency translation for the three months ended March 31, 2014 was primarily due to the strengthening of the Australian dollar and Brazilian real against the U.S. dollar, offset by the weakening of the Russian ruble, Canadian dollar and Argentine peso.

11

The changes in the components of AOCI attributable to Kimberly-Clark, net of tax, are as follows:

	Unrealized Translation			Defined Benefit Pension Plans				Other Postretirement Benefit Plans			Cash Flow Hedges and Other
Balance as of December 31, 2012	$	(26	)	$	(1,928	)		$	(53	)	$	(52	)
Other comprehensive income (loss) before reclassifications	(160		)	49				—			19
(Income) loss reclassified from AOCI	—			4			(a)	—			(2		)
Net current period other comprehensive income (loss)	(160		)	53				—			17
Balance as of March 31, 2013	$	(186	)	$	(1,875	)		$	(53	)	$	(35	)
Balance as of December 31, 2013	$	(525	)	$	(1,668	)		$	(15	)	$	(34	)
Other comprehensive income (loss) before reclassifications	(2		)	(2		)		—			(4		)
(Income) loss reclassified from AOCI	—			16			(a)	—			—
Net current period other comprehensive income (loss)	(2		)	14				—			(4		)
Balance as of March 31, 2014	$	(527	)	$	(1,654	)		$	(15	)	$	(38	)

(a) Included in computation of net periodic pension costs (see Note 5).

Note 8. Objectives and Strategies for Using Derivatives

As a multinational enterprise, we are exposed to financial risks, such as changes in foreign currency exchange rates, interest rates, and commodity prices. We employ a number of practices to manage these risks, including operating and financing activities and, where appropriate, the use of derivative instruments. We enter into derivative instruments to hedge a portion of forecasted cash flows denominated in foreign currencies for non-U.S. operations' purchases of raw materials, which are priced in U.S. dollars, and imports of intercompany finished goods and work-in-process priced predominantly in U.S. dollars and euros. The derivative instruments used to manage these exposures are designated and qualify as cash flow hedges. The foreign currency exposure on certain non-functional currency denominated monetary assets and liabilities, primarily intercompany loans and accounts payable, is hedged with primarily undesignated derivative instruments. Interest rate risk is managed using a portfolio of variable- and fixed-rate debt composed of short- and long-term instruments. Interest rate swap contracts may be used to facilitate the maintenance of the desired ratio of variable- and fixed-rate debt and are designated and qualify as fair value hedges. From time to time, we also hedge the anticipated issuance of fixed-rate debt, using forward-starting swaps, and these contracts are designated as cash flow hedges. We use derivative instruments, such as forward swap contracts, to hedge a limited portion of our exposure to market risk arising from changes in prices of certain commodities. These derivatives are designated as cash flow hedges of specific quantities of the underlying commodity expected to be purchased in future months. Translation adjustments result from translating foreign entities' financial statements into U.S. dollars from their functional currencies. The risk to any particular entity's net assets is reduced to the extent that the entity is financed with local currency borrowing. Translation exposure, which results from changes in translation rates between functional currencies and the U.S. dollar, generally is not hedged. However, consistent with other years, a portion of our net investment in our Mexican affiliate has been hedged. At March 31, 2014, we had in place net investment hedges of $150 for a portion of our investment in our Mexican affiliate.

Set forth below is a summary of the total designated and undesignated fair values of our derivative instruments:

	Assets				Liabilities
	March 31, 2014		December 31, 2013		March 31, 2014		December 31, 2013
Foreign currency exchange contracts	$	36	$	34	$	39	$	49
Interest rate contracts	13		22		1		—
Commodity price contracts	6		6		—		—
Total	$	55	$	62	$	40	$	49

The derivative assets are included in the Consolidated Balance Sheet in other current assets and other assets, as appropriate. The derivative liabilities are included in the Consolidated Balance Sheet in accrued expenses and other liabilities, as appropriate.

Derivative instruments that are designated and qualify as fair value hedges are predominantly used to manage interest rate risk. The fair values of these derivative instruments are recorded as an asset or liability, as appropriate, with the offset recorded in

12

current earnings. The offset to the change in fair values of the related hedged items also is recorded in current earnings. Any realized gain or loss on the derivatives that hedge interest rate risk is amortized to interest expense over the life of the related debt. At March 31, 2014, the aggregate notional values of outstanding interest rate contracts designated as fair value hedges were $250. Fair value hedges resulted in no significant ineffectiveness in the three months ended March 31, 2014 and 2013. For the three month periods ended March 31, 2014 and 2013, gains or losses recognized in interest expense for interest rate swaps were not significant. For the three month periods ended March 31, 2014 and 2013, no gain or loss was recognized in earnings as a result of a hedged firm commitment no longer qualifying as a fair value hedge.

For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative instrument is initially recorded in AOCI, net of related income taxes, and recognized in earnings in the same period that the hedged exposure affects earnings. As of March 31, 2014, outstanding commodity forward contracts were in place to hedge a limited portion of our estimated requirements of the related underlying commodities in the remainder of 2014 and future periods. As of March 31, 2014, the aggregate notional values of outstanding foreign exchange and interest rate derivative contracts designated as cash flow hedges were $1 billion and $200, respectively. Cash flow hedges resulted in no significant ineffectiveness for the three months ended March 31, 2014 and 2013. For the three months ended March 31, 2014 and 2013, no gains or losses were reclassified into earnings as a result of the discontinuance of cash flow hedges due to the original forecasted transaction no longer being probable of occurring. At March 31, 2014, amounts to be reclassified from AOCI during the next twelve months are not expected to be material. The maximum maturity of cash flow hedges in place at March 31, 2014 is December 2016.

Gains or losses on undesignated foreign exchange hedging instruments are immediately recognized in other (income) and expense, net. Gains of $14 and losses of $56 were recorded in the three month periods ended March 31, 2014 and 2013, respectively. The effect on earnings from the use of these non-designated derivatives is substantially neutralized by the transactional gains and losses recorded on the underlying assets and liabilities. At March 31, 2014, the notional amount of these undesignated derivative instruments was $2.3 billion.

Note 9. Description of Business Segments

We are organized into operating segments based on product groupings. These operating segments have been aggregated into four reportable global business segments: Personal Care, Consumer Tissue, KCP and Health Care. The reportable segments were determined in accordance with how our executive managers develop and execute global strategies to drive growth and profitability. These strategies include global plans for branding and product positioning, technology, research and development programs, cost reductions including supply chain management, and capacity and capital investments for each of these businesses. Segment management is evaluated on several factors, including operating profit. Segment operating profit excludes other (income) and expense, net and income and expense not associated with the business segments.

The principal sources of revenue in each global business segment are described below:

• Personal Care brands offer parents a trusted partner in caring for their families and deliver confidence, protection and discretion to adults 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 helps transform workplaces for employees and patrons, making them healthier, safer and more productive, through a range of solutions and supporting products such as apparel, wipers, soaps, sanitizers, tissue and towels.  Key brands in this segment include Kleenex, Scott, WypAll, Kimtech and JacksonSafety. 

• Health Care provides essentials that help restore patients to better health and improve the quality of patients' lives. This segment offers surgical and infection prevention products for the operating room, and a portfolio of innovative medical devices focused on pain management, respiratory and digestive health. This business is a global leader in education to prevent healthcare-associated infections. Products are sold primarily under the Kimberly-Clark and ON-Q brand names.

13

The following schedules present information concerning consolidated operations by business segment:

	Three Months Ended March 31
	2014			2013			Change
NET SALES
Personal Care	$	2,382		$	2,397		-0.6	%
Consumer Tissue	1,689			1,718			-1.7	%
K-C Professional	800			793			+0.9	%
Health Care	397			397			—
Corporate & Other	10			13			N.M.
TOTAL NET SALES	$	5,278		$	5,318		-0.8	%
OPERATING PROFIT
Personal Care	$	457		$	441		+3.6	%
Consumer Tissue	257			260			-1.2	%
K-C Professional	136			143			-4.9	%
Health Care	72			44			+63.6	%
Corporate & Other(a)	(68		)	(93		)	N.M.
Other (income) and expense, net	57			12			N.M.
TOTAL OPERATING PROFIT	$	797		$	783		+1.8	%

N.M. - Not Meaningful

(a) Corporate & Other includes the following charges:

	European Strategic Changes
	Three Months Ended March 31
	2014		2013
Personal Care	$	5	$	18
Consumer Tissue	3		8
K-C Professional	2		5
Total	$	10	$	31

In addition, Corporate & Other for the three months ended March 31, 2014 includes $7 for transaction and related costs associated with the potential spin-off of the health care business.

Note 10. Supplemental Balance Sheet Data

The following schedule presents a summary of inventories by major class:

	March 31, 2014								December 31, 2013
	LIFO			Non-LIFO		Total			LIFO			Non-LIFO		Total
At the lower of cost, determined on the FIFO or weighted-average cost methods, or market
Raw materials	$	147		$	331	$	478		$	143		$	319	$	462
Work in process	190			101		291			189			97		286
Finished goods	669			770		1,439			648			753		1,401
Supplies and other	—			328		328			—			326		326
	1,006			1,530		2,536			980			1,495		2,475
Excess of FIFO or weighted-average cost over LIFO cost	(251		)	—		(251		)	(242		)	—		(242		)
Total	$	755		$	1,530	$	2,285		$	738		$	1,495	$	2,233

We use the LIFO method of valuing inventory for financial reporting purposes for most U.S. inventories. Interim LIFO calculations are based on management's estimates of expected year-end inventory levels and costs. An actual valuation of inventory under the LIFO method is made at the end of each year based on the inventory levels and costs at that time.

14

The following schedule presents a summary of property, plant and equipment, net:

	March 31, 2014			December 31, 2013
Land	$	192		$	196
Buildings	2,753			2,776
Machinery and equipment	14,296			14,193
Construction in progress	474			515
	17,715			17,680
Less accumulated depreciation	(9,874		)	(9,732		)
Total	$	7,841		$	7,948

15

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Introduction

This management's discussion and analysis of financial condition and results of operations is intended to provide investors with an understanding of our recent performance, financial condition and prospects.  The following will be discussed and analyzed:

• Overview of First Quarter 2014 Results

• Results of Operations and Related Information

• Liquidity and Capital Resources

• Legal Matters

• Business Outlook

Overview of First Quarter 2014 Results

• Net sales decreased 1 percent compared to the year-ago period as increases in sales volumes and net selling prices were offset by unfavorable currency effects and lower sales in conjunction with European strategic changes and pulp and tissue restructuring actions.

• Operating profit and net income attributable to Kimberly-Clark Corporation increased 2 percent and 1 percent, respectively.

• Diluted earnings per share increased to $1.41 versus $1.36 in the prior year.

Results of Operations and Related Information

This section presents a discussion and analysis of our first quarter 2014 net sales, operating profit and other information relevant to an understanding of the results of operations.

Results By Business Segment

	Three Months Ended March 31
	2014			2013			Change
NET SALES
Personal Care	$	2,382		$	2,397		-0.6	%
Consumer Tissue	1,689			1,718			-1.7	%
K-C Professional	800			793			+0.9	%
Health Care	397			397			—
Corporate & Other	10			13			N.M.
TOTAL NET SALES	$	5,278		$	5,318		-0.8	%
OPERATING PROFIT
Personal Care	$	457		$	441		+3.6	%
Consumer Tissue	257			260			-1.2	%
K-C Professional	136			143			-4.9	%
Health Care	72			44			+63.6	%
Corporate & Other(a)	(68		)	(93		)	N.M.
Other (income) and expense, net(b)	57			12			N.M.
TOTAL OPERATING PROFIT	$	797		$	783		+1.8	%

N.M. - Not Meaningful

16

Results By Geography

	Three Months Ended March 31
	2014			2013			Change
NET SALES
North America	$	2,680		$	2,700		-0.7	%
Europe	726			811			-10.5	%
Asia, Latin America and other	2,084			2,031			+2.6	%
Intergeographic sales	(212		)	(224		)	N.M.
TOTAL NET SALES	$	5,278		$	5,318		-0.8	%
OPERATING PROFIT
North America	$	547		$	553		-1.1	%
Europe	62			60			+3.3	%
Asia, Latin America and other	313			275			+13.8	%
Corporate & Other(a)	(68		)	(93		)	N.M.
Other (income) and expense, net(b)	57			12			N.M.
TOTAL OPERATING PROFIT	$	797		$	783		+1.8	%

(a) For the three months ended March 31, 2014 and 2013, Corporate & Other includes charges related to the European strategic changes of $10 and $31, respectively, and for the three months ended March 31, 2014, includes $7 for transaction and related costs associated with the potential spin-off of our health care business.

(b) For the three months ended March 31, 2014, other (income) and expense, net includes a $39 charge related to a regulatory dispute in the Middle East and for the three months ended March 31, 2013, includes a $36 charge related to the devaluation of the Venezuelan bolivar.

Percentage Change2014Versus2013

NET SALES		Changes Due To
	Total	Organic Volume	Restructuring Impact(a)	Net Price	Mix/Other(b)	Currency
Consolidated	(0.8)	3	(2)	1	—	(3)
Personal Care	(0.6)	6	(3)	1	—	(5)
Consumer Tissue	(1.7)	—	(2)	2	—	(2)
K-C Professional	0.9	2	—	2	—	(3)
Health Care	—	4	—	(2)	(1)	(1)

(a) Lower sales related to the European strategic changes and the 2011 and 2012 pulp and tissue restructuring actions.

(b) Mix/Other includes rounding.

OPERATING PROFIT		Changes Due To
	Total	Volume	Net Price	Input Costs(a)	Cost Savings	Currency Translation	Other(b)
Consolidated	1.8	6	8	(8)	9	(4)	(9)
Personal Care	3.6	8	6	(9)	12	(4)	(9)
Consumer Tissue	(1.2)	(2)	10	(8)	3	(1)	(3)
K-C Professional	(4.9)	4	11	(8)	4	(6)	(10)
Health Care	63.6	19	(19)	11	6	(3)	50

(a) Includes inflation/deflation in raw materials, energy and distribution costs.

(b) Other includes the impact of changes in marketing, research and general expenses and manufacturing costs not separately listed in the table. In addition, consolidated includes the impact of the charges in 2014 and 2013 related to the European strategic changes. Consolidated also includes the impact of a regulatory dispute in the Middle East in 2014 and the devaluation of the Venezuelan bolivar in 2013.

17

Commentary - First Quarter of2014 Compared to First Quarter of2013

Consolidated

Net sales of $5.3 billion in the first quarter of 2014 were down 1 percent compared to the year-ago period, with unfavorable foreign currency exchange rates of 3 percent and lower sales in conjunction with European strategic changes and pulp and tissue restructuring actions of 2 percent. Organic sales volumes increased 3 percent, and net selling prices rose 1 percent.

Operating profit was $797 in the first quarter of 2014 versus $783 in 2013. Results in 2014 include a $39 charge related to a regulatory dispute in the Middle East, $10 of restructuring costs for European strategic changes and $7 of transaction and related costs for the Corporation’s potential spin-off of its health care business. Results in 2013 include a $36 charge for the remeasurement of the local currency-denominated balance sheet due to the February 2013 devaluation of the Venezuelan bolivar and $31 of restructuring costs for European strategic changes.

The year-over-year operating profit comparison benefited from organic sales volume growth, higher net selling prices, $70 in cost savings from the company's FORCE (Focused On Reducing Costs Everywhere) program and $10 of savings from pulp and tissue restructuring actions. Total selling, general and administrative expenses were below prior-year levels, driven by lower administrative costs. Input costs increased $65 overall, with $35 of increased costs for raw materials other than fiber, $20 of higher fiber costs and $10 of higher distribution and energy costs. Foreign currency translation effects, as a result of the weakening of several currencies relative to the U.S. dollar, reduced operating profit by $30. Currency transaction effects also negatively impacted the operating profit comparison.

Other (income) and expense, net was $57 of expense in the first quarter of 2014 compared to $12 of expense in the prior year. Current period results were driven by foreign currency transaction losses and a non-deductible charge of $39 related to an adverse court ruling regarding the treatment of capital contributions in prior years to a majority-owned affiliate in the Middle East. Kimberly-Clark is appealing the ruling. The year-ago results included the $36 charge related to the devaluation of the Venezuelan bolivar, partially offset by gains on the sales of certain non-core assets.

