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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)

    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
    TRANSITION 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
kmb-20200930_g1.jpg
KIMBERLY CLARK CORPORATON
(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, TX
75261-9100
(Address of principal executive offices)
(Zip code)
(972) 281-1200
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockKMBNew York Stock Exchange
0.625% Notes due 2024KMB24New York Stock Exchange
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 every Interactive Data File required to be submitted 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 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, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
x
  Accelerated filer
Non-accelerated filer  Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No x
As of October 15, 2020, there were 340,136,715 shares of the Corporation's common stock outstanding.



Table of Contents
 










PART I – FINANCIAL INFORMATION
Item 1.    Financial Statements
KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(Unaudited)

Three Months Ended
September 30
Nine Months Ended
September 30
(Millions of dollars, except per share amounts)2020201920202019
Net Sales$4,683 $4,640 $14,304 $13,867 
Cost of products sold3,093 3,085 9,146 9,398 
Gross Profit1,590 1,555 5,158 4,469 
Marketing, research and general expenses919 815 2,636 2,395 
Other (income) and expense, net5 (175)27 (166)
Operating Profit666 915 2,495 2,240 
Nonoperating expense(40)(11)(57)(33)
Interest income2 3 6 8 
Interest expense(62)(66)(188)(198)
Income Before Income Taxes and Equity Interests566 841 2,256 2,017 
Provision for income taxes(114)(192)(510)(467)
Income Before Equity Interests452 649 1,746 1,550 
Share of net income of equity companies31 31 104 91 
Net Income483 680 1,850 1,641 
Net income attributable to noncontrolling interests(11)(9)(37)(31)
Net Income Attributable to Kimberly-Clark Corporation$472 $671 $1,813 $1,610 
Per Share Basis
Net Income Attributable to Kimberly-Clark Corporation
Basic$1.38 $1.95 $5.32 $4.68 
Diluted$1.38 $1.94 $5.30 $4.65 
See notes to the unaudited interim consolidated financial statements.

1


KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

 Three Months Ended
September 30
Nine Months Ended
September 30
(Millions of dollars)2020201920202019
Net Income$483 $680 $1,850 $1,641 
Other Comprehensive Income (Loss), Net of Tax
   Unrealized currency translation adjustments38 (170)(236)(148)
   Employee postretirement benefits 16 39 38 
   Other(3)2 5 (18)
Total Other Comprehensive Income (Loss), Net of Tax35 (152)(192)(128)
Comprehensive Income518 528 1,658 1,513 
   Comprehensive (income) loss attributable to noncontrolling interests(16)1 (34)(15)
Comprehensive Income Attributable to Kimberly-Clark Corporation$502 $529 $1,624 $1,498 
See notes to the unaudited interim consolidated financial statements.

2


KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(2020 Data is Unaudited)

(Millions of dollars)September 30, 2020December 31, 2019
ASSETS
Current Assets
Cash and cash equivalents$1,518 $442 
Accounts receivable, net2,125 2,263 
Inventories1,787 1,790 
Other current assets645 562 
Total Current Assets6,075 5,057 
Property, Plant and Equipment, Net7,497 7,450 
Investments in Equity Companies333 268 
Goodwill1,418 1,467 
Other Assets1,208 1,041 
TOTAL ASSETS$16,531 $15,283 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Debt payable within one year$517 $1,534 
Trade accounts payable2,995 3,055 
Accrued expenses and other current liabilities2,230 1,978 
Dividends payable360 352 
Total Current Liabilities6,102 6,919 
Long-Term Debt7,851 6,213 
Noncurrent Employee Benefits873 897 
Deferred Income Taxes500 511 
Other Liabilities599 520 
Redeemable Preferred Securities of Subsidiaries29 29 
Stockholders' Equity
Kimberly-Clark Corporation
Preferred stock - no par value - authorized 20.0 million shares, none issued  
Common stock - $1.25 par value - authorized 1.2 billion shares; issued 378.6 million shares at September 30, 2020 and December 31, 2019
473 473 
Additional paid-in capital610 556 
Common stock held in treasury, at cost - 38.2 and 37.1 million shares at September 30, 2020 and December 31, 2019, respectively(4,661)(4,454)
Retained earnings7,395 6,686 
Accumulated other comprehensive income (loss)(3,482)(3,294)
Total Kimberly-Clark Corporation Stockholders' Equity335 (33)
Noncontrolling Interests242 227 
Total Stockholders' Equity577 194 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $16,531 $15,283 
See notes to the unaudited interim consolidated financial statements.
3


KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)