The first quarter effective tax rate was 31.0 percent in 2014 compared to 30.9 percent in 2013.

Kimberly-Clark's share of net income of equity companies in the first quarter was $43 in 2014 and $53 in 2013 as a result of lower net sales and unfavorable currency exchange rates, partially offset by lower input costs and cost savings.

Personal Care Segment

First quarter net sales of $2.4 billion decreased 1 percent. Currency rates were unfavorable by 5 percent and lower sales as a result of European strategic changes reduced sales by 3 percent. Organic sales volumes increased 6 percent and net selling prices rose 1 percent. First quarter operating profit of $457 increased 4 percent. The comparison benefited from organic sales volume growth, higher net selling prices and cost savings, partially offset by unfavorable currency rates, input cost inflation and higher manufacturing-related costs.

Net sales in North America were even with the year-ago period. Volumes were up 2 percent, while changes in net selling prices and currency rates each reduced net sales by 1 percent. Adult care volumes increased mid-single digits, including benefits from product innovation on the Depend brand. Huggies baby wipes and diaper volumes were up mid- and low-single digits, respectively, while child care volumes fell mid-single digits compared to a strong year-ago performance.

Net sales in K-C International increased 3 percent despite a 9 point negative impact from changes in currency rates. Sales volumes were up 10 percent and net selling prices improved 3 percent. Volumes increased in China, Russia, Vietnam and throughout most of Latin America, including Brazil and Venezuela. The higher net selling prices were driven by increases in Latin America and Eastern Europe/The Middle East/Africa in response to unfavorable currency rates and cost inflation.

Net sales in Europe decreased 36 percent, including a 39 point negative impact from lower sales in conjunction with European strategic changes. Organic sales volumes were even with year-ago levels, as growth in baby wipes and child care was offset by declines in other products. Currency rates were favorable by 2 percent.

Consumer Tissue Segment

First quarter net sales of $1.7 billion decreased 2 percent. Lower sales in conjunction with European strategic changes and pulp and tissue restructuring actions reduced sales by 2 percent and currency rates were unfavorable by 2 percent. Net selling prices rose 2 percent and product mix was up slightly. First quarter operating profit of $257 decreased 1 percent. The comparison was negatively impacted by input cost inflation and other manufacturing cost increases, mostly offset by benefits from higher net selling prices and cost savings.

18

Net sales in North America were down 1 percent. Sales volumes fell 4 percent as comparisons were impacted by a soft cold and flu season that affected Kleenex facial tissue sales, along with strong year-ago shipments for Cottonelle bathroom tissue. Net selling prices improved 2 percent, with benefits from sheet count reductions accompanying product innovations launched in 2013, and product mix advanced 1 percent.

Net sales in K-C International increased 2 percent despite an 8 point negative impact from changes in currency rates. Sales volumes rose 6 percent, net selling prices improved 2 percent and product mix was favorable by 1 percent. The growth in sales volumes and net selling prices was driven by increases in Latin America, primarily in Brazil and Venezuela.

Net sales in Europe decreased 9 percent, including a 12 point negative impact from lower sales in conjunction with European strategic changes and pulp and tissue restructuring actions. Currency rates were favorable by 3 percent, while net selling prices were down 1 percent.

K-C Professional ("KCP") Segment

First quarter net sales of $0.8 billion increased 1 percent. Organic sales volumes and net selling prices each improved 2 percent, while changes in currency rates reduced net sales by 3 percent. First quarter operating profit of $136 decreased 5 percent. The comparison was negatively impacted by input cost inflation, unfavorable currency rates and higher marketing, research and general spending, partially offset by benefits from organic sales volume growth, higher net selling prices and cost savings.

Net sales in North America decreased 3 percent. Changes in volumes, product mix and currency rates each reduced net sales by 1 percent. Although safety product volumes increased mid-single digits, washroom product volumes fell mid-single digits.

Net sales in K-C International increased 7 percent despite a 9 point drag from unfavorable currency rates. Net selling prices rose 8 percent, volumes improved 7 percent and product mix advanced 1 percent. The organic volume growth and higher net selling prices were driven by broad-based increases in Latin America, along with solid performance in Asia.

Net sales in Europe were up 2 percent. Currency rates were favorable by 3 percent, organic sales volumes increased 2 percent and product mix was favorable by 1 percent. Net selling prices were off 2 percent and lower sales in conjunction with European strategic changes and pulp and tissue restructuring actions reduced net sales by 1 percent.

Health Care Segment

First quarter net sales of $0.4 billion were even with the year-ago period. Sales volumes rose 4 percent, while net selling prices decreased 2 percent and changes in currency rates and product mix each reduced net sales by 1 percent. First quarter operating profit of $72 increased 64 percent, driven by lower marketing, research and general spending, input cost deflation and cost savings.

Medical device volumes were up double-digits, with strong growth in pain management products and a solid increase in digestive health offerings. Surgical and infection prevention volumes were down low-single digits, as declines in exam gloves were mostly offset by increases in other surgical product categories.

European Strategic Changes

In October 2012, we initiated strategic changes to our Western and Central European businesses, including the exit of the diaper category, with the exception of the Italian market, divestiture or exit of some lower-margin businesses in certain markets, primarily in the consumer tissue segment, and streamlining of our manufacturing footprint and administrative organization. The impacted businesses previously generated annual net sales of approximately $0.5 billion and negligible operating profit. Total related restructuring costs will be incurred through 2014. As a result of the restructuring activities, net sales for the three months ended March 31, 2014 were decreased by $90 compared to the three months ended March 31, 2013.

We continue to expect that total after tax charges will be between $300 and $350, while pre-tax charges are expected to be slightly higher than the previously communicated range of $350 to $400. Cash costs are projected to be 50 to 55 percent of total charges. Noncash charges consist primarily of asset impairment charges and incremental depreciation.

During the three months ended March 31, 2014, $10 of pre-tax charges were recognized for the strategic changes, including $6 recorded in cost of products sold and $4 recorded in marketing, research and general expenses. A related benefit of $5 was recorded in provision for income taxes. On a segment basis, $5, $3 and $2 of the charges were related to personal care, consumer tissue, and KCP, respectively. Cash payments of $17 related to the restructuring were made during the three months ended March 31, 2014.

During the three months ended March 31, 2013, $31 of pre-tax charges were recognized for the strategic changes, including $20 recorded in cost of products sold and $11 recorded in marketing, research and general expenses. A related benefit of $10 was

19

recorded in provision for income taxes. On a segment basis, $18, $8 and $5 of the charges were related to personal care, consumer tissue and KCP, respectively.

For additional information on the European strategic changes, see Note 3 to the Consolidated Financial Statements.

Liquidity and Capital Resources

Cash Provided by Operations

Cash provided by operations was $437 compared to $607 in the prior year. The decrease was driven by higher pension contributions and increased working capital. First quarter pension contributions were $180 in 2014 and $55 in 2013.

Investing

During the first three months of 2014, our capital spending was $258 compared to $274 in the prior year. We anticipate that full year 2014 capital spending will be $1.0 to $1.2 billion.

Financing

At March 31, 2014, total debt and redeemable securities was $6.9 billion compared to $6.3 billion at December 31, 2013.

We repurchase shares of Kimberly-Clark common stock from time to time pursuant to publicly announced share repurchase programs. During the first three months of 2014, we repurchased 4.3 million shares of our common stock at a cost of $464 through a broker in the open market. In 2014, we plan to repurchase $1.3 to $1.5 billion of shares through open market purchases, subject to market conditions.

We maintain a $1.5 billion revolving credit facility, scheduled to expire in October 2016, as well as the option to increase this facility by an additional $500. This facility, currently unused, supports our commercial paper program and would provide liquidity in the event our access to the commercial paper markets is unavailable for any reason.

Our short-term debt, which consists of U.S. commercial paper with original maturities up to 90 days and/or other similar short-term debt issued by non-U.S. subsidiaries, was $715 as of March 31, 2014 (included in debt payable within one year on the Consolidated Balance Sheet). The average month-end balance of short-term debt for the first quarter of 2014 was $785. These short-term borrowings provide supplemental funding for supporting our operations. The level of short-term debt generally fluctuates depending upon the amount of operating cash flows and the timing of customer receipts and payments for items such as dividends and income taxes.

We account for our operations in Venezuela using highly inflationary accounting. On February 13, 2013, the Venezuelan government announced a devaluation of the Central Bank of Venezuela ("Central Bank") regulated currency exchange system rate to 6.3bolivars per U.S. dollar and the elimination of the SITME rate. As a result of the devaluation, we recorded a $26after-tax charge ($36 pre-tax) related to the remeasurement of the local currency-denominated balance sheet to the new exchange rate in the quarter endedMarch 31, 2013. Prior to this devaluation, we used the Central Bank SITME rate of5.4bolivars per U.S. dollar to measure K-C Venezuela's bolivar-denominated transactions into U.S. dollars. The$36pre-tax charge is reflected in the Consolidated Income Statement in other (income) and expense, net for the three months endedMarch 31, 2013. In the Consolidated Cash Flow Statement, this non-cash charge is included in other in cash provided by operations.

During March 2013, the Venezuelan government announced a complementary currency exchange system, SICAD. Participation in SICAD is controlled by the Venezuelan government. SICAD is intended to function as an auction system, allowing entities in specific sectors to bid for U.S. dollars to be used for specified import transactions. In February 2014, the president of Venezuela announced that another exchange system (referred to as SICAD 2) would be initiated. Initial exchanges under SICAD 2 began on March 24, 2014, and the volume of U.S. dollars available in this process is still unclear.

We measure results in Venezuela at the rate in which we transact our business. Since March 2013, exchange transactions have taken place through letters of credit which resulted in an effective exchange rate of6.3bolivars per U.S. dollar and through approved transactions using the regulated currency exchange system, which were also at a6.3exchange rate. To date, we have not gained access to U.S. dollars in Venezuela through either SICAD or SICAD 2 auctions. Whether we will be able to access either SICAD system in the foreseeable future and what volume of currency exchange will transact through these alternative mechanisms is unclear. Accordingly, we continued to measure K-C Venezuela operations at the rate of6.3bolivars per U.S. dollar through March 31, 2014.

We continue to monitor the availability and transaction volume of currency exchange through the various alternatives that exist in Venezuela.

20

AtMarch 31, 2014, K-C Venezuela had a bolivar-denominated net monetary asset position (primarily cash) of$357, and our net investment in K-C Venezuela was$499, both valued at6.3bolivars per U.S. dollar. Net sales of K-C Venezuela represented less than3 percentand2 percentof consolidated net sales for the three months endedMarch 31, 2014and2013, respectively.

Management believes that our ability to generate cash from operations and our capacity to issue short-term and long-term debt are adequate to fund working capital, capital spending, payment of dividends, pension plan contributions and other needs for the foreseeable future. Further, we do not expect restrictions or taxes on repatriation of cash held outside of the United States to have a material effect on our overall liquidity, financial condition or results of operations for the foreseeable future.

Legal Matters

We are subject to various legal proceedings, claims and governmental inquiries, inspections, audits or investigations pertaining to issues such as contract disputes, product liability, tax matters, patents and trademarks, advertising, pricing, business practices, governmental regulations, employment and other matters. Although the results of litigation and claims cannot be predicted with certainty, we believe that the ultimate disposition of these matters, to the extent not previously provided for, will not have a material adverse effect, individually or in the aggregate, on our business, financial condition, results of operations or liquidity.

We are subject to federal, state and local environmental protection laws and regulations with respect to our business operations and are operating in compliance with, or taking action aimed at ensuring compliance with, these laws and regulations. We have been named a potentially responsible party under the provisions of the U.S. federal Comprehensive Environmental Response, Compensation and Liability Act, or analogous state statutes, at a number of sites where hazardous substances are present. None of our compliance obligations with environmental protection laws and regulations, individually or in the aggregate, is expected to have a material adverse effect on our business, financial condition, results of operations or liquidity.

Business Outlook

In 2014, we plan to continue to execute our Global Business Plan strategies, which include a focus on targeted growth initiatives, innovation and brand building, cost savings programs and shareholder-friendly capital allocation. Growth in organic volume, net selling prices and product mix is expected to be in the combined 3 to 5 percent target range, led by KCI. We expect net sales to be negatively impacted by unfavorable foreign currency exchange rates of 2 to 3 percent and lower sales from the European strategic changes and pulp and tissue restructuring actions of 1 percent. We plan to achieve cost savings of at least $300 and expect unfavorable foreign currency exchange rates and commodity cost inflation effects of $150 to $250. We anticipate that advertising and research and development spending will increase faster than net sales to support targeted growth initiatives and innovation activities. We expect the effective tax rate to be between 31.5 and 33.1 percent.

In 2014, we anticipate capital spending to be in a $1.0 to $1.2 billion range and share repurchases to total $1.3 to $1.5 billion, subject to market conditions, and expect to contribute approximately $200 to our defined benefit pension plans.

The 2014 assumptions include a full-year estimate for the operations of the health care segment and only include transaction and related costs associated with the potential spin-off of our health care business through March 31, 2014.

Potential Spin-off of Health Care Business

In November 2013, we announced that our Board of Directors authorized management to pursue a potential tax-free spin-off of our health care business. A spin-off would create a stand-alone, publicly traded health care company with approximately $1.6 billion in annual net sales, focused on the sale of surgical and infection prevention products for the operating room and other medical supplies, and medical devices focused on pain management, respiratory and digestive health. We expect that the spin-off would be in the form of a tax-free distribution of 100 percent of the new company’s common stock to Kimberly-Clark shareholders.

We continue to analyze the potential spin-off and expect to seek approval from the Board of Directors to file a Form 10 registration statement with the SEC in early May. We expect that the spin-off will be completed at the end of the third quarter or potentially in the fourth quarter of 2014, assuming Board approval and subject to market, regulatory and other conditions.

21

Information Concerning Forward-Looking Statements

Certain matters contained in this report concerning the business outlook, including the anticipated costs, scope, timing and financial and other effects of the European strategic changes, the potential spin-off of our health care business, cash flow and uses of cash, growth initiatives, innovations, marketing and other spending, cost savings and reductions, net sales, anticipated currency rates and exchange risks, raw material, energy and other input costs, contingencies and anticipated transactions of Kimberly-Clark, including dividends, share repurchases and pension contributions, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are based upon management's expectations and beliefs concerning future events impacting Kimberly-Clark.  There can be no assurance that these future events will occur as anticipated or that our results will be as estimated.  Forward-looking statements speak only as of the date they were made, and we undertake no obligation to publicly update them. 

The assumptions used as a basis for the forward-looking statements include many estimates that, among other things, depend on the achievement of future cost savings and projected volume increases. In addition, many factors outside our control, including fluctuations in foreign currency exchange rates, the prices and availability of our raw materials, potential competitive pressures on selling prices for our products, energy costs and retail trade customer actions, as well as general economic and political conditions globally and in the markets in which we do business, could affect the realization of these estimates.

For a description of certain factors that could cause our future results to differ from those expressed in these forward-looking statements, see Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2013 entitled "Risk Factors." Other factors not presently known to us or that we presently consider immaterial could also affect our business operations and financial results.

Item 4. Controls and Procedures

As of March 31, 2014, an evaluation was performed under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on that evaluation, management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective as of March 31, 2014. There were no changes in our internal control over financial reporting during the quarter covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

22

PART II – OTHER INFORMATION

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

We repurchase shares of Kimberly-Clark common stock from time to time pursuant to publicly announced share repurchase programs. All our share repurchases during the first quarter of 2014 were made through a broker in the open market.

The following table contains information for shares repurchased during the first quarter of 2014. None of the shares in this table were repurchased directly from any of our officers or directors.

Period (2014)	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	1,525,000	$105.78	30,230,411	19,769,589
February 1 to February 28	1,325,000	108.49	31,555,411	18,444,589
March 1 to March 31	1,442,000	110.00	32,997,411	17,002,589
Total	4,292,000

(a) Share repurchases were made pursuant to a share repurchase program authorized by our Board of Directors on January 21, 2011. This program allows for the repurchase of 50 million shares in an amount not to exceed $5 billion.

23

Item 6. Exhibits

(a) Exhibits

Exhibit No. (3)a. 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.

Exhibit No. (3)b. By-Laws, as amended April 30, 2009, incorporated by reference to Exhibit No. (3)b of the Corporation's Current Report on Form 8-K dated May 1, 2009.

Exhibit No. (4). 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. (10)p. Severance Pay Plan, amended and restated, effective June 25, 2013, filed herewith.

Exhibit No. (31)a. 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.

Exhibit No. (31)b. Certification of Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a) of the Exchange Act, filed herewith.

Exhibit No. (32)a. 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.

Exhibit No. (32)b. 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.

Exhibit No. (101).INS XBRL Instance 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

24

SIGNATURES

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

KIMBERLY-CLARK CORPORATION
(Registrant)
By:	/s/ Mark A. Buthman
	Mark A. Buthman
	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)

April 21, 2014

25

EXHIBIT INDEX

Exhibit No.	Description
(3)a.	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.
(3)b.	By-Laws, as amended April 30, 2009, incorporated by reference to Exhibit No. (3)b of the Corporation's Current Report on Form 8-K dated May 1, 2009.
(4).	Copies of instruments defining the rights of holders of long-term debt will be furnished to the Securities and Exchange Commission on request.
(10)p.	Severance Pay Plan, amended and restated, effective June 25, 2013, filed herewith.
(31)a.	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.
(31)b.	Certification of Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a) of the Exchange Act, filed herewith.
(32)a.	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.
(32)b.	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.
(101).INS	XBRL Instance Document
(101).SCH	XBRL Taxonomy Extension Schema Document
(101).CAL	XBRL Taxonomy Extension Calculation Linkbase Document
(101).DEF	XBRL Taxonomy Extension Definition Linkbase Document
(101).LAB	XBRL Taxonomy Extension Label Linkbase Document
(101).PRE	XBRL Taxonomy Extension Presentation Linkbase Document

26

EX-10.P

KIMBERLY-CLARK CORPORATION

SEVERANCE PAY PLAN

Amended and Restated as of June 25, 2013

TABLE OF CONTENTS

ARTICLETITLE

INAME, PURPOSE AND EFFECTIVE DATE OF PLAN

IIDEFINITIONS

IIIELIGIBILITY AND PARTICIPATION

IVSEVERANCE BENEFITS

VPLAN ADMINISTRATION

VILIMITATIONS AND LIABILITIES

APPENDIX A - COVERED EMPLOYERS

APPENDIX B - 2013 CHESTER VOLUNTARY INCENTIVE RETIREMENT PROGRAM

APPENDIX C - PARIS AND OGDEN MILLS 2013 VOLUNTARY SEVERANCE PROGRAMS

ARTICLE I

NAME, PURPOSE AND EFFECTIVE DATE OF PLAN

1.1 Name of the Plan. Kimberly-Clark Corporation (the “Corporation”) hereby establishes a severance pay plan for its Employees, to be known as the Kimberly-Clark Corporation Severance Pay Plan (the “Plan”) as set forth in this document. The Plan is intended to qualify as an employee welfare benefit plan within the meaning of Section 3(1) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).

1.2 Purpose of the Plan. The purpose of the Plan is to provide Eligible Employees a severance benefit in the event of involuntary termination of employment. The Plan is not intended as a replacement or substitution for any confidentiality or noncompete agreement between an Employee and Employer executed prior or subsequent to the effective date of the Plan.

1.3 Effective Date. The Plan is effective as of January 1, 1998 and is amended and restated to apply to involuntary Separations of Service after January 1, 2013.

ARTICLE II

DEFINITIONS AND CONSTRUCTION

2.1 Definitions. When the following words and phrases appear in this Plan, they shall have the respective meanings set forth below unless the context clearly indicates otherwise:

(a) AIP: The Annual Incentive Program or any successor plan.

(b) Average MAAP: The three year average of the annual awards paid to the Participant under MAAP or EOAAP. The three year average of the annual awards paid to the Participant will be determined based on the three year period consisting of the year of the termination of employment (or, if the award for that year has not yet paid for the year of severance, for the preceding year) and the two preceding years. If a Participant has been paid less than three years of annual awards the Average MAAP will be determined based on the average dollar amount of the annual awards paid in prior years to the Participant under MAAP or EOAAP. If a Participant has not received any prior payment of annual awards, the Average MAAP will be determined as follows:

(i) For a Participant classified at the Corporation’s Grade 1 through 4 level, as defined by the Corporation’s compensation department, the Average MAAP shall be calculated based on the prior three year average MAAP payment to other employees at the same grade level.

(ii) For a Participant at the GSLT level (except for the Chief Executive Officer of the Corporation), the Average MAAP shall be calculated based on the prior three year average MAAP or EOAAP payment to Participants at GSLT level.

(iii) For the Chief Executive Officer of the Corporation, the Average MAAP shall be calculated based on the prior three year average MAAP or EOAAP payment to the previous Chief Executive Officer(s) of the Corporation.

(c) Board: The Board of Directors of the Corporation.

(d) Cause: Any termination of employment which is classified by the Employer as for cause, including but not limited to: (i) unsatisfactory performance of duties or inability to meet the requirements of the position, unless classified by the Employer as a Performance Termination; (ii) any habitual neglect of duty or misconduct of the Employee in discharging any of his duties and responsibilities; (iii) excessive unexcused, or statutorily unprotected absenteeism or inattention to duties; (iv) failure or refusal to comply with the provisions of the Employer’s personnel manual or any other rule or policy of the Employer; (v) misconduct, including but not limited to, engaging in conduct which the Committee reasonably determines to be detrimental to the Employer; (vi) disloyal, dishonest or illegal conduct by the Employee; (vii) theft, fraud, embezzlement or other criminal activity involving the Employee’s relationship with the Employer; (viii) violation of any applicable statute, regulation, or rule, or provision of any applicable code of professional ethics; (ix) suspension, revocation, or other restriction of the Participant’s professional license, if applicable; or (x) the Employer’s inability to confirm, to its sole satisfaction, the references and/or credentials which the Participant provided with respect to any professional license, educational background and employment history.

(e) COBRA: Medical continuation coverage elected under the provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985. Participants shall be eligible to receive medical continuation coverage under COBRA for the number of months provided under Article IV without payment of the applicable premium if the Participant is otherwise eligible for, and timely elects, COBRA medical continuation coverage. The Participant shall be responsible for any additional months of COBRA coverage elected beyond the months of COBRA provided by the Corporation under this Plan. The Participant may also enroll in other applicable COBRA coverage (e.g. dental and/or the health care spending accounts); however, the Participant shall be responsible for and must pay the COBRA premium for such coverage.

(f) Code: The Internal Revenue Code of 1986, as amended from time to time, and as construed and interpreted by valid regulations or rulings issued thereunder.

(g) Committee: The Benefits Administration Committee is appointed to administer and regulate the Plan as provided in Article V.

(h) Comparable Position: A position offered to an employee will be considered a Comparable Position under this Plan unless the Committee determines in its sole discretion that any of the following apply (i) there is a material diminution in the Employee’s Earnings on the date of such offer, (ii) a material change in the geographic location at which the Employee must perform the services, (iii) the position offered to the Employee is a material diminution of the Employee’s authority, duties or responsibilities. The Employee must provide notice to the Corporation of the existence of any of the above conditions within a period not to exceed 90 days of the initial offer of the non-Comparable Position to the employee, upon the notice of which the Corporation must be provided a period of at least 30 days during which it may remedy the offer and not be required to pay the severance amount. The determination whether a position offered will be considered a Comparable Position under this Plan shall be in the Committee’s sole discretion and the Committee shall have the power to promulgate Committee Rules and other guidelines in connection with this determination. Any such determination by the Committee whether a Participant is offered a Comparable Position shall be final and conclusive as to all Eligible Employees and other persons claiming rights under the Plan.

(i) Earnings: The base salary of an Eligible Employee at his or her current stated hourly, weekly, monthly or annual rate on his Termination Date. If Eligible Employee is a full-time Employee, Earnings are the hourly pay rate (excluding shift differential) times 40 (hours).

2

If Eligible Employee is an Employee who works less than 40 hours per week, Earnings are the hourly pay rate (excluding shift differential) times the Employee’s regularly scheduled hours per week. Earnings do not include overtime pay, MAAP, bonus or other remuneration for all Eligible Employees. The calculation of a week of Earnings shall be made subject to any applicable Committee rule.

(j) Effective Date: January 1, 1998, or with respect to a particular Subsidiary, such later date as of which the Committee deems such Subsidiary to be an Employer, or as set forth in Appendix A. The Plan is amended and restated to apply to involuntary Separations of Service after June 1, 2011.

(k) Eligible Employee: An hourly Employee not covered by a collective bargaining unit, or salaried Employee, on the regular payroll of an Employer. For purposes of this subsection, “on the regular payroll of an Employer” shall mean paid through the payroll department of such Employer, and shall exclude employees classified by an Employer as intermittent or temporary, and persons classified by an Employer as independent contractors, regardless of how such employees may be classified by any federal, state, or local, domestic or foreign, governmental agency or instrumentality thereof, or court.

(l) Employee: A person employed by an Employer.

(m) Employer: The Corporation and each Subsidiary which the Committee shall from time to time designate as an Employer for purposes of the Plan. A list of Employers is set forth in Appendix A.

(n) EOAAP: The Executive Officer Achievement Award Program or any successor plan.

(o) MAAP: The Management Achievement Award Program or any successor plan.

(p) MAAP Eligible: Eligible Employees who as of their date of termination of employment meet the eligibility requirements to participate under MAAP.

(q) Participant: An individual who has met the eligibility requirements to receive Severance Pay pursuant to Article III.

(r) Performance Termination: Any termination of employment with the Corporation or a Subsidiary which is classified by the Employer as for unsatisfactory performance of duties, or inability to meet the requirements of the position. The termination of employment will be classified as a Performance Termination if it is approved by the Employee’s team leader, the supervisor of the team leader for the Employee and the applicable Human Resources Business Partner, and also meets one of the following criteria:

(i) the Employee’s overall performance rating was Unacceptable or Inconsistent during his or her most recent annual performance review and has in the judgment of the Employee’s team leader, subsequently failed to successfully improve his or her performance to an acceptable level following completion of a Performance Improvement Plan; or

(ii) If the Employee has not had a performance rating in 2013 or later, the Employee’s overall performance rating was either categorized in box one, two or three during his or her most recent performance review, or categorized in a box less than six during each of his or her two most recent annual performance reviews and has in the judgment of the Employee’s team leader, subsequently failed to successfully improve his or her

3

performance to an acceptable level following completion of a Performance Improvement Plan; or

(iii) the Employee’s team leader has offered the Employee a choice of either entering into a Performance Improvement Plan or a Performance Termination, and the Employee has elected a Performance Termination rather than entering into a Performance Improvement Plan.

(s) Plan Year: A twelve calendar month period beginning January 1 through December 31.

(t) Separation from Service. Termination of employment with the Corporation or a Subsidiary. A Separation from Service will be deemed to have occurred if the Employee’s services with the Corporation or a Subsidiary is reduced to an annual rate that is 20 percent or less of the services rendered, on average, during the immediately preceding three years of employment (or if employed less than three years, such lesser period). The Committee shall have the power to promulgate Committee Rules and other guidelines in connection with the determination of a Separation from Service and any such determination by the Committee shall be final and conclusive as to all Eligible Employees and other persons claiming rights under the Plan.

(u) Severance Pay: Payment made to a Participant pursuant to Article IV hereof.

(v) Subsidiary: Any corporation, 50% or more of the voting shares of which are owned directly or indirectly by the Corporation, which is incorporated under the laws of one of the States of the United States.

(w) Termination Date: The date of an Employee’s Separation from Service.

(x) Years of Service: An Employee shall be credited with a Year of Service for each year commencing with the Employee’s vacation eligibility date as maintained by the payroll department of such Employer until the Employee’s Termination Date, rounded to the nearest whole year of service. Notwithstanding any provision in the Plan to the contrary, an Employee’s credited Years of Service shall be reduced to the extent such Years of Service have previously been used to calculate a prior severance payment to the Employee.

2.2 Construction: Where appearing in the Plan the masculine shall include the feminine and the plural shall include the singular, unless the context clearly indicates otherwise. The words “hereof,” “herein,” “hereunder” and other similar compounds of the word “here” shall mean and refer to the entire Plan and not to any particular Section or subsection.

ARTICLE III

ELIGIBILITY AND PARTICIPATION

3.1 Participation. An Eligible Employee shall become a Participant on the later of the Effective Date or the first day actively employed by an Employer.

4

3.2 Eligibility. Each Participant whose employment is involuntarily terminated shall receive Severance Pay; provided, however, that Severance Pay shall not be paid to any Participant who:

(a) is terminated for Cause;

(b) is terminated during a period in which such Participant is not actively at work (i.e. has been on leave) for more than 25 weeks, except to the extent otherwise required by law;

(c) voluntarily quits or retires;

(d) dies;

(e) is offered a Comparable Position as defined in Section 3.5 below.

3.3Duration. A Participant remains a Participant under the Plan until the earliest of:

(a) the date the Participant is no longer an Eligible Employee;

(b) the Participant’s Termination Date; or

(c) the date the Plan terminates.

3.4 Severance Agreement and Release. No Participant shall be entitled to receive Severance Pay hereunder unless such Participant executes a Separation Agreement and Full and Final Release of Claims (the “Agreement”), in the form required by the Corporation, within the period specified for such individual therein and such Participant does not revoke such Agreement in writing within the 7-day period following the date on which it is executed.

3.5 Comparable Position. Severance Pay shall not be paid to any Employee whose employment is involuntarily terminated related to

(a) any separation or reorganization of the Corporation including, but not limited to, a sale, spin-off or shutdown of a portion of the Corporation, including but not limited to a portion of a mill or other location, if such Employee is offered a Comparable Position with the successor entity,

(b) the outsourcing of an Employee to a company other than an Employer, in which such Employee is offered or continues in a Comparable Position, or

(c) any elimination of a job function, or transfer of an Employee’s position to another location, in which such Employee is offered a Comparable Position with the Corporation.

ARTICLE IV

SEVERANCE BENEFITS

4.1 Severance Pay. Whether any Severance Pay is payable under this Plan, or any increase or decrease in the amount of Severance Pay, shall be in the sole discretion and as authorized pursuant to subsection 5.7(b) below. Any such increase or decrease in the amount of Severance Pay shall be final and conclusive as to all Eligible Employees and other persons claiming rights under the Plan. Subject to the exercise of such discretion, a Participant’s Severance Pay shall be determined as follows:

5

(a) Each individual who is eligible as provided in Article III above, shall receive, the Severance Pay, COBRA, outplacement assistance services and Employee Assistance Program services set forth below.

Provision	GSLT	Grades 1-4	Other MAAP-Eligible	Salaried Exempt	Salaried Non-Exempt	Production Non-Union
Severance -Termination on or after 12 months employment	2 x the sum of annual Earnings plus Average MAAP	The sum of annual Earnings plus Average MAAP	2 weeks of Earnings per Year of Service (26 weeks Earnings minimum)	2 weeks of Earnings per Year of Service (12 weeks Earnings minimum)	1 week of Earnings per Year of Service (6 weeks Earnings minimum)	1 week of Earnings per Year of Service (6 weeks Earnings minimum)
Severance - Termination within first 12 months employment	3 months Earnings	3 months Earnings	3 months Earnings	3 months Earnings	6 weeks Earnings	6 weeks Earnings
Current Year EOAAP, MAAP or AIP	EOAAP pro-rated based on actual performance if Separation from Service is after March 31 of the performance year	MAAP pro-rated based on target, or based on actual performance for an officer of the Corporation elected by the Board, if Separation from Service is after March 31 of the performance year	MAAP pro-rated based on target if Separation from Service is after March 31 of the performance year	AIP pro-rated based on target if Separation from Service is after March 31 of the performance year
COBRA	6 months	6 months	6 months	6 months	6 months	6 months
Outplacement	6 months	6 months	6 months	3 months	2 weeks	2 weeks
EAP	3 months	3 months	3 months	3 months	3 months	3 months

(b) Each individual who is eligible as provided in Article III above, and whose employment is classified by the Employer as a Performance Termination, shall receive, the Severance Pay, COBRA, outplacement assistance services and Employee Assistance Program services set forth below. Notwithstanding the foregoing, any Participant who is elected by the Board shall not be eligible to receive a benefit under this subsection 4.1(b).