Three Months Ended September 30, 2020
(Millions of dollars, shares in thousands, except per share amounts)Common Stock
Issued
Additional Paid-in CapitalTreasury StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Non-controlling InterestsTotal Stockholders' Equity
SharesAmountSharesAmount
Balance at June 30, 2020378,597 $473 $554 37,574 $(4,545)$7,299 $(3,513)$227 $495 
Net income in stockholders' equity, excludes redeemable interests' share— — — — — 472 — 10 482 
Other comprehensive income, net of tax,
excludes redeemable interests' share
— — — — — — 30 6 36 
Stock-based awards exercised or vested— — (2)(672)79 — — — 77 
Shares repurchased— — — 1,280 (195)— — — (195)
Recognition of stock-based compensation— — 45 —  — — — 45 
Dividends declared ($1.07 per share)— — — — — (365)—  (365)
Other— — 13 — — (11)1 (1)2 
Balance at September 30, 2020378,597 $473 $610 38,182 $(4,661)$7,395 $(3,482)$242 $577 


Nine Months Ended September 30, 2020
(Millions of dollars, shares in thousands, except per share amounts)Common Stock
Issued
Additional Paid-in CapitalTreasury StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Non-controlling InterestsTotal Stockholders' Equity
SharesAmountSharesAmount
Balance at December 31, 2019378,597 $473 $556 37,149 $(4,454)$6,686 $(3,294)$227 $194 
Net income in stockholders' equity, excludes redeemable interests' share     1,813  34 1,847 
Other comprehensive income, net of tax, excludes redeemable interests' share      (189)(2)(191)
Stock-based awards exercised or vested  (54)(2,294)266    212 
Shares repurchased   3,327 (473)   (473)
Recognition of stock-based compensation  98      98 
Dividends declared ($3.21 per share)     (1,095) (17)(1,112)
Other  10   (9)1  2 
Balance at September 30, 2020378,597 $473 $610 38,182 $(4,661)$7,395 $(3,482)$242 $577 
See notes to the unaudited interim consolidated financial statements.
4


KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)



Three Months Ended September 30, 2019
(Millions of dollars, shares in thousands, except per share amounts)Common Stock
Issued
Additional Paid-in CapitalTreasury StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Non-controlling InterestsTotal Stockholders' Equity
SharesAmountSharesAmount
Balance at June 30, 2019378,597 $473 $510 34,381 $(4,062)$6,170 $(3,269)$228 $50 
Net income in stockholders' equity, excludes redeemable interests' share— — — — — 671 — 8 679 
Other comprehensive income, net of tax, excludes redeemable interests' share— — — — — — (142)(10)(152)
Stock-based awards exercised or vested— — (3)(483)55 — — — 52 
Shares repurchased— — — 1,562 (215)— — — (215)
Recognition of stock-based compensation— — 24 — — — — — 24 
Dividends declared ($1.03 per share)— — — — — (354)— — (354)
Other— — 4 — — (2)(1)3 4 
Balance at September 30, 2019378,597 $473 $535 35,460 $(4,222)$6,485 $(3,412)$229 $88 


Nine Months Ended September 30, 2019
(Millions of dollars, shares in thousands, except per share amounts)Common Stock
Issued
Additional Paid-in CapitalTreasury StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Non-controlling InterestsTotal Stockholders' Equity
SharesAmountSharesAmount
Balance at December 31, 2018378,597 $473 $548 33,635 $(3,956)$5,947 $(3,299)$241 $(46)
Net income in stockholders' equity, excludes redeemable interests' share— — — — — 1,610 — 28 1,638 
Other comprehensive income, net of tax, excludes redeemable interests' share— — — — — — (112)(17)(129)
Stock-based awards exercised or vested— — (90)(2,642)302 — — — 212 
Shares repurchased— — — 4,467 (568)— — — (568)
Recognition of stock-based compensation— — 72 — — — — — 72 
Dividends declared ($3.09 per share)— — — — — (1,063)— (24)(1,087)
Other— — 5 — — (9)(1)1 (4)
Balance at September 30, 2019378,597 $473 $535 35,460 $(4,222)$6,485 $(3,412)$229 $88 
See notes to the unaudited interim consolidated financial statements.
5


KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED CASH FLOW STATEMENTS
(Unaudited)
 
Nine Months Ended
September 30
(Millions of dollars)20202019
Operating Activities
Net income$1,850 $1,641 
Depreciation and amortization606 700 
Stock-based compensation101 74 
Deferred income taxes(30)8 
Net (gains) losses on asset dispositions67 (155)
Equity companies' earnings (in excess of) less than dividends paid(53)(31)
Operating working capital292 (399)
Postretirement benefits7 (16)
Other2 (10)
Cash Provided by Operations2,842 1,812 
Investing Activities
Capital spending(894)(867)
Proceeds from dispositions of property5 206 
Investments in time deposits(509)(353)
Maturities of time deposits404 287 
Other17 (40)
Cash Used for Investing(977)(767)
Financing Activities
Cash dividends paid(1,087)(1,054)
Change in short-term debt(497)324 
Debt proceeds1,842 700 
Debt repayments(753)(705)
Proceeds from exercise of stock options212 211 
Acquisitions of common stock for the treasury(449)(544)
Other(40)(92)
Cash Used for Financing(772)(1,160)
Effect of Exchange Rate Changes on Cash and Cash Equivalents(17)(8)
Change in Cash and Cash Equivalents1,076 (123)
Cash and Cash Equivalents - Beginning of Period442 539 
Cash and Cash Equivalents - End of Period$1,518 $416 
See notes to the unaudited interim consolidated financial statements.