Provision	GSLT	Grades 1-4	Other MAAP-Eligible	Salaried Exempt	Salaried Non-Exempt	Production Non-Union
Severance - Performance Termination	N/A	6 months Earnings	3 months Earnings	3 months Earnings	6 weeks Earnings	N/A
COBRA	N/A	6 months	6 months	6 months	6 months	N/A
Outplacement	N/A	6 months	6 months	3 months	2 weeks	N/A
EAP	N/A	3 months	3 months	3 months	3 months	N/A

(c) Severance Pay, including the payment of any prorated current year AIP or MAAP shall be paid as a lump sum cash payment no later than 60 days following the Participant’s last date of employment, if the Agreement provides for a 21 day period to consider the release, and no later than 75 days following the Participant’s last date of employment if the Agreement provides for a 45 day period to consider the release, provided, however, should any payments under this Plan be delayed no interest will be owed to the

6

Participant with respect to such late payment. Notwithstanding the foregoing, if the Agreement provides for a 21 day period to consider the release and the last date of Employee’s employment is on or after November 1, or if the Agreement provides for a 45 day period to consider the release and the last date of Employee’s employment is after October 15, then the payment will always be made in the first applicable pay period in the following calendar year. Notwithstanding the foregoing, any current year EOAAP, or MAAP that is payable to an officer of the Corporation elected by the Board, shall be paid at the same time as it was payable under the provisions of EOAAP or MAAP but no later than 60 days following the end of the calendar year of the Separation from Service.

(d) The Severance Pay determined pursuant to subsection 4.1(a) and (b) above will be offset by any amount paid to a Participant (but not less than zero) pursuant to the Worker Adjustment and Retraining Notification Act (“WARN”), or any similar state law, in lieu of notice thereunder. The benefits provided under this Plan are intended to satisfy any and all statutory obligations that may arise out of an Eligible Employee's involuntary termination, and the Committee shall so construe and implement the terms of the Plan.

(e) If, at the time Severance Pay is to be made hereunder, a Participant is indebted or obligated to an Employer or any affiliate, including, but not limited to, any repayment under the Corporation’s relocation program, then such Severance Pay shall be reduced by the amount of such indebtedness or obligation to the extent allowable under applicable federal or state law; provided that the Corporation may in its sole discretion elect not to reduce the Severance Pay by the amount of such indebtedness or obligation and provided that any such election by the Corporation shall not constitute a waiver of its claim of such indebtedness or obligation, in accordance with applicable law.

(f) Notwithstanding any provision in the Plan to the contrary, Severance Pay shall be reduced by the amount of any other severance payments, whether under any severance plan or offer letter or other individual agreement, made by an Employer.

(g) Severance Pay hereunder shall not be considered “compensation” for purposes of determining any benefits provided under any pension, savings, or other benefit plan maintained by an Employer.

4.2 Withholding. A Participant shall be responsible for payment of any federal, Social Security, state, local or other taxes on Severance Pay under the Plan. The Employer shall deduct from Severance Pay any federal, Social Security, state, local or other taxes which are subject to withholding, as determined by the Employer.

4.3 Recovery of Overpayments. If it is determined that any amount paid to an individual under this Plan should not have been paid or should have been paid in a lesser amount, written notice thereof shall be given and such individual shall promptly repay the amount of the overpayment to the Plan.  Notwithstanding the foregoing, the Plan in all cases reserves the right to pursue collection of any remaining overpayments if the above recovery efforts under this paragraph have failed.

7

ARTICLE V

PLAN ADMINISTRATION

BENEFITS ADMINISTRATION COMMITTEE

5.1 Membership. The Committee shall consist of at least three persons who shall be officers or directors of the Corporation or Eligible Employees. Members of the Committee shall be appointed from time to time by, and shall serve at the pleasure of, the Chief Human Resources Officer of the Corporation (the “CHRO”). The CHRO shall appoint one of the members of the Committee to serve as chairman. If the CHRO does not appoint a chairman, the Committee, in its discretion, may elect one of its members as chairman. The Committee shall appoint a Secretary who may be but need not be, a member of the Committee. The Committee shall not receive compensation for its services. Committee expenses shall be paid by the Corporation.

5.2 Powers. The Committee shall have all such powers as may be necessary to discharge its duties hereunder, including, but not by way of limitation, the power to construe or interpret the Plan, to determine all questions of eligibility hereunder, to adopt rules relating to coverage, and to perform such other duties as may from time to time be delegated to it by the Board. Any interpretations of this Plan by persons other than the Committee or individuals or organizations to whom the Committee has delegated administrative duties shall have no effect hereunder. The Committee may prescribe such forms and systems and adopt such rules and methods and tables as it deems advisable. It may employ such agents, attorneys, accountants, actuaries, medical advisors, or clerical assistants (none of whom need be members of the Committee) as it deems necessary for the effective exercise of its duties, and may delegate to such agents any power and duties, both ministerial and discretionary, as it may deem necessary and appropriate. Notwithstanding the foregoing, any claim which arises under any other plan shall not be subject to review under this Plan, and the Committee's authority under this Article V shall not extend to any matter as to which an Administrator under such Program is empowered to make determinations under such plan. In administering the Plan, the Committee will be entitled, to the extent permitted by law, to rely conclusively on all tables, valuations, certificates, opinions and reports which are furnished by, or in accordance with the instructions of, the Committee of each of the Programs, or by accountants, counsel or other experts employed or engaged by the Committee.

5.3 Procedures. The Committee may take any action upon a majority vote at any meeting at which all members are present, and may take any action without a meeting upon the unanimous written consent of all members. All action by the Committee shall be evidenced by a certificate signed by the chairperson or by the secretary to the Committee. The Committee shall appoint a secretary to the Committee who need not be a member of the Committee, and all acts and determinations of the Committee shall be recorded by the secretary, or under his supervision. All such records, together with such other documents as may be necessary for the administration of the Plan, shall be preserved in the custody of the secretary.

5.4 Rules and Decisions. All rules and decisions of the Committee shall be uniformly and consistently applied to all Eligible Employees and Participants under this Plan in similar circumstances and shall be conclusive and binding upon all persons affected by them.

5.5 Books and Records. The records of the Employers shall be conclusive evidence as to all information contained therein with respect to the basis for participation in the Plan and for the calculation of Severance Pay.

5.6 Claim Procedure. The Committee procedure for handling all claims hereunder and review of denied claims shall be consistent with the provisions of ERISA. If a claim for Plan benefits is

8

denied, the Committee shall provide a written notice within 90 days to the person claiming the benefits that contains the specific reasons for the denial, specific references to Plan provisions on which the Committee based its denial and a statement that the claimant may (a) request a review upon written application to the Committee within 60 days, (b) may review pertinent Plan documents and (c) may submit issues and comments in writing. If a claim is denied because of incomplete information, the notice shall also indicate what additional information is required. If additional time is required to make a decision on the claim, the Committee shall notify the claimant of the delay within the original 90 day period. This notice will also indicate the special circumstances requiring the extension and the date by which a decision is expected. This extension period may not exceed 90 days beyond the end of the first 90-day period.

The claimant may request a review of a denied claim by writing the Committee in care of the Plan Administrator. The appeal must, however, be made within 60 days after the claimant's receipt of notice of the denial of the claim. Pertinent documents may be reviewed in preparing an appeal, and issues and comments may be submitted in writing. An appeal shall be given a complete review by the Committee, and a written decision, including reasons, shall be provided within 60 days. If there are special circumstances requiring an extensive review, the Committee shall notify the claimant in a written notice within the original 60 day period of its receipt of the appeal and indicating that the decision will be delayed. A final decision on the appeal shall be made within 120 days of the Committee's receipt of the appeal.

The Committee shall have all of the authority with respect to all aspects of claims for benefits under the Plan, and it shall administer this authority in its sole discretion.

5.7Committee Discretion.

(a) Any action on matters within the discretion of the Committee, including but not limited to, the amount of Severance Pay conferred upon a Participant, shall be final and conclusive as to all Eligible Employees and other persons claiming rights under the Plan. The Committee shall exercise all of the powers, duties and responsibilities set forth hereunder in its sole discretion. Notwithstanding anything in this Plan to the contrary, the Committee shall have the sole discretion to interpret the terms of the Plan included but not limited to, whether a termination is voluntarily or involuntary, whether a Participant’s termination is for Cause, whether a Participant is offered a Comparable Position, and whether Severance Pay shall be payable to any Participant under this Plan.

(b) Any increase or decrease in the amount of Severance Pay for Eligible Employees who are not elected by the Board, different than the amount set forth in 4.1(a) and (b) above may be authorized in their sole discretion by (i) the Committee, (ii) a Group President or Senior Vice President of the Corporation with the endorsement of either the Senior Vice President Global Human Resources or the Vice President Compensation and Benefits or (iii) the Chief Executive Officer. Any such increase or decrease in the amount of Severance Pay shall be final and conclusive as to all such Eligible Employees and other persons claiming rights under the Plan.

(c) Any increase or decrease in the amount of Severance Pay for Eligible Employees who are elected by the Board, different than the amount set forth in 4.1(a) and (b) above may be authorized in their sole discretion by the Management Development and Compensation Committee of the Board. Any such increase or decrease in the amount of Severance Pay shall be final and conclusive as to all such Eligible Employees and other persons claiming rights under the Plan.

9

5.8 Plan Amendments. The Board may from time to time modify, alter, amend or terminate the Plan. Any action permitted to be taken by the Board under the foregoing provision may be taken by the CHRO if such action:

(a) is required by law, or

(b) is estimated not to increase the annual cost of the Plan by more than $5,000,000, or

(c) is estimated not to increase the annual cost of the Plan by more than $25,000,000 provided such action is approved and duly executed by the CEO.

Any action taken by the Board or CHRO shall be made by or pursuant to a resolution duly adopted by the Board or CHRO and shall be evidenced by such resolution or by a written instrument executed by such persons as the Board or CHRO shall authorize for that purpose.

The Board or CHRO also shall have the right to make any amendment retroactively which is necessary to bring the Plan into conformity with the Code or which is otherwise permitted by applicable law. Any such amendment will be binding and effective for the Employer.

Any action which is required or permitted to be taken by the Board under the provisions of this Plan may be taken by the Management, Development and Compensation Committee of the Board or any other duly authorized committee of the Board designated under the By-Laws of the Corporation.

The Board, the Management, Development and Compensation Committee or any duly authorized committee of the Board, the CEO or the CHRO may authorize persons to carry out its policies and directives subject to the limitations and guidelines set by it, and delegate its authority under the Plan.

5.9 Annual Reporting to the CEO. The CHRO shall report to the CEO before January 31 of each year all action taken by such position hereunder during the preceding calendar year.

5.10 Annual Reporting to the Board. The CEO shall report to the Board before January 31 of each year all action taken by such position hereunder during the preceding calendar year.

5.11 Delegation of Duties. This Plan is sponsored by Kimberly-Clark Corporation. The Committee reserves the right to delegate any and all administrative duties to one or more individuals or organizations. Any reference herein to any other entity or person, other than the Committee or any of its members, which is performing administrative services shall also include any other third party administrators. The responsibilities of any third party administrator may be governed, in part, by a separate administrative services contract.

5.12 Funding. Benefits shall be paid from the general assets of the Corporation.

ARTICLE VI

LIMITATIONS AND LIABILITIES

6.1 Non-Guarantee of Employment. Nothing contained in this Plan shall be construed as a contract of employment between an Employer and a Participant, or as a right of any Participant to be continued in the employment of his Employer, or as a limitation of the right of an Employer to discharge any Participant with or without Cause. Nor shall anything contained in this Plan affect

10

the eligibility requirements under any other plans maintained by the Employer, nor give any person a right to coverage under any other Plan.

6.2 Non-Alienation. Except as otherwise provided herein, no right or interest of any Participant or Beneficiary in the Plan shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, charge, attachment, garnishment, execution, levy, bankruptcy, or any other disposition of any kind, either voluntary or involuntary, prior to actual receipt of payment by the person entitled to such right or interest under the provisions hereof, and any such disposition or attempted disposition shall be void.

6.3 Applicable Law. This Plan is construed under, to the extent not preempted by federal law, enforced in accordance with and governed by, the laws of the State of Wisconsin. If any provision of this Plan is found to be invalid, such provision shall be deemed modified to comply with applicable law and the remaining terms and provisions of this Plan will remain in full force and effect.

6.4 Notice. Any notice given hereunder is sufficient if given to the Employee by the Employer, or if mailed to the Employee to the last known address of the Employee as such address appears on the records of the Employer.

6.5 Service of Process. The Plan Administrator shall be the designated recipient of the services of process with respect to legal actions regarding the Plan.

6.6 No Guarantee of Tax Consequences. The Employer makes no commitment or guarantee that any amounts paid to or for the benefit of a Participant under this Plan will be excludable from the Participant's gross income for federal, Social Security, or state income tax purposes, or that any other federal, Social Security, or state income tax treatment will apply to or be available to any Participant. It shall be the obligation of each Participant to determine whether each payment under this Plan is excludable from the Participant's gross income for federal, Social Security, and state income tax purposes, and to notify the Plan Administrator if the Participant has reason to believe that any such payment is not so excludable. This Plan is intended to be compliant with Section 409A of the Code and the guidance promulgated thereunder. Notwithstanding any other provision of this Plan, the Corporation and the Committee shall administer and interpret the Plan, and exercise all authority and discretion under the Plan, to satisfy the requirements of Code Section 409A and the guidance promulgated thereunder and any noncompliant provisions of this Plan will either be void or deemed amended to comply with Section 409A of the Code and the guidance promulgated thereunder.

6.7 Limitation of Liability. Neither the Employer, the Plan Administrator, nor the Committee shall be liable for any act or failure to act which is made in good faith pursuant to the provisions of the Plan, except to the extent required by applicable law. It is expressly understood and agreed by each Eligible Employee who becomes a Participant that, except for its or their willful misconduct or gross neglect, neither the Employer, the Plan Administrator nor the Committee shall be subject to any legal liability to any Participant, for any cause or reason whatsoever, in connection with this Plan, and each such Participant hereby releases the Employer, its officers and agents, and the Plan Administrator, and its agents, and the Committee, from any and all liability or obligation except as provided in this paragraph.

6.8 Indemnification of the Committee. The Employer shall indemnify the Committee and each of its members and hold them harmless from the consequences of their acts or conduct in their official capacity, including payment for all reasonable legal expenses and court costs, except to the extent that such consequences are the result of their own willful misconduct or breach of good faith.

11

APPENDIX A

EMPLOYERS COVERED BY THE KIMBERLY-CLARK CORPORATION

SEVERANCE PAY PLAN

Employers	Participating Units
American Allsafe Company	All salaried and hourly non-organized employees*
Avent, Inc.	All salaried and hourly non-organized employees, and hourly non-organized employees at former Tecnol, Inc. facilities*
I-Flow Corporation	All salaried and hourly non-organized employees*
Jackson Products, Inc.	All salaried and hourly non-organized employees*
Jackson Safety LLC	All salaried and hourly non-organized employees*
Jackson-Wilson LLC	All salaried and hourly non-organized employees*
Kimberly-Clark Corporation	All salaried and hourly non-organized employees*
Kimberly-Clark Financial Services, Inc.	All salaried and hourly non-organized employees*
Kimberly-Clark Global Sales, LLC	All salaried employees*
Kimberly-Clark International Services Corporation	All salaried and hourly non-organized employees except those who transfer to a 50% or less owned foreign subsidiary on a non-temporary basis*
Kimberly-Clark Michigan, Inc.	All salaried employees*
Kimberly-Clark Pennsylvania, LLC	All salaried employees*
Kimberly-Clark Worldwide, Inc.	All salaried and hourly non-organized employees*

*including those on temporary assignment at other employers or in other classifications, but excluding employees on temporary assignment from another Employer or classification.

12

APPENDIX B

2013 CHESTER VOLUNTARY

INCENTIVE RETIREMENT PROGRAM

1. In General. Notwithstanding the requirement under Section 3.2 of the Plan that Severance Pay is only payable upon involuntary termination, an eligible Participant who voluntarily terminates employment shall receive Severance Pay under subsection 3(a) below if they otherwise qualify under the terms of the Plan and meet the requirements of Sections 2 and 3 below, except to the extent otherwise limited in accordance with the terms approved by the Corporation for 2013 Chester Voluntary Incentive Retirement Program (the “Program”).

2. Voluntary Severance Election. A Participant qualifies under this Section 2 if such Participant is:

(a) an hourly employee employed at the Chester, Pennsylvania mill (the “Mill”) who is a member of the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial Service Workers International Union, AFL-CIO-CLC, Local 10-4489, and who is age 57 or older and has at least 30 Years of Service at the time of the Participant’s Separation from Service date, and who remains actively employed with the Corporation through the date selected by the Corporation as the Participant’s Separation from Service date which is on or before December 27, 2013; and

(b) has submitted a valid election form (the “Election Form”) to participate in the Program to the Chester Human Resources Department within the election period beginning June 17, 2013 and ending at 4:30 p.m. (Eastern Time) on June 28, 2013, and such election is accepted by the Corporation under the terms of the Program; and

(c) If more than 60 eligible employees elect the Program, the Corporation will accept elections in order of seniority within the Mill.

3. Severance Pay. Notwithstanding any provision in the Plan to the contrary, Severance Pay shall be reduced by the amount of any other severance payments, whether under any severance plan or offer letter or other individual agreement, made by an Employer.

(a) If a Participant is age 57 or older and has at least 30 Years of Service at the time of the Participant’s Separation from Service date the Participant will be entitled to receive a lump sum severance payment of $30,000 under the Program.

(b) Severance Payshall be paid as a lump sum cash payment no later than 75 days following the Participant’s last date of employment, provided, however, should any payments under this Plan be delayed no interest will be owed to the Participant with respect to such late payment. Notwithstanding the foregoing, if the last date of Employee’s employment is after October 15, then the payment will always be made in the first applicable pay period in the following calendar year.

4. Release Agreement. No Participant shall be entitled to receive any of the benefits provided under the Program hereunder unless such Participant executes a Release Agreement (the “Release Agreement”) to the Chester Human Resources Department no later than 4:30 p.m. (Eastern Time) on the 45^th day after the Participant received the Release Agreement. Once an employee has elected to participate and is selected to participate in the Program, the election cannot be revoked, even if the employee decides not to sign and return the Release Agreement.

5. Release Agreement for Unreduced Pension Benefit. If a Participant is under the age of 60 as of the Separation from Service date, the Participant must also sign and return a Release Agreement for Unreduced Pension Benefit to the Chester Human Resources at the same time as the Unreduced Pension Benefit, the Participant will not receive the unreduced pension as part of the

13

Program and the Participant’s retirement benefit will be paid at a reduced rate under the terms of the Pension Plan.

6. Extension of the Program. The Corporation reserves the right to extend the period of the Program or the Separation from Service date and retirement date for specific employees as deemed necessary by the Corporation.

7. Excluded Participants. Notwithstanding any provision in this 22^nd Amendment to the contrary employees who voluntarily terminate employment prior to the last day of employment prescribed for such individual by the Employer are excluded from participation in this Program.

14

APPENDIX C

PARIS AND OGDEN MILLS

2013 VOLUNTARY

SEVERANCE PROGRAMS

1. In General. Notwithstanding the requirement under Section 3.2 of the Plan that Severance Pay is only payable upon involuntary termination, an eligible Participant who voluntarily terminates employment shall receive Severance Pay if they otherwise qualify under the terms of the Plan and meet the requirements of Sections 2 and 3 below, except to the extent otherwise limited in accordance with the terms approved by the Corporation for this Paris and Ogden Mills 2013 Voluntary Severance Programs (the “Programs”).

2. Voluntary Severance Election. A Participant qualifies under this Section 2 if such Participant is a salaried non-exempt or hourly employee employed at the Paris Mill, Texas, or the Ogden Mill, Utah, and who

(a) submits an election to participate in the Program, as prescribed by the Corporation, on or after September 19, 2013 and on or before 5:00 p.m. eastern time on October 5, 2013 and separates from service with their Employer on the last day of employment prescribed for such individual by the Employer, provided that such date is prior to October 15, 2013 and who is (i) employed by the Corporation as an operations employee at the Paris Mill, Texas, as of August 14, 2013, and is one of the thirty-one (31) Operations employees, and four (4) L5 or greater Maintenance Technical Resources (Mechanics, Electricians, Planners) to elect the Program and be accepted on the basis of seniority. The thirty-one (31) Operations Department employees may also include Tier II (non-technical) - Stores (All GPL), Maintenance (GPL 4 or <), Engineering (GPL 4or<). If less than four (4) Maintenance Technical Resources select severance, then the difference may be made up from the Tier II (technical - Engineering) GPL 5 following workgroup. For purposes of eligibility for this Program employees have been grouped according to their home department;

(b) is employed by the Corporation as an hourly or salaried non-exempt operations employee employed at the Ogden Mill, Utah, as of June 25, 2013, and is one of the thirty-six (36) employees to elect the Program by 2:00 pm eastern time for Ogden and be accepted on the basis of seniority. Operations Department employees are eligible as well as a maximum of up to 4 Maintenance, 2 Stores and 2 Administration employees are eligible for severance under this Program. For purposes of eligibility for this Program employees have been grouped according to their home department; (c)If more than thirty-one (31) Operations employees, and four (4) L5 or greater Maintenance Technical Resources (Mechanics, Electricians, Planners) at Paris elect the Program, the Corporation will accept elections in order of seniority within the Mill per defined tier. If more than thirty-six (36) employees at Ogden elect the Program, the Corporation will accept elections in order of seniority within the Mill.

NOTE: Qualified employees who have voluntarily left employment at the Paris Mill after August 14, 2013 will be included in this severance pay plan benefit as though theysubmitted an election to participate in the Program. Qualified employees who have voluntarily left employment at the Ogden Mill after June 25, 2013 will be included in this severance pay plan benefit as though theysubmitted an election to participate in the Program.

15

3. Severance Pay. Notwithstanding any provision in the Plan to the contrary, Severance Pay shall be reduced by the amount of any other severance payments, whether under any severance plan or offer letter or other individual agreement, made by an Employer.

(h) Each individual who is eligible for severance as provided in subsections 2(a) or (b) above, shall receive, the Severance Pay, COBRA, outplacement assistance services and Employee Assistance Program services set in subsection 4(a) of the Severance Pay Plan.

(b) Severance Payshall be paid as a lump sum cash payment no later than 75 days following the Participant’s last date of employment, provided, however, should any payments under this Plan be delayed no interest will be owed to the Participant with respect to such late payment. Notwithstanding the foregoing, if the last date of Employee’s employment is after October 15, then the payment will always be made in the first applicable pay period in the following calendar year.

4. Release Agreement. No Participant shall be entitled to receive any of the benefits provided under the Program hereunder unless such Participant returns an executed Separation Agreement and Full and Final Release of Claims, in the form required by the Corporation, to the Paris or Ogden Human Resources Department no later than the 45^th day after the Participant received the Separation Agreement and Full and Final Release of Claims and such Participant does not revoke such Separation Agreement and Full and Final Release of Claims in writing within the 7-day period following the date on which it is executed. Once an employee has elected to participate and is selected to participate in the Program, the election cannot be revoked, even if the employee decides not to sign and return the Separation Agreement and Full and Final Release of Claims.

5. Excluded Participants. Notwithstanding any provision in this 23^rd Amendment to the contrary, the following Participants, and each of the following groups of Participants are excluded from participation in this Program:

(a) members of the Distribution/Logistics groups at the Paris and Ogden Mills;

(b) salaried exempt employees; and

(c) employees who voluntarily or involuntarily terminate employment prior to the last day of employment prescribed for such individual by the Employer.

16

EX-31.A

Exhibit (31)a

CERTIFICATIONS

I, Thomas J. Falk, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Kimberly-Clark Corporation (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

April 21, 2014	/s/ Thomas J. Falk
	Thomas J. Falk
	Chief Executive Officer

EX-31.B

Exhibit (31)b

CERTIFICATIONS

I, Mark A. Buthman, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Kimberly-Clark Corporation (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

April 21, 2014	/s/ Mark A. Buthman
	Mark A. Buthman
	Chief Financial Officer

EX-32.A

Exhibit (32)a

Certification of Chief Executive Officer

Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code

I, Thomas J. Falk, Chief Executive Officer of Kimberly-Clark Corporation, certify that, to my knowledge:

(1) the Form 10-Q, filed with the Securities and Exchange Commission on April 21, 2014 (“accompanied report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in the accompanied report fairly presents, in all material respects, the financial condition and results of operations of Kimberly-Clark Corporation.

	/s/ Thomas J. Falk
	Thomas J. Falk
	Chief Executive Officer
April 21, 2014

EX-32.B

Exhibit (32)b

Certification of Chief Financial Officer

Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code

I, Mark A. Buthman, Chief Financial Officer of Kimberly-Clark Corporation, certify that, to my knowledge:

(1) the Form 10-Q, filed with the Securities and Exchange Commission on April 21, 2014 (“accompanied report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in the accompanied report fairly presents, in all material respects, the financial condition and results of operations of Kimberly-Clark Corporation.

	/s/ Mark A. Buthman
	Mark A. Buthman
	Chief Financial Officer
April 21, 2014

XML

Stockholders' Equity (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014
Equity [Abstract]
Repurchased shares	4.3
Stock Repurchased During Period, Value	$ 464

XML

Supplemental Balance Sheet Data - Property Plant and Equipment (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Land	$ 192	$ 196
Buildings and Improvements, Gross	2,753	2,776
Machinery and Equipment, Gross	14,296	14,193
Construction in Progress, Gross	474	515
Property, Plant and Equipment, Gross	17,715	17,680
Less accumulated depreciation	(9,874)	(9,732)
Total	$ 7,841	$ 7,948

XML

Fair Value Information (Fair Value Assets And Liabilities Measured On A Recurring Basis) (Details) (Fair Value, Measurements, Recurring [Member], USD $) In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Company-owned life insurance (“COLI”)	$ 56	$ 55
Available-for-sale securities	22	22
Derivatives	55	62
Total	133	139
Derivatives	40	49
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Company-owned life insurance (“COLI”)	0	0
Available-for-sale securities	22	22
Derivatives	0	0
Total	22	22
Derivatives	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Company-owned life insurance (“COLI”)	56	55
Available-for-sale securities	0	0
Derivatives	55	62
Total	111	117
Derivatives	40	49
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Company-owned life insurance (“COLI”)	0	0
Available-for-sale securities	0	0
Derivatives	0	0
Total	0	0
Derivatives	$ 0	$ 0

XML

Description Of Business Segments (Tables)

3 Months Ended

Mar. 31, 2014

Description of Business Segments

Information Concerning Consolidated Operations by Business Segment

	Three Months Ended March 31
	2014			2013			Change
NET SALES
Personal Care	$	2,382		$	2,397		-0.6	%
Consumer Tissue	1,689			1,718			-1.7	%
K-C Professional	800			793			+0.9	%
Health Care	397			397			—
Corporate & Other	10			13			N.M.
TOTAL NET SALES	$	5,278		$	5,318		-0.8	%
OPERATING PROFIT
Personal Care	$	457		$	441		+3.6	%
Consumer Tissue	257			260			-1.2	%
K-C Professional	136			143			-4.9	%
Health Care	72			44			+63.6	%
Corporate & Other(a)	(68		)	(93		)	N.M.
Other (income) and expense, net	57			12			N.M.
TOTAL OPERATING PROFIT	$	797		$	783		+1.8	%

N.M. - Not Meaningful

(a) Corporate & Other includes the following charges:

	European Strategic Changes
	Three Months Ended March 31
	2014		2013
Personal Care	$	5	$	18
Consumer Tissue	3		8
K-C Professional	2		5
Total	$	10	$	31

In addition, Corporate & Other for the three months ended March 31, 2014 includes $7 for transaction and related costs associated with the potential spin-off of the health care business.

XML

Objectives And Strategies For Using Derivatives (Narratives) (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Derivative Instruments, Gain (Loss) [Line Items]
Fair Value Hedge Ineffectiveness is Immaterial Assertion	Fair value hedges resulted in no significant ineffectiveness in the three months ended March 31, 2014 and 2013
Gain from Hedged Firm Commitment Not Qualifying as Fair Value Hedge	$ 0	$ 0
Cash Flow Hedge Ineffectiveness is Immaterial	Cash flow hedges resulted in no significant ineffectiveness for the three months ended March 31, 2014 and 2013
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net	0	0
Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	2,300,000,000
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments	14,000,000	56,000,000
Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Maturity Date	Dec. 31, 2016
Net Investment Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	150,000,000
Interest Rate Swap [Member] | Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	250,000,000
Interest Rate Swap [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	200,000,000
Foreign currency exchange contracts | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	$ 1,000,000,000

XML

Earnings Per Share (Narrative) (Details) In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Earnings Per Share [Abstract]
Common shares outstanding	377.2	384.7

XML

Fair Value Information

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value Information

Fair Value Information

The following fair value information is based on a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The three levels in the hierarchy used to measure fair value are:

Level 1 – Unadjusted quoted prices in active markets accessible at the reporting date for identical assets and liabilities.

Level 2 – Quoted prices for similar assets or liabilities in active markets. Quoted prices for identical or similar assets and liabilities in markets that are not considered active or financial instruments for which all significant inputs are observable, either directly or indirectly.

Level 3 – Prices or valuations that require inputs that are significant to the valuation and are unobservable.

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

During the three months ended March 31, 2014 and for the full year 2013, there were no significant transfers among level 1, 2, or 3 fair value determinations.

Set forth below are the assets and liabilities that are measured on a recurring basis at fair value and the inputs used to develop those fair value measurements.

	March 31, 2014		Fair Value Measurements
			Level 1		Level 2		Level 3
Assets
Company-owned life insurance (“COLI”)	$	56	$	—	$	56	$	—
Available-for-sale securities	22		22		—		—
Derivatives	55		—		55		—
Total	$	133	$	22	$	111	$	—
Liabilities
Derivatives	$	40	$	—	$	40	$	—

	December 31, 2013		Fair Value Measurements
			Level 1		Level 2		Level 3
Assets
COLI	$	55	$	—	$	55	$	—
Available-for-sale securities	22		22		—		—
Derivatives	62		—		62		—
Total	$	139	$	22	$	117	$	—
Liabilities
Derivatives	$	49	$	—	$	49	$	—

The COLI policies are a source of funding primarily for our nonqualified employee benefits and are included in other assets. Available-for-sale securities are included in other assets. See Note 8 for information on the classification of derivatives in the Consolidated Balance Sheet.

Level 1 Fair Values - The fair values of certain available-for-sale securities are based on quoted market prices in active markets for identical assets.

Level 2 Fair Values - The fair value of the COLI policies is derived from investments in a mix of money market, fixed income and equity funds managed by unrelated fund managers. The fair values of derivatives used to manage interest rate risk and commodity price risk are based on LIBOR rates and interest rate swap curves and NYMEX price quotations, respectively. The fair value of hedging instruments used to manage foreign currency risk is based on published quotations of spot currency rates and forward points, which are converted into implied forward currency rates. Additional information on our use of derivative instruments is contained in Note 8.

The following table includes the fair value of our financial instruments for which disclosure of fair value is required:

	Fair Value Hierarchy Level	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
		March 31, 2014				December 31, 2013
Assets
Cash and cash equivalents(a)	1	$	1,165	$	1,165	$	1,054	$	1,054
Time deposits(b)	1	102		102		222		222
Liabilities and redeemable securities of subsidiaries
Short-term debt(c)	2	715		715		63		63
Long-term debt(d)	2	5,597		6,278		5,698		6,271
Redeemable preferred securities of subsidiaries(e)	3	532		547		532		552
Redeemable common securities of subsidiary(f)	3	46		46		46		46

(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. Time deposits 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.