6



KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1. Accounting Policies
Basis of Presentation
The accompanying unaudited interim 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 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, 2019. The terms "Corporation," "Kimberly-Clark," "K-C," "we," "our" and "us" refer to Kimberly-Clark Corporation and its consolidated subsidiaries.
Highly Inflationary Accounting in Argentina
GAAP guidance requires the use of highly inflationary accounting for countries whose cumulative three-year inflation exceeds 100 percent. In the second quarter of 2018, published inflation indices indicated that the three-year cumulative inflation in Argentina exceeded 100 percent, and as of July 1, 2018, we elected to adopt highly inflationary accounting for our subsidiaries in Argentina (“K-C Argentina”). Under highly inflationary accounting, K-C Argentina’s functional currency became the U.S. dollar, and its income statement and balance sheet have been measured in U.S. dollars using both current and historical rates of exchange. The effect of changes in exchange rates on peso-denominated monetary assets and liabilities has been reflected in earnings in Other (income) and expense, net and was not material.  As of September 30, 2020, K-C Argentina had a small net peso monetary position. Net sales of K-C Argentina were approximately 1 percent of our consolidated net sales for the nine months ended September 30, 2020 and 2019.
Recently Adopted Accounting Standards
The Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40).  The new guidance reduces complexity for the accounting for costs of implementing a cloud computing service arrangement and aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license).  We adopted this standard as of January 1, 2020 on a prospective basis.  The effects of this standard on our financial position, results of operations and cash flows were not material.
In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This guidance provides temporary optional expedients and exceptions to accounting guidance on contract modifications and hedge accounting to ease entities’ financial reporting burdens as the market transitions from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and generally can be applied through December 31, 2022. The effects of this standard on our financial position, results of operations and cash flows are not expected to be material.
Accounting Standards Issued - Not Yet Adopted
The FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). The new guidance simplifies the accounting for income taxes by eliminating certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, the calculation of the income tax impact of hybrid taxes, tax basis of goodwill after a business combination and recognition of deferred tax liabilities for outside basis differences.  It also clarifies and simplifies other aspects of the accounting for income taxes.  For public companies, the amendments in this ASU are effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years.  Early adoption is permitted in interim or annual periods with any adjustments reflected as of the beginning of the annual period that includes that interim period.  Additionally, entities that elect early adoption must adopt all the amendments in the same period.  Amendments are to be applied prospectively, except for certain amendments that are to be applied either retrospectively or with a modified retrospective approach through a cumulative effect adjustment recorded to retained earnings.  The effects of this standard on our financial position, results of operations or cash flows are not expected to be material.
7


Note 2.    2018 Global Restructuring Program
In January 2018, we announced the 2018 Global Restructuring Program to reduce our structural cost base by streamlining and simplifying our manufacturing supply chain and overhead organization. We expect to close or sell approximately 10 manufacturing facilities and expand production capacity at several others. We expect to exit or divest some lower-margin businesses that generate approximately 1 percent of our net sales. The restructuring is expected to impact our organizations in all major geographies. Workforce reductions are expected to be in the range of 5,000 to 5,500. Certain capital appropriations under the 2018 Global Restructuring Program are being finalized. Accounting for actions related to each appropriation will commence when the appropriation is authorized for execution.
The restructuring is expected to be completed in 2021, with total costs anticipated to be toward the high end of the range of $1.7 billion to $1.9 billion pre-tax ($1.3 billion to $1.4 billion after tax). Cash costs are expected to be $900 to $1.0 billion, primarily related to workforce reductions.  Non-cash charges are expected to be $800 to $900 pre-tax and will primarily consist of incremental depreciation, asset write-offs and pension settlement and curtailment charges.
The following net charges were incurred in connection with the 2018 Global Restructuring Program:
Three Months Ended
September 30
Nine Months Ended
September 30
2020201920202019
Cost of products sold:
Charges for workforce reductions$15 $1 $16 $33 
Asset write-offs50 18 59 45 
Incremental depreciation18 57 86 189 
Other exit costs24 28 76 64 
Total107 104 237 331 
Marketing, research and general expenses:
Charges (adjustments) for workforce reductions1 (4)(1)(12)
Other exit costs24 25 76 78 
Total25 21 75 66 
Other (income) and expense, net(1)(181)(1)(182)
Nonoperating expense26  26  
Total charges157 (56)337 215 
Provision for income taxes(50)23 (83)(35)
Net charges107 (33)254 180 
Net impact related to equity companies and noncontrolling interests  (1)1 
Net charges attributable to Kimberly-Clark Corporation$107 $(33)$253 $181 
Other (income) and expense, net in 2019 includes a pre-tax gain of approximately $182 on the sale of a manufacturing facility and associated real estate which were disposed of as part of the restructuring.
The following summarizes the restructuring liabilities activity:
2020