(e) Redeemable preferred securities of subsidiaries are not traded in active markets. Accordingly, their fair values were calculated using a floating rate pricing model that compared the stated spread to the fair value spread to determine the price at which each of the financial instruments should trade. The model used the following inputs to calculate fair values: face value, current LIBOR rate, unobservable fair value credit spread, stated spread, maturity date and interest or dividend payment dates.

(f) The fair value of the redeemable common securities of subsidiary was based on various inputs, including an independent third-party appraisal, adjusted for current market conditions.

XML

Objectives And Strategies For Using Derivatives Summary of total and undesignated fair values of derivative instruments (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Derivative
Assets	$ 55	$ 62
Liabilities	40	49
Foreign currency exchange contracts
Derivative
Assets	36	34
Liabilities	39	49
Interest rate contracts
Derivative
Assets	13	22
Liabilities	1	0
Commodity price contracts
Derivative
Assets	6	6
Liabilities	$ 0	$ 0

XML

European Strategic Changes - Narrative (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		17 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
European Strategic Changes [Member]
Restructuring Cost and Reserve
Charges for workforce reductions and other exit costs			$ 390
Restructuring Charges After Tax	5	21	313
European Strategic Changes [Member]
Restructuring Cost and Reserve
Restructuring Activities for Manufacturing Facilities	5
Cash charges [Member] | European Strategic Changes [Member]
Restructuring Cost and Reserve
Charges for workforce reductions and other exit costs	$ 10	$ 41	$ 213

XML

Accounting Policies Narrative (Details) (K-C Venezuela [Member], USD $) In Millions, unless otherwise specified	3 Months Ended		33 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Feb. 01, 2013
K-C Venezuela [Member]
Central Bank System Rate	6.3		5.4
Charge for Devaluation Under Highly Inflationary Accounting (after tax)	$ 26
Charge for Devaluation Under Highly Inflationary Accounting	36
Bolivar Denominated Monetary Asset Net	357
Net Investment Foreign Operations	$ 499
Portion Of Consolidate Net Sales Earned By Affiliate Percent	3.00%	2.00%

XML

Description Of Business Segments (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		17 Months Ended	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014 European Strategic Changes [Member]	Mar. 31, 2014 Cost of products sold and marketing, research and general expenses [Member] European Strategic Changes [Member]		Mar. 31, 2013 Cost of products sold and marketing, research and general expenses [Member] European Strategic Changes [Member]		Mar. 31, 2014 Net Sales [Member]	Mar. 31, 2014 Operating Profit [Member]	Mar. 31, 2014 Personal Care [Member]	Mar. 31, 2013 Personal Care [Member]	Mar. 31, 2014 Personal Care [Member] European Strategic Changes [Member]		Mar. 31, 2013 Personal Care [Member] European Strategic Changes [Member]		Mar. 31, 2014 Personal Care [Member] Net Sales [Member]	Mar. 31, 2014 Personal Care [Member] Operating Profit [Member]	Mar. 31, 2014 Consumer Tissue [Member]	Mar. 31, 2013 Consumer Tissue [Member]	Mar. 31, 2014 Consumer Tissue [Member] European Strategic Changes [Member]		Mar. 31, 2013 Consumer Tissue [Member] European Strategic Changes [Member]		Mar. 31, 2014 Consumer Tissue [Member] Net Sales [Member]	Mar. 31, 2014 Consumer Tissue [Member] Operating Profit [Member]	Mar. 31, 2014 K-C Professional	Mar. 31, 2013 K-C Professional	Mar. 31, 2014 K-C Professional European Strategic Changes [Member]		Mar. 31, 2013 K-C Professional European Strategic Changes [Member]		Mar. 31, 2014 K-C Professional Net Sales [Member]	Mar. 31, 2014 K-C Professional Operating Profit [Member]	Mar. 31, 2014 Health Care [Member]	Mar. 31, 2013 Health Care [Member]	Mar. 31, 2014 Health Care [Member] Net Sales [Member]	Mar. 31, 2014 Health Care [Member] Operating Profit [Member]	Mar. 31, 2014 Corporate and Other [Member]		Mar. 31, 2013 Corporate and Other [Member]		Mar. 31, 2014 Spinoff [Member]
Net Sales	$ 5,278	$ 5,318								$ 2,382	$ 2,397							$ 1,689	$ 1,718							$ 800	$ 793							$ 397	$ 397			$ 10		$ 13
Percent change								(0.75216%)	1.78799%							(0.62578%)	3.62812%							(1.68801%)	(1.15385%)							0.88272%	(4.8951%)			0.00%	63.63636%
Total Operating Profit	797	783								457	441							257	260							136	143							72	44			(68)	[1]	(93)	[1]
Other (income) and expense, net	57	12
Restructuring charges, before tax			$ 390	$ 10	[1]	$ 31	[1]					$ 5	[1]	$ 18	[1]					$ 3	[1]	$ 8	[1]					$ 2	[1]	$ 5	[1]											$ 7

[1] Corporate & Other includes the following charges:

XML

European Strategic Changes - Charges Incurred (Details) (European Strategic Changes [Member], USD $) In Millions, unless otherwise specified	3 Months Ended		17 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
Restructuring Cost and Reserve
Charges for workforce reductions and other exit costs			$ 390
Restructuring Charges After Tax	5	21	313
Cost of Sales [Member]
Restructuring Cost and Reserve
Charges for workforce reductions and other exit costs	6	20
Charges for workforce reductions and other included in marketing, research and general and other (income) and expense, net [Member]
Restructuring Cost and Reserve
Charges for workforce reductions and other exit costs	4	11
Provision for income taxes
Restructuring Cost and Reserve
Charges for workforce reductions and other exit costs	(5)	(10)
Employee Severance [Member] | Cost of Sales [Member]
Restructuring Cost and Reserve
Charges for workforce reductions and other exit costs	0	26
Asset write-offs | Cost of Sales [Member]
Restructuring Cost and Reserve
Charges for workforce reductions and other exit costs	0	6
Incremental depreciation | Cost of Sales [Member]
Restructuring Cost and Reserve
Charges for workforce reductions and other exit costs	0	9
Benefit from pension curtailment | Cost of Sales [Member]
Restructuring Cost and Reserve
Charges for workforce reductions and other exit costs	0	(26)
Other exit costs | Cost of Sales [Member]
Restructuring Cost and Reserve
Charges for workforce reductions and other exit costs	$ 6	$ 5

XML

European Strategic Changes - Reconciliation to Accrued Expenses (Details) (European Strategic Changes [Member], USD $) In Millions, unless otherwise specified	3 Months Ended		17 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
Accrued Expense Roll Forward
Accrued expenses - January 1	$ 37	$ 133
Charges for workforce reductions and other exit costs			390
Cash payments	(17)	(13)
Currency and other	(1)	(7)
Accrued expenses - March 31	29	154	29
Cash charges [Member]
Accrued Expense Roll Forward
Charges for workforce reductions and other exit costs	$ 10	$ 41	$ 213

XML

European Strategic Changes (European Strategic Changes [Member])

3 Months Ended

Mar. 31, 2014

European Strategic Changes [Member]

Restructuring Cost and Reserve

European Strategic Changes

European Strategic Changes

In 2012, we initiated strategic changes related to our Western and Central European consumer and professional businesses to focus our resources and investments on stronger market positions and growth opportunities. We have exited the diaper category in that region, with the exception of the Italian market, and divested or exited some lower-margin businesses, mostly in consumer tissue, in certain markets. The changes primarily affect our consumer businesses, with a modest impact on K-C Professional ("KCP"). The restructuring actions commenced in 2012 and are expected to be completed by December 31, 2014.

Restructuring actions related to the strategic changes involved the sale or closure of five of our European manufacturing facilities and the streamlining of our administrative organization.

The following charges were incurred in connection with the European strategic changes:

	Three Months Ended March 31
	2014			2013
Charges for workforce reductions	$	—		$	26
Asset write-offs	—			6
Incremental depreciation	—			9
Benefit from pension curtailment	—			(26		)
Other exit costs	6			5
Cost of products sold	6			20
Charges for workforce reductions and other exit costs included in marketing, research and general expenses	4			11
Provision for income taxes	(5		)	(10		)
Net charges	$	5		$	21

See Note 9 for charges related to the European strategic changes by segment.

Through March 31, 2014, cumulative pre-tax charges for the strategic changes were $390 ($313 after tax), including cumulative pre-tax cash charges of $213.

The following summarizes the cash charges recorded and reconciles these charges to accrued expenses:

	2014			2013
Accrued expenses - January 1	$	37		$	133
Charges for workforce reductions and other exit costs	10			41
Cash payments	(17		)	(13		)
Currency and other	(1		)	(7		)
Accrued expenses - March 31	$	29		$	154

XML

Fair Value Information (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Fair Value Disclosures [Abstract]
Transfers among fair value determination	$ 0	$ 0

XML

Stockholders' Equity (Components Of Stockholders' Equity) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Kimberly-Clark Corporation	$ 4,668		$ 4,856
Noncontrolling Interests	257		284
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at December 31, 2013	5,140
Net Income	546	551
Unrealized currency translation adjustments	(7)	(168)
Employee postretirement benefits	14	53
Other	(4)	17
Balance at March 31, 2014	4,925
Parent [Member]
Kimberly-Clark Corporation			4,856
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	538
Unrealized currency translation adjustments	(2)	(160)
Employee postretirement benefits	14
Other	(4)	17
Stock-based awards exercised or vested	38
Recognition of stock-based compensation	9
Income tax benefits on stock-based compensation	12
Shares repurchased	(473)
Dividends declared	(318)
Other	(2)
Balance at March 31, 2014	4,668
Noncontrolling Interests [Member]
Noncontrolling Interests			284
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	0
Unrealized currency translation adjustments	(4)
Employee postretirement benefits	0
Other	0
Stock-based awards exercised or vested	0
Recognition of stock-based compensation	0
Income tax benefits on stock-based compensation	0
Shares repurchased	0
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(24)
Other	1
Balance at March 31, 2014	$ 257

XML

Consolidated Income Statement (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Income Statement [Abstract]
Net Sales	$ 5,278	$ 5,318
Cost of products sold	3,453	3,496
Gross Profit	1,825	1,822
Marketing, research and general expenses	971	1,027
Other (income) and expense, net	57	12
Operating Profit	797	783
Interest income	3	5
Interest expense	(71)	(67)
Income Before Income Taxes and Equity Interests	729	721
Provision for income taxes	(226)	(223)
Income Before Equity Interests	503	498
Share of net income of equity companies	43	53
Net Income	546	551
Net income attributable to noncontrolling interests	(8)	(20)
Net Income Attributable to Kimberly-Clark Corporation	$ 538	$ 531
Per Share Basis
Basic	$ 1.42	$ 1.37
Diluted	$ 1.41	$ 1.36
Cash Dividends Declared	$ 0.84	$ 0.81

XML

Supplemental Balance Sheet Data - Inventory (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Raw materials	$ 478	$ 462
Work in process	291	286
Finished goods	1,439	1,401
Supplies and other	328	326
Inventory, Gross	2,536	2,475
Excess of FIFO or weighted-average cost over LIFO cost	(251)	(242)
Total	2,285	2,233
LIFO [Member]
Raw materials	147	143
Work in process	190	189
Finished goods	669	648
Supplies and other	0	0
Inventory, Gross	1,006	980
Excess of FIFO or weighted-average cost over LIFO cost	(251)	(242)
Total	755	738
Non-LIFO [Member]
Raw materials	331	319
Work in process	101	97
Finished goods	770	753
Supplies and other	328	326
Inventory, Gross	1,530	1,495
Excess of FIFO or weighted-average cost over LIFO cost	0	0
Total	$ 1,530	$ 1,495

XML

Accounting Policies

3 Months Ended

Mar. 31, 2014

Accounting Policies [Abstract]

Accounting Policies

Accounting Policies

Basis of Presentation

The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form  10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all material adjustments which are of a normal and recurring nature necessary for a fair presentation of the results for the periods presented have been reflected. Dollar amounts are reported in millions, except per share dollar amounts, unless otherwise noted.

For further information, refer to the Consolidated Financial Statements and footnotes included in our Annual Report on Form  10-K for the year ended December 31, 2013. The terms "Corporation," "Kimberly-Clark," "K-C," "we," "our" and "us" refer to Kimberly-Clark Corporation and its consolidated subsidiaries.

Highly Inflationary Accounting for Venezuelan Operations

We account for our operations in Venezuela using highly inflationary accounting. On February 13, 2013, the Venezuelan government announced a devaluation of the Central Bank of Venezuela ("Central Bank") regulated currency exchange system rate to 6.3bolivars per U.S. dollar and the elimination of the SITME rate. As a result of the devaluation, we recorded a $26after-tax charge ($36 pre-tax) related to the remeasurement of the local currency-denominated balance sheet to the new exchange rate in the quarter endedMarch 31, 2013. Prior to this devaluation, we used the Central Bank SITME rate of5.4bolivars per U.S. dollar to measure K-C Venezuela's bolivar-denominated transactions into U.S. dollars. The$36pre-tax charge is reflected in the Consolidated Income Statement in other (income) and expense, net for the three months endedMarch 31, 2013. In the Consolidated Cash Flow Statement, this non-cash charge is included in other in cash provided by operations.

During March 2013, the Venezuelan government announced a complementary currency exchange system, SICAD. Participation in SICAD is controlled by the Venezuelan government. SICAD is intended to function as an auction system, allowing entities in specific sectors to bid for U.S. dollars to be used for specified import transactions. In February 2014, the president of Venezuela announced that another exchange system (referred to as SICAD 2) would be initiated. Initial exchanges under SICAD 2 began on March 24, 2014, and the volume of U.S. dollars available in this process is still unclear.

We measure results in Venezuela at the rate in which we transact our business. Since March 2013, exchange transactions have taken place through letters of credit which resulted in an effective exchange rate of6.3bolivars per U.S. dollar and through approved transactions using the regulated currency exchange system, which were also at a6.3exchange rate. To date, we have not gained access to U.S. dollars in Venezuela through either SICAD or SICAD 2 auctions. Whether we will be able to access either SICAD system in the foreseeable future and what volume of currency exchange will transact through these alternative mechanisms is unclear. Accordingly, we continued to measure K-C Venezuela operations at the rate of6.3bolivars per U.S. dollar through March 31, 2014.

We continue to monitor the availability and transaction volume of currency exchange through the various alternatives that exist in Venezuela.

AtMarch 31, 2014, K-C Venezuela had a bolivar-denominated net monetary asset position (primarily cash) of$357, and our net investment in K-C Venezuela was$499, both valued at6.3bolivars per U.S. dollar. Net sales of K-C Venezuela represented less than3 percentand2 percentof consolidated net sales for the three months endedMarch 31, 2014and2013, respectively.

XML

Employee Postretirement Benefits (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Cash contribution to pension trusts	$ 180	$ 55
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year	$ 200

XML

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Average Common Shares Outstanding Basic and Diluted

	Three Months Ended March 31
(Millions of shares)	2014	2013
Basic	379.0	387.3
Dilutive effect of stock options	1.3	1.7
Dilutive effect of restricted share and restricted share unit awards	1.8	1.5
Diluted	382.1	390.5

XML

Employee Postretirement Benefits (Benefit Cost Information For Defined Benefit Plans And Other Postretirement Benefit Plans) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Defined Benefit Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	$ 11	$ 14
Interest cost	68	64
Expected return on plan assets	(82)	(81)
Recognized net actuarial loss	24	34
Curtailment (see Note 3)	0	(26)
Other	5	(3)
Net periodic benefit cost	26	2
Other Postretirement Benefit Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	4	4
Interest cost	9	8
Expected return on plan assets	0	0
Recognized net actuarial loss	0	0
Curtailment (see Note 3)	0	0
Other	0	0
Net periodic benefit cost	$ 13	$ 12

XML

Objectives And Strategies For Using Derivatives (Tables)

3 Months Ended

Mar. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule Of Fair Value Of All Derivative Instruments

	Assets				Liabilities
	March 31, 2014		December 31, 2013		March 31, 2014		December 31, 2013
Foreign currency exchange contracts	$	36	$	34	$	39	$	49
Interest rate contracts	13		22		1		—
Commodity price contracts	6		6		—		—
Total	$	55	$	62	$	40	$	49

XML

Potential Spinoff of Health Care Business (Spinoff [Member])

3 Months Ended

Mar. 31, 2014

Spinoff [Member]

Restructuring Cost and Reserve

Restructuring and Related Activities Disclosure

Potential Spin-Off of Health Care Business

In November 2013, we announced that our Board of Directors authorized management to pursue a potential tax-free spin-off of our health care business. A spin-off would create a stand-alone, publicly traded health care company with approximately $1.6 billion in annual net sales, focused on the sale of surgical and infection prevention products for the operating room and other medical supplies, and medical devices focused on pain management, respiratory and digestive health.

We continue to analyze the potential spin-off and expect to seek approval from the Board of Directors to file a Form 10 registration statement with the SEC in early May. We expect that the spin-off will be completed at the end of the third quarter or potentially in the fourth quarter of 2014, assuming Board approval and subject to market, regulatory and other conditions. However, there are no assurances as to when the potential spin-off will be completed, if at all, or if the spin-off will be completed based on the expected plans. During the three months ended March 31, 2014, $7 was recorded in marketing, research and general expenses for transaction and related costs associated with the potential spin-off.

XML

Consolidated Statement Of Comprehensive Income (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Statement of Comprehensive Income [Abstract]
Net Income	$ 546	$ 551
Other Comprehensive Income (Loss), Net of Tax
Unrealized currency translation adjustments	(7)	(168)
Employee postretirement benefits	14	53
Other	(4)	17
Total Other Comprehensive Income (Loss), Net of Tax	3	(98)
Comprehensive Income	549	453
Comprehensive income attributable to noncontrolling interests	(3)	(12)
Comprehensive Income Attributable to Kimberly-Clark Corporation	$ 546	$ 441

XML

Fair Value Information (Policy)

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value Level Measurements Policy

The following fair value information is based on a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The three levels in the hierarchy used to measure fair value are:

Level 1 – Unadjusted quoted prices in active markets accessible at the reporting date for identical assets and liabilities.

Level 2 – Quoted prices for similar assets or liabilities in active markets. Quoted prices for identical or similar assets and liabilities in markets that are not considered active or financial instruments for which all significant inputs are observable, either directly or indirectly.

Level 3 – Prices or valuations that require inputs that are significant to the valuation and are unobservable.

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

XML

Document And Entity Information	3 Months Ended
	Mar. 31, 2014	Apr. 14, 2014
Document And Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2014
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2014
Entity Registrant Name	KIMBERLY CLARK CORP
Entity Central Index Key	0000055785
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		376,791,476

XML

Supplemental Balance Sheet Data (Policies)

3 Months Ended

Mar. 31, 2014

Statement of Financial Position [Abstract]

Inventory Policy

We use the LIFO method of valuing inventory for financial reporting purposes for most U.S. inventories. Interim LIFO calculations are based on management's estimates of expected year-end inventory levels and costs. An actual valuation of inventory under the LIFO method is made at the end of each year based on the inventory levels and costs at that time.

XML

Consolidated Balance Sheet (USD $) In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Current Assets
Cash and cash equivalents	$ 1,165	$ 1,054
Accounts receivable, net	2,618	2,545
Inventories	2,285	2,233
Other current assets	580	718
Total Current Assets	6,648	6,550
Property, Plant and Equipment, Net	7,841	7,948
Investments in Equity Companies	419	382
Goodwill	3,210	3,181
Other Intangible Assets	232	243
Other Assets	652	615
TOTAL ASSETS	19,002	18,919
Current Liabilities
Debt payable within one year	927	375
Redeemable Preferred Securities of Subsidiaries	506	506
Trade accounts payable	2,553	2,598
Accrued expenses	1,955	2,060
Dividends payable	318	309
Total Current Liabilities	6,259	5,848
Long-Term Debt	5,385	5,386
Noncurrent Employee Benefits	1,133	1,312
Deferred Tax Liabilities, Net, Noncurrent	894	817
Other Liabilities	334	344
Redeemable Preferred and Common Securities of Subsidiaries	72	72
Stockholders' Equity
Kimberly-Clark Corporation	4,668	4,856
Noncontrolling Interests	257	284
Total Stockholders' Equity	4,925	5,140
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 19,002	$ 18,919

XML

Stockholders' Equity

3 Months Ended

Mar. 31, 2014

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

Set forth below is a reconciliation for the three months ended March 31, 2014 of the carrying amount of total stockholders' equity from the beginning of the period to the end of the period.

	Stockholders' Equity Attributable to
	The Corporation			Noncontrolling Interests
Balance at December 31, 2013	$	4,856		$	284
Net Income	538			—
Other comprehensive income, net of tax
Unrealized translation	(2		)	(4		)
Employee postretirement benefits	14			—
Other	(4		)	—
Stock-based awards exercised or vested	38			—
Recognition of stock-based compensation	9			—
Income tax benefits on stock-based compensation	12			—
Shares repurchased	(473		)	—
Dividends declared	(318		)	(24		)
Other	(2		)	1
Balance at March 31, 2014	$	4,668		$	257

During the three months ended March 31, 2014, we repurchased 4.3 million shares at a total cost of $464.

Net unrealized currency gains or losses resulting from the translation of assets and liabilities of foreign subsidiaries, except those in highly inflationary economies, are recorded in accumulated other comprehensive income ("AOCI"). For these operations, changes in exchange rates generally do not affect cash flows; therefore, unrealized translation is recorded in AOCI rather than net income. Upon sale or substantially complete liquidation of any of these subsidiaries, the applicable unrealized translation would be removed from AOCI and reported as part of the gain or loss on the sale or liquidation.

Also included in unrealized translation are the effects of foreign exchange rate changes on intercompany balances of a long-term investment nature and transactions designated as hedges of net foreign investments.

The change in net unrealized currency translation for the three months ended March 31, 2014 was primarily due to the strengthening of the Australian dollar and Brazilian real against the U.S. dollar, offset by the weakening of the Russian ruble, Canadian dollar and Argentine peso.

The changes in the components of AOCI attributable to Kimberly-Clark, net of tax, are as follows:

	Unrealized Translation			Defined Benefit Pension Plans				Other Postretirement Benefit Plans			Cash Flow Hedges and Other
Balance as of December 31, 2012	$	(26	)	$	(1,928	)		$	(53	)	$	(52	)
Other comprehensive income (loss) before reclassifications	(160		)	49				—			19
(Income) loss reclassified from AOCI	—			4			(a)	—			(2		)
Net current period other comprehensive income (loss)	(160		)	53				—			17
Balance as of March 31, 2013	$	(186	)	$	(1,875	)		$	(53	)	$	(35	)
Balance as of December 31, 2013	$	(525	)	$	(1,668	)		$	(15	)	$	(34	)
Other comprehensive income (loss) before reclassifications	(2		)	(2		)		—			(4		)
(Income) loss reclassified from AOCI	—			16			(a)	—			—
Net current period other comprehensive income (loss)	(2		)	14				—			(4		)
Balance as of March 31, 2014	$	(527	)	$	(1,654	)		$	(15	)	$	(38	)

(a) Included in computation of net periodic pension costs (see Note 5).

XML

Earnings Per Share

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share ("EPS")

There are no adjustments required to be made to net income for purposes of computing EPS. A reconciliation of the average number of common shares outstanding used in the basic and diluted EPS computations follows:

	Three Months Ended March 31
(Millions of shares)	2014	2013
Basic	379.0	387.3
Dilutive effect of stock options	1.3	1.7
Dilutive effect of restricted share and restricted share unit awards	1.8	1.5
Diluted	382.1	390.5

There were no significant outstanding stock-based awards excluded from the computation of diluted EPS during the three month periods ended March 31, 2014 and 2013.

The number of common shares outstanding as of March 31, 2014 and 2013 was 377.2 million and 384.7 million, respectively.

XML

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2014

Equity [Abstract]

Components Of Stockholders' Equity

	Stockholders' Equity Attributable to
	The Corporation			Noncontrolling Interests
Balance at December 31, 2013	$	4,856		$	284
Net Income	538			—
Other comprehensive income, net of tax
Unrealized translation	(2		)	(4		)
Employee postretirement benefits	14			—
Other	(4		)	—
Stock-based awards exercised or vested	38			—
Recognition of stock-based compensation	9			—
Income tax benefits on stock-based compensation	12			—
Shares repurchased	(473		)	—
Dividends declared	(318		)	(24		)
Other	(2		)	1
Balance at March 31, 2014	$	4,668		$	257

Schedule of Accumulated Other Comprehensive Income (Loss)

	Unrealized Translation			Defined Benefit Pension Plans				Other Postretirement Benefit Plans			Cash Flow Hedges and Other
Balance as of December 31, 2012	$	(26	)	$	(1,928	)		$	(53	)	$	(52	)
Other comprehensive income (loss) before reclassifications	(160		)	49				—			19
(Income) loss reclassified from AOCI	—			4			(a)	—			(2		)
Net current period other comprehensive income (loss)	(160		)	53				—			17
Balance as of March 31, 2013	$	(186	)	$	(1,875	)		$	(53	)	$	(35	)
Balance as of December 31, 2013	$	(525	)	$	(1,668	)		$	(15	)	$	(34	)
Other comprehensive income (loss) before reclassifications	(2		)	(2		)		—			(4		)
(Income) loss reclassified from AOCI	—			16			(a)	—			—
Net current period other comprehensive income (loss)	(2		)	14				—			(4		)
Balance as of March 31, 2014	$	(527	)	$	(1,654	)		$	(15	)	$	(38	)

(a) Included in computation of net periodic pension costs (see Note 5).

XML

European Strategic Changes (Tables) (European Strategic Changes [Member])

3 Months Ended

Mar. 31, 2014

European Strategic Changes [Member]

Restructuring Cost and Reserve

Charges Incurred in Connection with Restructuring

	Three Months Ended March 31
	2014			2013
Charges for workforce reductions	$	—		$	26
Asset write-offs	—			6
Incremental depreciation	—			9
Benefit from pension curtailment	—			(26		)
Other exit costs	6			5
Cost of products sold	6			20
Charges for workforce reductions and other exit costs included in marketing, research and general expenses	4			11
Provision for income taxes	(5		)	(10		)
Net charges	$	5		$	21

Schedule of Cash Charges Reconciled to Accrued Expenses

	2014			2013
Accrued expenses - January 1	$	37		$	133
Charges for workforce reductions and other exit costs	10			41
Cash payments	(17		)	(13		)
Currency and other	(1		)	(7		)
Accrued expenses - March 31	$	29		$	154

XML

Supplemental Balance Sheet Data (Notes)

3 Months Ended

Mar. 31, 2014

Statement of Financial Position [Abstract]

Additional Financial Information Disclosure

Supplemental Balance Sheet Data

The following schedule presents a summary of inventories by major class:

	March 31, 2014								December 31, 2013
	LIFO			Non-LIFO		Total			LIFO			Non-LIFO		Total
At the lower of cost, determined on the FIFO or weighted-average cost methods, or market
Raw materials	$	147		$	331	$	478		$	143		$	319	$	462
Work in process	190			101		291			189			97		286
Finished goods	669			770		1,439			648			753		1,401
Supplies and other	—			328		328			—			326		326
	1,006			1,530		2,536			980			1,495		2,475
Excess of FIFO or weighted-average cost over LIFO cost	(251		)	—		(251		)	(242		)	—		(242		)
Total	$	755		$	1,530	$	2,285		$	738		$	1,495	$	2,233

We use the LIFO method of valuing inventory for financial reporting purposes for most U.S. inventories. Interim LIFO calculations are based on management's estimates of expected year-end inventory levels and costs. An actual valuation of inventory under the LIFO method is made at the end of each year based on the inventory levels and costs at that time.

The following schedule presents a summary of property, plant and equipment, net:

	March 31, 2014			December 31, 2013
Land	$	192		$	196
Buildings	2,753			2,776
Machinery and equipment	14,296			14,193
Construction in progress	474			515
	17,715			17,680
Less accumulated depreciation	(9,874		)	(9,732		)
Total	$	7,841		$	7,948

XML

Objectives And Strategies For Using Derivatives

3 Months Ended

Mar. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Objectives And Strategies For Using Derivatives

Objectives and Strategies for Using Derivatives

As a multinational enterprise, we are exposed to financial risks, such as changes in foreign currency exchange rates, interest rates, and commodity prices. We employ a number of practices to manage these risks, including operating and financing activities and, where appropriate, the use of derivative instruments. We enter into derivative instruments to hedge a portion of forecasted cash flows denominated in foreign currencies for non-U.S. operations' purchases of raw materials, which are priced in U.S. dollars, and imports of intercompany finished goods and work-in-process priced predominantly in U.S. dollars and euros. The derivative instruments used to manage these exposures are designated and qualify as cash flow hedges. The foreign currency exposure on certain non-functional currency denominated monetary assets and liabilities, primarily intercompany loans and accounts payable, is hedged with primarily undesignated derivative instruments. Interest rate risk is managed using a portfolio of variable- and fixed-rate debt composed of short- and long-term instruments. Interest rate swap contracts may be used to facilitate the maintenance of the desired ratio of variable- and fixed-rate debt and are designated and qualify as fair value hedges. From time to time, we also hedge the anticipated issuance of fixed-rate debt, using forward-starting swaps, and these contracts are designated as cash flow hedges. We use derivative instruments, such as forward swap contracts, to hedge a limited portion of our exposure to market risk arising from changes in prices of certain commodities. These derivatives are designated as cash flow hedges of specific quantities of the underlying commodity expected to be purchased in future months. Translation adjustments result from translating foreign entities' financial statements into U.S. dollars from their functional currencies. The risk to any particular entity's net assets is reduced to the extent that the entity is financed with local currency borrowing. Translation exposure, which results from changes in translation rates between functional currencies and the U.S. dollar, generally is not hedged. However, consistent with other years, a portion of our net investment in our Mexican affiliate has been hedged. At March 31, 2014, we had in place net investment hedges of $150 for a portion of our investment in our Mexican affiliate.

Set forth below is a summary of the total designated and undesignated fair values of our derivative instruments:

	Assets				Liabilities
	March 31, 2014		December 31, 2013		March 31, 2014		December 31, 2013
Foreign currency exchange contracts	$	36	$	34	$	39	$	49
Interest rate contracts	13		22		1		—
Commodity price contracts	6		6		—		—
Total	$	55	$	62	$	40	$	49

The derivative assets are included in the Consolidated Balance Sheet in other current assets and other assets, as appropriate. The derivative liabilities are included in the Consolidated Balance Sheet in accrued expenses and other liabilities, as appropriate.

Derivative instruments that are designated and qualify as fair value hedges are predominantly used to manage interest rate risk. The fair values of these derivative instruments are recorded as an asset or liability, as appropriate, with the offset recorded in current earnings. The offset to the change in fair values of the related hedged items also is recorded in current earnings. Any realized gain or loss on the derivatives that hedge interest rate risk is amortized to interest expense over the life of the related debt. At March 31, 2014, the aggregate notional values of outstanding interest rate contracts designated as fair value hedges were $250. Fair value hedges resulted in no significant ineffectiveness in the three months ended March 31, 2014 and 2013. For the three month periods ended March 31, 2014 and 2013, gains or losses recognized in interest expense for interest rate swaps were not significant. For the three month periods ended March 31, 2014 and 2013, no gain or loss was recognized in earnings as a result of a hedged firm commitment no longer qualifying as a fair value hedge.

For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative instrument is initially recorded in AOCI, net of related income taxes, and recognized in earnings in the same period that the hedged exposure affects earnings. As of March 31, 2014, outstanding commodity forward contracts were in place to hedge a limited portion of our estimated requirements of the related underlying commodities in the remainder of 2014 and future periods. As of March 31, 2014, the aggregate notional values of outstanding foreign exchange and interest rate derivative contracts designated as cash flow hedges were $1 billion and $200, respectively. Cash flow hedges resulted in no significant ineffectiveness for the three months ended March 31, 2014 and 2013. For the three months ended March 31, 2014 and 2013, no gains or losses were reclassified into earnings as a result of the discontinuance of cash flow hedges due to the original forecasted transaction no longer being probable of occurring. At March 31, 2014, amounts to be reclassified from AOCI during the next twelve months are not expected to be material. The maximum maturity of cash flow hedges in place at March 31, 2014 is December 2016.

Gains or losses on undesignated foreign exchange hedging instruments are immediately recognized in other (income) and expense, net. Gains of $14 and losses of $56 were recorded in the three month periods ended March 31, 2014 and 2013, respectively. The effect on earnings from the use of these non-designated derivatives is substantially neutralized by the transactional gains and losses recorded on the underlying assets and liabilities. At March 31, 2014, the notional amount of these undesignated derivative instruments was $2.3 billion.

XML

Description Of Business Segments

3 Months Ended

Mar. 31, 2014

Description of Business Segments

Description Of Business Segments

Description of Business Segments

We are organized into operating segments based on product groupings. These operating segments have been aggregated into four reportable global business segments: Personal Care, Consumer Tissue, KCP and Health Care. The reportable segments were determined in accordance with how our executive managers develop and execute global strategies to drive growth and profitability. These strategies include global plans for branding and product positioning, technology, research and development programs, cost reductions including supply chain management, and capacity and capital investments for each of these businesses. Segment management is evaluated on several factors, including operating profit. Segment operating profit excludes other (income) and expense, net and income and expense not associated with the business segments.

The principal sources of revenue in each global business segment are described below:

• Personal Care brands offer parents a trusted partner in caring for their families and deliver confidence, protection and discretion to adults 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 helps transform workplaces for employees and patrons, making them healthier, safer and more productive, through a range of solutions and supporting products such as apparel, wipers, soaps, sanitizers, tissue and towels.  Key brands in this segment include Kleenex, Scott, WypAll, Kimtech and JacksonSafety. 

• Health Care provides essentials that help restore patients to better health and improve the quality of patients' lives. This segment offers surgical and infection prevention products for the operating room, and a portfolio of innovative medical devices focused on pain management, respiratory and digestive health. This business is a global leader in education to prevent healthcare-associated infections. Products are sold primarily under the Kimberly-Clark and ON-Q brand names.

The following schedules present information concerning consolidated operations by business segment:

	Three Months Ended March 31
	2014			2013			Change
NET SALES
Personal Care	$	2,382		$	2,397		-0.6	%
Consumer Tissue	1,689			1,718			-1.7	%
K-C Professional	800			793			+0.9	%
Health Care	397			397			—
Corporate & Other	10			13			N.M.
TOTAL NET SALES	$	5,278		$	5,318		-0.8	%
OPERATING PROFIT
Personal Care	$	457		$	441		+3.6	%
Consumer Tissue	257			260			-1.2	%
K-C Professional	136			143			-4.9	%
Health Care	72			44			+63.6	%
Corporate & Other(a)	(68		)	(93		)	N.M.
Other (income) and expense, net	57			12			N.M.
TOTAL OPERATING PROFIT	$	797		$	783		+1.8	%

N.M. - Not Meaningful

(a) Corporate & Other includes the following charges:

	European Strategic Changes
	Three Months Ended March 31
	2014		2013
Personal Care	$	5	$	18
Consumer Tissue	3		8
K-C Professional	2		5
Total	$	10	$	31

In addition, Corporate & Other for the three months ended March 31, 2014 includes $7 for transaction and related costs associated with the potential spin-off of the health care business.

XML

Accounting Policies Accounting (Policies)

3 Months Ended

Mar. 31, 2014

Accounting Policies [Abstract]

Significant Accounting Policies

Accounting Policies

Basis of Presentation

The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form  10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all material adjustments which are of a normal and recurring nature necessary for a fair presentation of the results for the periods presented have been reflected. Dollar amounts are reported in millions, except per share dollar amounts, unless otherwise noted.

For further information, refer to the Consolidated Financial Statements and footnotes included in our Annual Report on Form  10-K for the year ended December 31, 2013. The terms "Corporation," "Kimberly-Clark," "K-C," "we," "our" and "us" refer to Kimberly-Clark Corporation and its consolidated subsidiaries.

Highly Inflationary Accounting for Venezuelan Operations

We account for our operations in Venezuela using highly inflationary accounting. On February 13, 2013, the Venezuelan government announced a devaluation of the Central Bank of Venezuela ("Central Bank") regulated currency exchange system rate to 6.3bolivars per U.S. dollar and the elimination of the SITME rate. As a result of the devaluation, we recorded a $26after-tax charge ($36 pre-tax) related to the remeasurement of the local currency-denominated balance sheet to the new exchange rate in the quarter endedMarch 31, 2013. Prior to this devaluation, we used the Central Bank SITME rate of5.4bolivars per U.S. dollar to measure K-C Venezuela's bolivar-denominated transactions into U.S. dollars. The$36pre-tax charge is reflected in the Consolidated Income Statement in other (income) and expense, net for the three months endedMarch 31, 2013. In the Consolidated Cash Flow Statement, this non-cash charge is included in other in cash provided by operations.

During March 2013, the Venezuelan government announced a complementary currency exchange system, SICAD. Participation in SICAD is controlled by the Venezuelan government. SICAD is intended to function as an auction system, allowing entities in specific sectors to bid for U.S. dollars to be used for specified import transactions. In February 2014, the president of Venezuela announced that another exchange system (referred to as SICAD 2) would be initiated. Initial exchanges under SICAD 2 began on March 24, 2014, and the volume of U.S. dollars available in this process is still unclear.

We measure results in Venezuela at the rate in which we transact our business. Since March 2013, exchange transactions have taken place through letters of credit which resulted in an effective exchange rate of6.3bolivars per U.S. dollar and through approved transactions using the regulated currency exchange system, which were also at a6.3exchange rate. To date, we have not gained access to U.S. dollars in Venezuela through either SICAD or SICAD 2 auctions. Whether we will be able to access either SICAD system in the foreseeable future and what volume of currency exchange will transact through these alternative mechanisms is unclear. Accordingly, we continued to measure K-C Venezuela operations at the rate of6.3bolivars per U.S. dollar through March 31, 2014.

We continue to monitor the availability and transaction volume of currency exchange through the various alternatives that exist in Venezuela.

AtMarch 31, 2014, K-C Venezuela had a bolivar-denominated net monetary asset position (primarily cash) of$357, and our net investment in K-C Venezuela was$499, both valued at6.3bolivars per U.S. dollar. Net sales of K-C Venezuela represented less than3 percentand2 percentof consolidated net sales for the three months endedMarch 31, 2014and2013, respectively.

XML

Fair Value Information (Fair Value Of Financial Instruments) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Cash and cash equivalents(a)	$ 1,165	[1]	$ 1,054	[1]
Time deposits(b)	102	[2]	222	[2]
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Short-term debt(d)	715		63
Long-term debt(e)	5,597		5,698
Estimated Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Cash and cash equivalents(a)	1,165	[1]	1,054	[1]
Time deposits(b)	102	[2]	222	[2]
Estimated Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Short-term debt(d)	715		63
Long-term debt(e)	6,278		6,271
Preferred securities [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Redeemable preferred securities of subsidiaries(c)	532		532
Preferred securities [Member] | Estimated Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Redeemable preferred securities of subsidiaries(c)	547	[3]	552
common securities [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Redeemable preferred securities of subsidiaries(c)	46	[4]	46
common securities [Member] | Estimated Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Redeemable preferred securities of subsidiaries(c)	$ 46	[4]	$ 46

[1] 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.

[2] 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. Time deposits are recorded at cost, which approximates fair value.

[3] Redeemable preferred securities of subsidiaries are not traded in active markets. Accordingly, their fair values were calculated using a floating rate pricing model that compared the stated spread to the fair value spread to determine the price at which each of the financial instruments should trade. The model used the following inputs to calculate fair values: face value, current LIBOR rate, unobservable fair value credit spread, stated spread, maturity date and interest or dividend payment dates.

[4] The fair value of the redeemable common securities of subsidiary was based on various inputs, including an independent third-party appraisal, adjusted for current market conditions.

XML

Employee Postretirement Benefits (Tables)

3 Months Ended

Mar. 31, 2014

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

Components of net periodic benefit cost

The table below presents net periodic benefit cost information for defined benefit plans and other postretirement benefit plans:

	Pension Benefits						Other Benefits
	Three Months Ended March 31
	2014			2013			2014		2013
Service cost	$	11		$	14		$	4	$	4
Interest cost	68			64			9		8
Expected return on plan assets	(82		)	(81		)	—		—
Recognized net actuarial loss	24			34			—		—
Curtailment (see Note 3)	—			(26		)	—		—
Other	5			(3		)	—		—
Net periodic benefit cost	$	26		$	2		$	13	$	12

XML

Summary of Balance Sheet Data (Tables)

3 Months Ended

Mar. 31, 2014

Statement of Financial Position [Abstract]

Schedule of Inventory, Current

	March 31, 2014								December 31, 2013
	LIFO			Non-LIFO		Total			LIFO			Non-LIFO		Total
At the lower of cost, determined on the FIFO or weighted-average cost methods, or market
Raw materials	$	147		$	331	$	478		$	143		$	319	$	462
Work in process	190			101		291			189			97		286
Finished goods	669			770		1,439			648			753		1,401
Supplies and other	—			328		328			—			326		326
	1,006			1,530		2,536			980			1,495		2,475
Excess of FIFO or weighted-average cost over LIFO cost	(251		)	—		(251		)	(242		)	—		(242		)
Total	$	755		$	1,530	$	2,285		$	738		$	1,495	$	2,233

Property, Plant and Equipment

	March 31, 2014			December 31, 2013
Land	$	192		$	196
Buildings	2,753			2,776
Machinery and equipment	14,296			14,193
Construction in progress	474			515
	17,715			17,680
Less accumulated depreciation	(9,874		)	(9,732		)
Total	$	7,841		$	7,948

XML

Stockholders' Equity (Components of Accumulated Other Comprehensive Income) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Unrealized translation - Beginning balance	$ (525)	$ (26)
Cash flow hedge and other - Beginning balance	(34)	(52)
Other comprehensive income/(loss) before reclassifications	(2)	(160)
(Income)/loss reclassified from AOCI	0	0
Other comprehensive income/(loss) before reclassifications	(4)	19
Income/loss reclassified from AOCI	0	(2)
Unrealized currency translation adjustments	(7)	(168)
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax	(14)	(53)
Unrealized translation - Ending balance	(527)	(186)
Cash flow hedge and other - Ending balance	(38)	(35)
Other	(4)	17
Pension Plans, Defined Benefit [Member]
Defined benefit and other postretirement benefit plans - Beginning balance	(1,668)	(1,928)
Other comprehensive income/(loss) before reclassifications	(2)	49
(Income)/loss reclassified from AOCI	16	4
Defined benefit and other postretirement benefit plans - Ending balance	(1,654)	(1,875)
Other Postretirement Benefit Plans, Defined Benefit [Member]
Defined benefit and other postretirement benefit plans - Beginning balance	(15)	(53)
Other comprehensive income/(loss) before reclassifications	0	0
(Income)/loss reclassified from AOCI	0	0
Defined benefit and other postretirement benefit plans - Ending balance	(15)	(53)
Parent [Member]
Unrealized currency translation adjustments	(2)	(160)
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax	(14)
Other	(4)	17
Parent [Member] | Pension Plans, Defined Benefit [Member]
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax	(14)	(53)
Parent [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member]
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax	$ 0	$ 0

XML

Consolidated Cash Flow Statement (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Operating Activities
Net Income	$ 546	$ 551
Depreciation and amortization	218	221
Stock-based compensation	9	30
Deferred income taxes	51	14
Net (gains) losses on asset dispositions	7	(13)
Equity companies' earnings in excess of dividends paid	(43)	(53)
(Increase) decrease in operating working capital	(210)	(121)
Postretirement benefits	(156)	(55)
Other	15	33
Cash Provided by Operations	437	607
Investing Activities
Capital spending	(258)	(274)
Proceeds from dispositions of property	5	74
Investments in time deposits	(38)	0
Maturities of time deposits	157	20
Other	0	1
Cash Used for Investing	(134)	(179)
Financing Activities
Cash dividends paid	(309)	(289)
Change in short-term borrowings	654	335
Debt proceeds	1	59
Debt repayments	(101)	(38)
Cash paid on redeemable preferred securities of subsidiaries	(7)	(7)
Proceeds from exercise of stock options	37	50
Acquisitions of common stock for the treasury	(441)	(486)
Other	(14)	(10)
Cash Used for Financing	(180)	(386)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(12)	(39)
Increase (Decrease) in Cash and Cash Equivalents	111	3
Cash and Cash Equivalents - Beginning of Year	1,054	1,106
Cash and Cash Equivalents - End of Period	$ 1,165	$ 1,109

XML

Employee Postretirement Benefits

3 Months Ended

Mar. 31, 2014

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

Employee Postretirement Benefits

Employee Postretirement Benefits

The table below presents net periodic benefit cost information for defined benefit plans and other postretirement benefit plans:

	Pension Benefits						Other Benefits
	Three Months Ended March 31
	2014			2013			2014		2013
Service cost	$	11		$	14		$	4	$	4
Interest cost	68			64			9		8
Expected return on plan assets	(82		)	(81		)	—		—
Recognized net actuarial loss	24			34			—		—
Curtailment (see Note 3)	—			(26		)	—		—
Other	5			(3		)	—		—
Net periodic benefit cost	$	26		$	2		$	13	$	12

For the three months ended March 31, 2014 and 2013, we made cash contributions of$180 and $55, respectively, to our pension trusts. We expect to contribute approximately $200 to our defined benefit pension plans for the full year 2014.

XML

Potential Spinoff of the Health Care Business Narrative (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended			12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014 Spinoff [Member]	Dec. 31, 2013 Spinoff [Member]
Restructuring Cost and Reserve
Net Sales	$ 5,278	$ 5,318		$ 1,600
Charges for workforce reductions and other exit costs			$ 7

XML

Earnings Per Share (Average Common Shares Outstanding Basic And Diluted) (Details) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Earnings Per Share [Abstract]
Basic	379.0	387.3
Dilutive effect of stock options	1.3	1.7
Dilutive effect of restricted share and restricted share unit awards	1.8	1.5
Diluted	382.1	390.5

XML

Fair Value Information (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value Assets And Liabilities Measured On A Recurring Basis

Set forth below are the assets and liabilities that are measured on a recurring basis at fair value and the inputs used to develop those fair value measurements.

	March 31, 2014		Fair Value Measurements
			Level 1		Level 2		Level 3
Assets
Company-owned life insurance (“COLI”)	$	56	$	—	$	56	$	—
Available-for-sale securities	22		22		—		—
Derivatives	55		—		55		—
Total	$	133	$	22	$	111	$	—
Liabilities
Derivatives	$	40	$	—	$	40	$	—

	December 31, 2013		Fair Value Measurements
			Level 1		Level 2		Level 3
Assets
COLI	$	55	$	—	$	55	$	—
Available-for-sale securities	22		22		—		—
Derivatives	62		—		62		—
Total	$	139	$	22	$	117	$	—
Liabilities
Derivatives	$	49	$	—	$	49	$	—

Fair Value, by Balance Sheet Grouping

The following table includes the fair value of our financial instruments for which disclosure of fair value is required:

	Fair Value Hierarchy Level	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
		March 31, 2014				December 31, 2013
Assets
Cash and cash equivalents(a)	1	$	1,165	$	1,165	$	1,054	$	1,054
Time deposits(b)	1	102		102		222		222
Liabilities and redeemable securities of subsidiaries
Short-term debt(c)	2	715		715		63		63
Long-term debt(d)	2	5,597		6,278		5,698		6,271
Redeemable preferred securities of subsidiaries(e)	3	532		547		532		552
Redeemable common securities of subsidiary(f)	3	46		46		46		46

(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. Time deposits 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.

(e) Redeemable preferred securities of subsidiaries are not traded in active markets. Accordingly, their fair values were calculated using a floating rate pricing model that compared the stated spread to the fair value spread to determine the price at which each of the financial instruments should trade. The model used the following inputs to calculate fair values: face value, current LIBOR rate, unobservable fair value credit spread, stated spread, maturity date and interest or dividend payment dates.

(f) The fair value of the redeemable common securities of subsidiary was based on various inputs, including an independent third-party appraisal, adjusted for current market conditions.